KrisEnergy to Sell Interest in Indonesia Oil-Gas Project to BP
November 19 2019 - 12:13AM
Dow Jones News
By Justina Lee
KrisEnergy Ltd. (SK3.SG) signed a deal to sell its interest in
an Indonesian offshore oil-gas project to energy giant BP PLC
(BP.LN).
Singapore-based KrisEnergy said Tuesday that it would sell its
30% interest in the Andaman II project to BP Exploration Operating
Co., a holding entity for BP's exploration and production
subsidiaries.
KrisEnergy said the deal was a conditional sale and purchase
agreement, subject to approval by the Indonesian government. It
didn't specify a purchase price.
KrisEnergy, which announced the asset sale in late October
without disclosing details of the buyer, said it expects the sale
to help it allocate its capital to fund near-term development.
The news comes as cash-strapped KrisEnergy has been working on
plans to restructure hundreds of millions of dollars in debt. The
company said it intends to focus its financial resources on
improving operations at fields in Bangladesh and the Gulf of
Thailand while also developing Cambodia's first oil project.
Shares were halted from trade in August, when the company
announced plans to seek temporary protection from creditors while
it sought to restructure debt. Shares had fallen 59% in the year to
that point.
Write to Justina Lee at justina.lee@wsj.com
(END) Dow Jones Newswires
November 18, 2019 23:58 ET (04:58 GMT)
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