Four months after becoming the first company to draw oil from a Cambodian well, Singapore-listed KrisEnergy is warning that its future as a going concern is at risk.
The company revealed last week that production at the offshore concession, known as the Apsara oil field, was far lower than forecast, creating “material uncertainty” over whether the debt-laden company can complete its planned restructuring.
Adding to its woes, Cambodia’s Ministry of Mines and Energy, which owns a 5% participation stake in the venture, warned the company this week it needed to provide a satisfactory explanation for the shortfall or face the consequences.
