Kris Energy

Kris Energy / O&M E&P sector: Kris Energy expects to spend one-third of the $203m proceeds raised from its recent IPO on acquisitions of oil and gas fields in Asia. The remaining two thirds will go to fund exploration and production activities at existing fields. The co is awaiting regulatory approval to take over UK-listed Tullow Oil's Block 9 onshore Bangladesh. Elaborating on the rationale of the company's first asset acquisition in Bangladesh, mgt explains that in addition to holding the producing Bangora discovery, Block 9 shares similar geology to KrisEnergy's Udan Emas production sharing contract in Indonesia. Off Thailand, KrisEnergy is also awaiting the green light for a farm-in to gain an operating stake in Block G6/48. Sources also said the Asia-focused independent is bidding for one of the 10 risk service contracts on offer under Petronas' licensing round for marginal field developments off Malaysia. Meanwhile, another O&M E&P firm, Interra Resources has also been making active acquisition plans, having yday just announced its biggest acquisition yet to acquire an Indonesian oil field for US$78.5m. Peer Mirach Energy also recently added to the positive sector newsflow, announcing that it had struck a new untapped oil zone in Indonesia which could be a potential “game changer” for the company.