KRIS ENERGY TO DEVELOP BLOCK A OFFSHORE CAMBODIA

August 24, 2017

The Royal Government of Cambodia and KrisEnergy announce the signing of fiscal and technical agreements for the nation’s first oil field development in Cambodia Block A in the Gulf of Thailand. KrisEnergy, the operator of the Cambodia Block A since 2014, plans to develop the Apsara area in the north eastern section of the concession, which is one of seven geological trends in the licence where there is potential for oil and/or gas to be trapped. Under the terms of the agreements, KrisEnergy has 60 days to declare a final investment decision1 thereby signalling the formal launch of the Apsara project, which is expected to take up to 24 months to produce first oil. Under the formalised terms, a 5.0% participating interest in Cambodia Block A transfers to the Royal Government of Cambodia and will be held by the General Department of State Property and Non Tax Revenue of the Ministry of Econom