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KrisEnergy completes acquiring Block A interest from Premier Oil

JAKARTA (rambuenergy.com) – KrisEnergy Ltd, an upstream oil and gas company based in Singapore, said that it has completed the acquisition of 41.66 percent of Premier Oil Sumatera (North) B.V. working interest in the Block A, Aceh production sharing contract (PSC).

It said it has received from the Indonesian government as well as the Aceh provincial government over the share purchase.

Block A Aceh is located onshore Sumatra in the semi-autonomous region of Aceh and covers an area of 1,803 sq km. It contains several gas condensate discoveries including the Alur Rambong, Alur Siwah and Julu Rayeu fields, which were approved for development in 2007.

These gas condensate discoveries are expected to go into development with first gas from Alur Rambong anticipated in 2017, the company said in a statement, signed by the company’s corporate secretary Kelvin Tang.

The block also contains the Matang gas discovery, which requires further appraisal prior to being developed via tie-back to the initial facilities, and the high-CO2 Kuala Langsa gas discovery,

With all approvals now in place for our transaction, we are very excited to be able to progress commercialisation of Block A Aceh with our joint-venture partners,” Richard Lorentz, executive director and director business development, said.

He said KrisEnergy aim for a 50:50 mix of oil to gas production in its portfolio and Block A Aceh will maintain that balance following the company’s two oil developments in the Gulf of Thailand due on stream in 2015 and the Lengo gas field offshore East Java thereafter.

PT Medco E&P Malaka, a subsidiary of PT Medco Energi, is the operator of the Block A Aceh PSC with a 41.67 percent working interest and Japex Block A Ltd. holds the remaining 16.67 percent. (*)

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