KrisEnergy Charters Jack-Up Rig for Apsara Drilling. Platform to Sail Away Soon

Singapore-based KrisEnergy has signed a letter of award with Vietnam's PV Drilling for PVD III jack-up drilling rig. 

The 2009-built rig will be used to drill five development wells at KrisEnergy's Apsara Mini-Phase 1A development offshore Cambodia.

The Apsara is an offshore development oil and gas asset located in the Khmer Basin of the Gulf of Thailand with approximately 3,083 sq. km of gross acreage in which KrisEnergy has a 95% stake.

According to Bassoe Offshore, the contract for the jack-up rig is expected to start in November, and last unit April 2021. Bassoe has estimated the day rate to be around $60,000.

Apsara's development phase (“Mini Phase 1A”) is designed to incur minimum costs to first oil and comprises the Mini-Platform and five initial development wells connected to the Ingenium II production barge for oil, gas and water processing.

KrisEnergy said Thursday that the Cambodian government had extended the deadline for first oil production to be achieved by December 31, 2020.

As for the progress on the platform, KrisEnergy said that while restrictive COVID-19 measures had curtailed personnel movement and delayed
delivery of some materials and equipment, progress continued in 1H2020 on the main components of the infrastructure for the Block A Apsara oil development project.

The jacket and topsides for the Apsara minimum facilities wellhead platform (“MiniPlatform”) are under fabrication in Batam Island, Indonesia. Work at the facility has continued throughout 1H2020 despite COVID-19 restrictions. The fourth and final section of the jacket frame was lifted into place in July 2020 and all welding has been completed. 

The full structure of the topside is completed and integration of pipe work, electrical and instrument equipment is ongoing. The Mini-Platform is scheduled to load and sail to the Apsara field location by the end of August 2020.

The Ingenium II production barge for the Apsara development is under upgrade and refurbishment. The vessel is nearing mechanical completion. Installation of heating, ventilation, and air conditioning system was completed in July 2020 and the power generation system is running. 

"The vessel will shortly go into one month of commissioning required for safety systems, fire and gas systems, process control systems, electrical
power distribution systems, as well as accommodation and mooring systems," Kris Energy said. 

KrisEnergy's planned capital expenditure for the third quarter of 2020 is estimated to be approximately US$32.7 million of which 98.9% will be used for development activities at the Cambodia Block A project.

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