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Winding-up petition served on KrisEnergy unit

A WINDING-UP petition was served on a key subsidiary of debt-hit oil and gas company KrisEnergy in the Cayman Islands this 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 Friday.

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.

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”.

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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 Sept 30, or any later date that is agreed upon in writing.

Trading in KrisEnergy shares has been suspended since August 2019 and the company is going through a restructuring.

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