Kingdom’s oil dreams live on even after driller files for liquidation

Singapore-based oil and gas exploration company KrisEnergy Ltd on December 28 extracted the first drop of crude oil from Cambodian waters. MINISTRY OF MINES AND ENERGY

KrisEnergy Ltd, the operator of the Apsara oil field development offshore Cambodia, has confirmed that all operations of its subsidiary in Cambodia, KrisEnergy (Cambodia) Ltd, will continue as normal, despite its parent company filing for liquidation on June 4, according to a senior official of the Singapore-based oil and gas exploration company.

The Singapore-listed company on June 4 announced to its shareholders that it filed a winding-up petition to the Grand Court of the Cayman Islands and a hearing date will be fixed, saying it “is unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation”.

It said its liabilities exceed the value of its assets, it lacked “acceptable” alternative restructuring options, and was unable to secure a near-term infusion of fresh funds.

KrisEnergy investor relations and corporate communications vice-president Tanya Pang told The Post: "The winding-up petition as announced on June 4 relates only to KrisEnergy Ltd, the parent company listed on the Singapore Exchange and not the subsidiary companies holding the group’s assets. Operations of KrisEnergy’s assets are continuing."

Contact author: May Kunmakara

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