More bad news for Cambodia’s first oil development

KRISEnergy’s Apsara oil project in Cambodia is going from bad to worse after an independent assessment by Netherland Sewell & Associates found recovery from the company’s five offshore wells is likely to be “a small fraction of pre-development estimates”.

The full field came online in February after a first well began producing in December, but rates were so low that by April it told shareholders its planned company restructuring was “no longer viable”. It is listed on Singapore’s stock exchange.

In early April it reported production from the country’s first offshore oil well came to 2493 barrels of oil per day, and the average gross production rate for the field from February 23 to March 30 totalled 2883bopd – well short of the pre-development estimate of 7500bopd.

By early April, Cambodia’s Ministry of Mines and Energy, which owns a 5% stake in the venture, demanded KrisEnergy explain itself.

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