KrisEnergy Receives Loan to Secure Scheduled Oil Extraction in Cambodia

• 20 October 2020
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KrisEnergy has reached a loan agreement with Kepinvest Singapore to secure oil extraction offshore of Cambodia as planned before the end of this year.

According to the firm’s recent announcement, the US$87-million loan will be divided into two parts, with US$30 million to be used for facility A and another US$57 million to be used for facility B. Both are in phase I of the Apsara project.

KrisEnergy has announced that the loan will help the company maintain its Apsara project license in Block A.

In the statement, KrisEnergy stated that the Cambodian government indicated that there would be “serious consequences – financial or otherwise” if the first oil deadline was not met.

If the first oil is not achieved by 31 December 2020, such consequences could include the termination of the concession rights for Block A.

KrisEnergy says the loan from Kepinvest Singapore is to maintain the current development schedule for first oil and avoid any adverse consequences associated with not achieving first oil production by 31 December 2020.

KrisEnergy in August announced that it had completed construction the Apsara wellhead platform. (Read more)

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