Southeast Asia-focused oil firm KrisEnergy has yet again delayed the completion date of the proposed farm-out of its entire interest in Block 115/09 offshore Vietnam.
KrisEnergy entered into the farm-out agreement with an unnamed international oil major for the Vietnam farm-out back in February 2020, "a nominal cash consideration."
The long-stop date for the completion of the transaction was initially set for June 30. This deadline was then moved to September 30, then to December 31, 2020, after which it was pushed to March 31, 2021. The long-stop date has now been moved to June 30, 2021.
".... [KrisEnergy] wishes to announce that while parties are actively working towards the fulfillment of conditions precedents under the farm-out agreement, [and] the Transferor and the Transferee have mutually agreed in writing to extend the long-stop date to 30 June 2021, or such later date as may be agreed in writing between parties," KrisEnergy said, without providing details on the reasons behind yet another delay.
KrisEnergy holds a 100% stake in Block 115/09 covering 7,382 sq km in the southern Song Hong Basin, offshore central Vietnam.