Brief: KrisEnergy Says Peak Production View For Apsara Mini Phase 1A Unachievable, Flags Going Concern Risk

KrisEnergy

31/03/2021 12:07

March 31 (Reuters) - KrisEnergy Ltd  KRIS.SI :
    * AS AT 30 MARCH, GROSS PRODUCTION RATE AT APSARA FIELD WAS
2,493
BOPD
    * PRELIMINARY ANALYSIS INDICATES THAT RESERVOIRS ENCOUNTERED
IN
FIVE DEVELOPMENT WELLS APPEAR LESS PRODUCTIVE AND CONTINUOUS IN
NATURE
    * PRE-DEVELOPMENT FORECAST OF PEAK PRODUCTION OF 7,500 BOPD
WILL
NOT BE ACHIEVABLE FOR APSARA MINI PHASE 1A
    * PRELIM OBSERVATIONS SHOW ULTIMATE RECOVERY FROM 5
DEVELOPMENT
WELLS LIKELY TO BE SIGNIFICANTLY LOWER THAN PRE- DEVELOPMENT
EXPECTATIONS
    * UNDERTAKING AN ASSESSMENT OF IMPACT IN RESPECT OF GROUP'S
ACTIVITIES AND VIABILITY OF RESTRUCTURING EXERCISE
    * ANY DISTRIBUTION OF DEBT CONVERSION SHARES AND ZCN
EXCHANGE
SHARES, WILL NOT OCCUR BY 1Q2021
    * GIVEN APSARA DEVELOPMENT, UNCERTAINTY EXISTS OVER GROUP'S
ABILITY TO COMPLETE RESTRUCTURING EXERCISE AND TO CONTINUE AS
GOING CONCERN

Source text for Eikon:  ID:nSN2pHVDd 
Further company coverage:  KRIS.SI 

 ((Reuters.Briefs@thomsonreuters.com))