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KrisEnergy Relinquishes Exploration Block SS-11

Source: www.gulfoilandgas.com 1/18/2021, Location: Asia

KrisEnergy has announced that the Bangladesh authorities have approved, on 13 January 2021, the relinquishment of the entire block SS-11 area over the Bay of Bengal, offshore Bangladesh, and termination of the SS-11 production sharing contract ('PSC').

The relinquishment is effective 14 November 2020. The relinquishment,which was recommended by the operator and unanimously approved by the joint-venture partners, was pursuant to the terms of the PSC. Pursuant to the relinquishment, the US$5.5 million bank guarantee (fully paid by KrisEnergy since the effective date of the PSC) has been retained by the Bangladesh authorities. As announced in our previous financial statements, the SS-11 asset has been fully written off.

Santos Sangu Field Ltd was the operator of the block with 45.0%, KrisEnergy (Asia) Ltd. (a wholly-owned subsidiary of the KrisEnergy group) with 45.0%, and Bangladesh Petroleum Exploration & Production Company Limited with 10.0% working interest.

KrisEnergy remains the operator of the producing Bangora gas field in the Block 9 PSC onshore Bangladesh.

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