KrisEnergy Ltd., an upstream oil and gas company, refers to its announcement dated 29 October 2019 regarding its acceptance of a binding letter of offer for the disposal of its 30.0% non-operated working interest in the Andaman II production sharing contract in the Malacca Strait, Indonesia (the “Disposal”).

The Company announces that it has entered into a conditional sale and purchase agreement with BP Exploration Operating Company Limited for the Disposal, subject to obtaining all necessary approvals including from the Government of Indonesia for the assignment of the working interest.

The Disposal comes after taking into consideration the future exploration cost and risks associated with deepwater activities. The Board believes it is more prudent to allocate KrisEnergy’s limited capital to funding near-term development.

There is no certainty or assurance as at the date of this announcement that the Disposal will be completed. Shareholders, noteholders and potential investors of the Company should exercise caution when dealing in the Company’s securities. Stakeholders and potential investors who are in doubt as to the action they should take should consult their stockbrokers, bank managers, solicitors, accountants or other professional advisors.

About KrisEnergy

KrisEnergy Ltd. is an independent upstream company focused on the exploration for and the development and production of oil and gas in Southeast Asia. The Company holds working interests in three producing oil and/or gas fields, two in the Gulf of Thailand and one onshore Bangladesh. It also participates in nine blocks in various stages of development, appraisal and exploration in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. KrisEnergy operates nine of the contract areas.
KrisEnergy’s shares are listed on the mainboard of Singapore Exchange Trading Ltd under the ticker SK3.

About BP

BP (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.