KrisEnergy, through its Vietnamese subsidiary, has divested its 100% interest in the exploration block 115/09 located offshore Vietnam to an undisclosed international oil and gas company.
The financial terms of the deal, which was signed in February, have not been made public.
The Singapore-based oil and gas company said it agreed on the transfer of the exploration block, considering the reduction in its liabilities and mandatory work commitments, including a 3D seismic acquisition program for a minimum of 850km², processing of the data and the drilling of one exploration well.
Separately, KrisEnergy announced that production from the Apsara oil field in Block A offshore Cambodia has been below expectations and failed to meet the pre-development forecast of peak production of 7,500 barrels of oil per day (bpd).
Production from the Apsara oil field started from a single well, A-01D by 28 December and four additional wells commenced production since then.
KrisEnergy said it has developed the Apsara Mini Phase 1A as an initial small-scale project to observe and appraise reservoir performance in the previously unproduced Khmer Basin and help in determining the long-term potential of the Apsara area by collecting collect vital production and subsurface data.
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As of 27 March, the Apsara field’s highest production rate achieved was 3,534bpd.
KrisEnergy said a press statement: “In line with lower production rates, preliminary observations also indicate that the ultimate recovery from the five development wells is likely to be significantly lower than pre-development expectations as the limited continuity of the reservoirs encountered will decrease the original oil-in-place (OOIP) estimates associated with the producing wells.”
As a result of the field’s underperformance, KrisEnergy’s restructuring efforts will be affected, the firm noted.
While the company will review all data to test its internal assessments, the Netherlands, Sewell & Associates (NSAI) will undertake ultimate recovery assessment from the current five wells.