KrisEnergy is officially the operator of Cambodia’s offshore Block A, following the Sept. 17 receipt of acknowledgement from the Royal Government of the Kingdom of Cambodia for the change of control. With this government acknowledgement in hand, KrisEnergy has finalized the takeover of Chevron Overseas Petroleum (Cambodia) Ltd. (COPCL).
Before this acquisition, KrisEnergy held an indirect 25% working interest in Cambodia Block A, and, now, it holds a combined 55% working interest in the block. Cambodia National Petroleum Authority intends to exercise its right to acquire a 5% working interest in the block, which, when completed, will reduce KrisEnergy’s combined holdings to 52.25%.
The block is located in the Gulf of Thailand, where Chevron struck oil a decade ago – the first significant oil discovery in Cambodia's history.
COPCL, which holds a 30% working interest in Cambodia Block A, will be held under KrisEnergy’s wholly owned subsidiary, KrisEnergy (Asia) Ltd., and will be renamed KrisEnergy (Apsara) Ltd.
Joint venture partners, MOECO and GS Energy, have approved KrisEnergy’s acquisition.