Gulf Oil and Gas accountACCOUNT

KrisEnergy to Divest its Interest in the Block A Aceh Gas Project

Source: www.gulfoilandgas.com 3/1/2018, Location: Asia

Announcing a financial and operational update, KrisEnergy said a capital markets restructuring was undertaken in late 2016/early 2017 and the Groupís business strategy was reset to focus capital resources on producing assets, short-cycle development projects in the core Gulf of Thailand area and any mandatory commitment work under the Companyís licences.

As a result of the realignment, KrisEnergy farmed out a 21.6666% working interest in the Block A Aceh production sharing contract ('PSC') in April 2017 and reduced its holding to 15.0%. In the fourth quarter 2017, it was further decided to cease participation in the Block A Aceh gas project to preserve cash flow and reduce the Companyís risk exposure. The Company is awaiting Government of Indonesia approval for the takeover of its residual working interest.

As a result of the Block A Aceh cessation, the Group incurred a US$120.7 million charge relating to non-cash impairment and write down during 2017. An additional write down for the relinquishment of the Kutai PSC and higher finance costs associated with the capital markets restructuring, resulted in a Group net loss after tax of US$139.2 million. Net cash flow from operations improved during 2017, amounting to US$23.1 million versus net cash flow used in operating activities of US$4.3 million for the 2016 financial year.

Financials and Investment News in Indonesia >>

Indonesia >>  12/7/2018 - Marubeni Corporation (Marubeni) is pleased to announce that PT Jawa Satu Power, which is owned in consortium by Marubeni, PT Pertamina (Persero) (here...
Argentina >>  12/6/2018 - Further to the Company's announcement on 16 February 2018, Phoenix Global Resources, the upstream oil and gas company offering its investors an opport...

United Kingdom >>  12/3/2018 - Reabold, the oil and gas investing company, has exercised options to subscribe for 375,940 fully paid ordinary shares in the capital of Danube Petrole...
Brazil >>  11/22/2018 - A top aide to Brazilian president-elect Jair Bolsonaro said the new government would adopt concession contracts for lucrative pre-salt oil auctions, r...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Indonesia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

Oil & Gas Projects in Indonesia >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.