KrisEnergy Ltd. has reduced its working interest in the Block A Aceh production-sharing contract in Sumatra to 15%, the company said in a news release.
The move is in alignment with the company’s revised business plan to reduce future capex while maintaining exposure to a high-value gas development in Indonesia. Proceeds from the transaction will go toward funding the company’s share of capex for the Block A Aceh gas development, the release said.
The operator of Block A Aceh, PT Medco E&P Malaka, has acquired 26.6666% of KrisEnergy’s working interest and increased its holding to 85%. The transaction is pending approvals from the governments of Indonesia and Aceh.
Block A Aceh covers 1,680 sq km and is located onshore Sumatra in the semi-autonomous region of Aceh. It contains several gas condensate discoveries including the Alur Rambong, Alur Siwah and Julu Rayeu fields, which were approved for development in 2007, according to the release.
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