Indebted KrisEnergy set for liquidation

Disappointing Cambodian exploration results seal Singaporean independent’s fate

Indebted Singapore-based independent KrisEnergy will be liquidated following disappointing results from its Apsara oil field offshore Cambodia. KrisEnergy submitted a winding-up petition to the Grand Court of the Cayman Islands, saying lower-than-expected recovery and cashflow from Apsara means restructuring efforts are “no longer viable”. The firm says it is unable to pay its debts, while liabilities exceed the value of assets and the company was unable to secure fresh funding or alternative restructuring options. A hearing date for the petition has yet to be set. Apsara only began production in 2020, but output averaged just 2,883bl/d between 23 February and 30 March this year. KrisEnergy