KrisEnergy secures government approvals for Tullow acquisition

Tullow to be renamed as KrisEnergy Bangladesh.

KrisEnergy Ltd. (KrisEnergy), a Singapore Exchange Mainboard-listed independent upstream oil and gas company, announced that it has received government approvals for its acquisition of Tullow Bangladesh Limited (TBL), which holds a 30% working interest and operatorship of the onshore Bangora gas producing field in Block 9. Approvals have been received from the Government of the People’s Republic of Bangladesh and from Bangladesh Oil, Gas and Mineral Corporation (Petrobangla).

TBL will be held under the wholly owned subsidiary, KrisEnergy Asia Holdings BV, and will be renamed as KrisEnergy Bangladesh Limited. The sales and purchase agreement between KrisEnergy and Tullow Oil International Limited was signed on 8 April 2013 and the effective date for the Block 9 covers 1,770 sq. km and is located approximately 50 km east of Dhaka.

The Bangora gas field commenced production in 2006 and lies in a gas province with substantial gas infrastructure. In the third quarter 2013, gross production from the Bangora field averaged 92.7 million cubic feet of gas per day and 285 barrels of condensate per day.

Keith Cameron, KrisEnergy’s Chief Executive Officer, commented: “We have been working closely with Tullow and the Bangladesh authorities to facilitate the approvals and transition process and we are very pleased to have closed out this transaction. I would like to welcome into the KrisEnergy network our new colleagues in Dhaka and out in the field in Block 9. We look forward to bringing everyone up to date with activities in our other offices across Southeast Asia. In addition, our exploration team has been reviewing new opportunities and we hope to be adding to our Bangladesh portfolio in the very near future.”

The other partners in Block 9 are Niko Exploration (Block 9) Ltd with a 60% working interest and Bangladesh Petroleum Exploration and Production Company Limited (“BAPEX”) with 10%.