KrisEnergy is increasing its working interest in Block 105- 110/4, offshore Vietnam, and taking over operatorship of the production sharing contract following the execution of a deed of assignment on March 9, 2015 between Eni Vietnam B.V. and KrisEnergy (Song Hong 105) Ltd.
Pursuant to the deed, which is effective December 31, 2014, Eni Vietnam’s 66.67% working interest in and operatorship of Block 105 will transfer to KrisEnergy 105, subject to the approval of the Ministry of Industry and Trade of Vietnam (MoIT). Prior to the deed, KrisEnergy 105 held 33.33% working interest in Block 105. In January 2015, MoIT granted a 12-month extension to the Phase 1 Exploration Period, to February 2, 2016.
Chris Gibson-Robinson, KrisEnergy’s Director Exploration & Production, commented: “Following a 12-month extension of the exploration period at the beginning of 2015, we are still keen to investigate the prospectivity of several play types in Block 105 particularly the faulted Tertiary plays on the western margin of the contract area. We are also in discussions with other parties who have expressed an interest in joining us in Block 105.”
Block 105 covers 7,192 sq. km in the Gulf of Tonkin, overlying the central Song Hong Basin where water depths range from 20 metres to 80 metres. A single exploration well, Cua Lo-1, was drilled in the contract area in 2013, which, according to KrisEnergy, confirmed the existence of a petroleum system within the block.