KrisEnergy completes Tullow Bangladesh purchase

KrisEnergy Ltd. has received approvals from the government of Bangladesh and Bangladesh Oil, Gas & Mineral Corp. for KrisEnergy’s purchase of Tullow Bangladesh Ltd. (OGJ Online, Apr. 10, 2013).

Tullow holds 30% working interest and operatorship of the onshore Bangora gas producing field on Block 9, which is 50 km east of Dhaka covering 1,770 sq. km.

Production started from Bangora field in 2006. The field lies in a gas province with substantial gas infrastructure, KrisEnergy said. Third-quarter gross production from the Bangora averaged 92.7 MMcfd of gas and 285 b/d of condensate.

Tullow in 2012 reported its intention to sell Asian assets.

Tullow Bangladesh will be renamed as KrisEnergy Bangladesh Ltd. and held under KrisEnergy wholly owned subsidiary KrisEnergy Asia Holdings BV.

KrisEnergy since 2009 has built a portfolio of 15 contract areas in Bangladesh, Cambodia, Indonesia, Thailand, and Vietnam, spanning the entire exploration-to-production life cycle.

The company earlier this year entered into an agreement to farm-in and operate the G6/48 contract area in the Gulf of Thailand. Once government approvals for the transaction are completed, KrisEnergy will have 16 contract areas in five countries.

“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,” said Keith Cameron, KrisEnergy’s chief executive officer.

Other Block 9 partners are Niko Exploration (Block 9) Ltd., 60%, and Bangladesh Petroleum Exploration & Production Co. Ltd., 10%.

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