Singapore: KrisEnergy has agreed to acquire from Premier Oil Overseas its entire 41.6666% working interest in the Block A Aceh production sharing contract in Indonesia.
In a statement on the Singapore Exchange, Kris Energy said several gas condensate discoveries are expected to go into the development phase after completion of the acquisition. The firm is acquiring the block stake by purchasing 100% of the issued share capital of Premier Oil Sumatra (North) for a total after-tax consideration of $40m.
PT Medco E&P Malaka is the operator of the production sharing contract with a 41.6667% interest while Japex Block A Ltd. holds the remaining 16.6667%.
Richard Lorentz, director business development, commented: “This is a significant transaction for KrisEnergy given the size of the resource base. This will be a substantial gas project that complements our gas commercialisation plans offshore East Java and Kalimantan, and adds to building our position in Sumatra, where we are the operator of the offshore East Seruway exploration PSC.” [01/07/14]