KrisEnergy Ltd. (“KrisEnergy” or “the Company”), an independent upstream oil and gas company, is pleased to announce that it has been awarded a 45% non-operating working interest in the production sharing contract (“PSC”) for the shallow sea block SS-11 offshore Bangladesh. The block was awarded to Santos Sangu Field Ltd, which is the operator of the PSC with 45%, KrisEnergy (Asia) Ltd., a wholly owned subsidiary of the KrisEnergy group of companies, and Bangladesh Petroleum Exploration & Production Company Limited (“BAPEX”), which holds 10%.
Block SS-11 covers an area of 4,475 sq km in the Bay of Bengal over the Bengal Fan. The majority of the block lies in shallow waters up to 200 metres with the furthest southwest portion extending into water depths up to 1,500 metres. The PSC has an initial five-year term, with an associated work commitment of the acquisition and processing of 1,893 km 2D seismic data and 300 sq km 3D seismic data and the drilling of one exploration well.
Richard Lorentz, KrisEnergy’s Director Business Development, commented: “Since our acquisition of a 30% interest in onshore Block 9 in April 2013, we have been looking at opportunities to expand our portfolio in Bangladesh. We see high potential in the geology in the offshore area although there has been negligible exploration activity in SS-11 itself. This award also marks a new partnership with Santos, which has more than six years of operating experience in country. We look forward to our collaboration.”
KrisEnergy acquired in 2013 a 30% operating working interest in Block 9 onshore Bangladesh, which contains the producing Bangora gas field.