Singapore-listed KrisEnergy Ltd. is increasing its working interest in Block 105-110/4 (Block 105) and taking over operatorship of the production sharing contract following the execution of a deed of assignment March 9 between Eni Vietnam B.V. (Eni Vietnam) and KrisEnergy (Song Hong 105) Ltd (KrisEnergy 105) (Deed).
Pursuant to the Deed, which is effective Dec. 31, 2014, Eni Vietnam’s 66.67 percent working interest in and operatorship of Block 105 will transfer to KrisEnergy 105, subject to the approval of the Ministry of Industry and Trade of Vietnam (MoIT).
Prior to the Deed, KrisEnergy 105 held 33.33 percent working interest in Block 105. In January, MoIT granted a 12-month extension to the Phase 1 Exploration Period, to Feb. 2, 2016.
Chris Gibson-Robinson, KrisEnergy’s director Exploration & Production, commented: “Following a 12-month extension of the exploration period at the beginning of 2015, we are still keen to investigate the prospectivity of several play types in Block 105 particularly the faulted Tertiary plays on the western margin of the contract area.