KrisEnergy Ltd. has been awarded a 45% non- operating working interest in the production sharing contract (PSC) for the shallow sea block SS-11 offshore Bangladesh. The block was awarded to Santos Sangu Field Ltd, which is the operator of the PSC with 45%, KrisEnergy (Asia) Ltd., a wholly owned subsidiary of the KrisEnergy group of companies, and Bangladesh Petroleum Exploration & Production Company Limited ("BAPEX"), which holds 10%.
Block SS-11 covers an area of 4,475 sq km in the Bay of Bengal over the Bengal Fan. The majority of the block lies in shallow waters up to 200 metres with the furthest southwest portion extending into water depths up to 1,500 metres. The PSC has an initial five-year term, with an associated work commitment of the acquisition and processing of 1,893 km 2D seismic data and 300 sq km 3D seismic data and the drilling of one exploration well.