KrisEnergy Provides Update on Farm-out Agreement for Block 115/09

Source: www.gulfoilandgas.com 12/16/2020, Location: Asia

KrisEnergy refers to its announcements dated 14 February 2020, 19 June 2020 and 16 September 2020 in relation to the entry by its wholly-owned subsidiary, KrisEnergy (Vietnam 115), into a farm-out agreement with a major international oil and gas company for the transfer of its entire 100% working interest in the Block 115/09 production sharing contract, offshore Vietnam for a nominal cash consideration.

Further to the Announcements, the Company wishes to announce that while parties are actively working towards the fulfilment of conditions precedents under the farm-out agreement, the Transferor and the Transferee have mutually agreed in writing to extend the long stop date to 31 March 2021, or such later date as may be agreed in writing between parties.

Shareholders, noteholders and potential investors of the Company should exercise caution when dealing in the Company’s securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.


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