MAINBOARD-LISTED KrisEnergy has completed the sale of its stake in the Andaman II production sharing contract (PSC) to oil giant BP Exploration Operating Company for US$15 million, it said in a bourse filing on Wednesday. Read more at The Business Times.
in the Andaman II production sharing contract to oil giant BP Exploration Operating Company for US$15 million, it said in a bourse filing on Wednesday.
The upstream oil and gas company previously held a 30 per cent non-operated working interest in the PSC in the Malacca Strait, Indonesia. A PSC is an agreement between one or more investors and the government, which grants corporates rights over an oilfield for a specific period. The Andaman II PSC meanwhile, is an exploration block over the North Sumatra Basin covering an area of 7,400 square kilometres.
The purchase price of US$15 million is subject to a retention sum of US$1.7 million which BP may use to offset any payment obligations of KrisEnergy which may become due between April 8, 2020 and Dec 31, 2021.
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