Annabeth Leow at The Business Times reports that a winding-up petition was served on a key subsidiary of debt-hit oil and gas company KrisEnergy in the Cayman Islands last week.
But the wholly-owned subsidiary, KrisEnergy (Gulf of Thailand), has lodged a notice of appeal to block creditor Rubicon Vantage International from presenting or pursuing winding-up petitions, going by an update from the KrisEnergy board on June 19, BT relates.
BT says the dismissal of an earlier application to restrain the petition’s presentation could be vulnerable to appeal, the board added, citing advice from its legal team.
Separately, another wholly-owned subsidiary and an international oil-and-gas company have mutually agreed to extend the long-stop date for a deal to transfer its stake in a contract, KrisEnergy also announced, BT reports.
According to the report, KrisEnergy (Vietnam 115) plans to transfer its entire working interest in an offshore production-sharing contract to the unnamed company “for a nominal cash consideration”.
Even as KrisEnergy said that both parties “are actively working towards the fulfilment of conditions precedents under the farm-out agreement”, the long-stop date has been extended from June 30 to September 30, or any later date that is agreed upon in writing, BT relays.
Trading in KrisEnergy shares has been suspended since August 2019 and the company is going through a restructuring, BT notes.
About KrisEnergy Limited
KrisEnergy Limited is a Singapore-based investment holding company. The Company is an independent upstream oil and gas company with a portfolio of exploration, appraisal, development and production assets focused on the geological basins in Asia. The Company operates through exploration and production of oil and gas in Asia segment. The Company holds interests in approximately 20 licenses in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage of approximately 60,750 square kilometers.
In August 2019, the firm sought court protection from creditors’ legal action while it restructured its debts, according to The Business Times. Keppel Corporation, a creditor and shareholder of KrisEnergy, then publicly came out to support the application and KrisEnergy’s management in formulating a restructuring plan.
Total debts stood at around US$558.8 million as at June 30, 2019, according to KrisEnergy’s presentation slides for its Sept. 10 informal investor meeting for noteholders and shareholders.