TWO indirect subsidiaries of KrisEnergy have entered a credit facility agreement of up to US$87 million with Kepinvest Singapore, a unit of Keppel Corp, to finance a project in Cambodia.
In a Thursday bourse filing, KrisEnergy said that the facility will be used for its near-term development project at Cambodia Block A , an offshore oil-and-gas asset in the Khmer Basin in the Gulf of Thailand. The two KrisEnergy subsidiaries, KrisEnergy Company and KrisEnergy , have a 95-per-cent working interest in the project. The asset 3,083 sq km in size.
As announced last December, KrisEnergy is developing the minimum facilities wellhead platform for the Apsara oil field in CBA. But due to the unproven production performance of the Khmer Basin, development of the oil field will be in several phases to mitigate risk. If the development progresses to further phases, KrisEnergy expects peak production between 2024 and 2026. The present development phase, called Mini Phase 1A, is designed to incur minimum costs to first oil, the company said. This phase comprises the wellhead platform and five initial development wells.