Tuesday 15 August 2017

Singapore-based KrisEnergy and the Cambodian government will sign later this month a petroleum agreement for the Cambodia Block A offshore oil project.

The oil company said in its latest results the signing was scheduled for 23 August 2017.

"This is a major step forward in the development of the Apsara oilfield and establishing Cambodia as an oil-producing nation," said KrisEnergy's interim chief executive Jeffrey MacDonald.

It is understood this is the final documentation required given that fiscal and technical terms have been agreed previously.

The first phase development of the Apsara area is targeting a single wellhead platform and a nearby floating production barge generating peak production of 8000 barrels per day of oil.

If the initial phase goes well, there is the potential for nine more platforms in the Apsara area.

KrisEnergy holda an 95% operating interest in the project, with the Cambodian Ministry of Mines & Energy holding the remaining 5%.