KrisEnergy Ltd : KrisEnergy completes Tullow acquisition in Bangladesh

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KrisEnergy completes Tullow acquisition in Bangladesh Singapore, 17 December 2013 - KrisEnergy Ltd. ("KrisEnergy" or "the Company"), an independent upstream oil and gas company, is pleased to announce that it has received government approvals for its acquisition of Tullow Bangladesh Limited ("TBL"), which holds a 30% working interest and operatorship of the onshore Bangora gas producing field in Block 9. Approvals have been received from the Government of the People's Republic of Bangladesh and from Bangladesh Oil, Gas and Mineral Corporation ("Petrobangla").

TBL will be held under the wholly owned subsidiary, KrisEnergy Asia Holdings BV, and will be renamed as KrisEnergy Bangladesh Limited. The sales and purchase agreement between KrisEnergy and Tullow Oil International Limited was signed on 8 April 2013 and the effective date for the transaction is 1 January 2013.
Block 9 covers 1,770 sq. km and is located approximately 50 km east of Dhaka. The Bangora gas field commenced production in 2006 and lies in a gas province with substantial gas infrastructure. In the third quarter 2013, gross production from the Bangora field averaged 92.7 million cubic feet of gas per day and 285 barrels of condensate per day.
Keith Cameron, KrisEnergy's Chief Executive Officer, commented: "We have been working closely with Tullow and the Bangladesh authorities to facilitate the approvals and transition process and we are very pleased to have closed out this transaction. I would like to welcome into the KrisEnergy network our new colleagues in Dhaka and out in the field in Block 9. We look forward to bringing everyone up to date with activities in our other offices across Southeast Asia. In addition, our exploration team has been reviewing new opportunities and we hope to be adding to our Bangladesh portfolio in the very near future."
The other partners in Block 9 are Niko Exploration (Block 9) Ltd with a 60% working interest and

Bangladesh Petroleum Exploration and Production Company Limited ("BAPEX") with 10%.
The Offering was sponsored by CLSA Singapore Pte Ltd and Merrill Lynch (Singapore) Pte. Ltd. (the "Joint Issue Managers, Global Coordinators, Bookrunners and Underwriters") as joint issue managers, global coordinators, bookrunners and underwriters of the Offering. The Joint Issue Managers, Global Coordinators, Bookrunners and Underwriters assume no responsibility for the contents of this announcement.

Contacts

Richard Lorentz
Director Business Development
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Tanya Pang
Head of Investor Relations & Corporate
Communications
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About KrisEnergy:

KrisEnergy Ltd. is an independent upstream company focused on the exploration for, and the development and production of oil and gas in Southeast Asia. Our strategy is to acquire assets in countries and basins where our technical team has expertise derived from decades of experience. Since 2009, we have built a portfolio of 15 contract areas in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam, spanning the entire exploration-to-production life cycle. In 2013, the Company entered into an agreement to farm-in and operate the G6/48 contract area in the Gulf of Thailand. Once government approvals for this transaction are completed, KrisEnergy will have 16 contract areas in five countries. Our asset portfolio provides a solid foundation from which we intend to grow our business in Southeast Asia.
KrisEnergy's shares are listed on the mainboard of the Singapore Exchange Securities Trading Ltd
under the ticker SK3.
For more information, visit www.krisenergy.com