KrisEnergy completes Vietnam farm-out

After several delays, Singapore’s oil and gas company KrisEnergy has completed a farm-out agreement for its entire working interest in Block 115/09 located offshore Vietnam.

KrisEnergy entered into the initial farm-out agreement with an unnamed “major international oil and gas company” for the transfer of its entire 100 per cent working interest in Block 115/09 back in February 2020.

The agreement was made for a nominal cash consideration and considered that the transfer of the exploration block reduces the company’s liabilities and mandatory work commitments comprising a 3D seismic acquisition program of at least 850 square kilometres along with the processing of the data and the drilling of one exploration well.

The farm-out agreement had an initial long stop date of 30^th June 2020.

Four extensions of the long stop date later, KrisEnergy has now completed the farm-out agreement with the unnamed company.

Source: Offshore Energy Today