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KrisEnergy's trading halt fuels speculation of Cambodian oil deal
SINGAPORE-LISTED KrisEnergy has requested for an immediate halt in the trading of its shares, pending the release of some announcements.
KrisEnergy was trading around S$0.121 a share, up 0.5 Singapore cent, or 4.310 per cent, before the request was made. More than 5 million shares changed hands.
KrisEnergy and the Cambodian government are expected to sign a petroleum agreement for the Cambodia Block A offshore oil project. The signing was scheduled for Wednesday, August 23, 2017, KrisEnergy mentioned previously when it unveiled its interim results on August 14.
"This is a major step forward in the development of the Apsara oilfield and establishing Cambodia as an oil-producing nation," said KrisEnergy's interim chief executive Jeffrey MacDonald.
Cambodia Block A covers an area of 4,709 sq km in the Gulf of Thailand over the Khmer Basin, approximately 150km from Cambodia's mainland where water depths range between 50 and 80m.
The Cambodian Ministry of Mines and Energy - the successor agency to the Cambodian National Petroleum Authority - intends to exercise its right to acquire a 5 per cent working interest in Cambodia, which when completed will reduce KrisEnergy's combined holdings to 95 per cent, Khmer Times reported.