KrisEnergy Delays Vietnamese Sale Again

Southeast Asia-focused KrisEnergy has postponed for the third time the deadline for closing a farm-out deal for a block it operates offshore Vietnam, it said on December 16.

The company reached an agreement to sell its entire 100% stake in the block 115/09 production-sharing contract in February for nominal cash consideration. The first postponement came in June and the second in September. KrisEnergy has not disclosed the identity of the potential buyer. 

“Further to the announcements, the company wishes to announce that while parties are actively working towards the fulfilment of conditions precedents under the farm-out agreement, the transferor and the transferee have mutually agreed in writing to extend the long stop date to March 31 2021, or such later date as may be agreed in writing between parties,” the company said.