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Friday, 12 April 2013

Kris Energy closer to listing after Bangladesh deal?

KRIS Energy, established by the former founders of Pearl Energy and which counts Keppel Corporation as a stakeholder, is moving ever closer to a listing on the Singapore Exchange, especially following its latest foray into Bangladesh this week.

The Singapore-based oil and gas exploration and production group on Tuesday secured its first Bangladesh-producing asset for US$42.35 million through its 100 per cent acquisition of Tullow Bangladesh from Tullow Oil.

"It more than doubles Kris Energy's oil and gas production to 7,000 barrels of oil equivalent per day, from around 3,300 bpd currently," said Richard Lorentz, its director for business development, when asked about the significance of the deal.

"The Bangladesh acquisition from Tullow Oil also almost doubles our reserves," he told BT yesterday.

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