KrisEnergy, an independent upstream oil and gas company, announced Wednesday that it has been awarded the operatorship and a 95 percent working interest in the Sakti Production Sharing Contract (PSC) offshore East Java in Indonesia, where the Company is actively developing gas aggregation opportunities. The other participant is Golden Heaven Jaya Ltd. with a 5 percent working interest.

The Sakti exploration block covers 1,920 square miles (4,974 square kilometers) in the East Java Sea over the western margin of the East Java Basin, Bawean Arch and the Muriah Trough. Water depths in the area are between 164 feet and 196 feet (50 meters and 60 meters). The block is proximal to the KrisEnergy operated Bulu PSC and East Muriah PSC, where the Company is currently planning the development of the Lengo and East Lengo gas discoveries, respectively. The PSC has an initial three-year term and an associated work commitment of 745 miles (1,200 kilometers) 2D seismic acquisition and processing, and one exploration well.

KrisEnergy is the operator of six other contract areas in Indonesia – East Seruway offshore North Sumatra, Kutai and Tanjung Aru offshore East Kalimantan, Bulu and East Muriah offshore East Java and Udan Emas onshore West Papua.

Richard Lorentz, director Business Development, said: “We believe there are still significant opportunities to discover new oil and gas resources in Indonesia and therefore we continue to grow our asset base there. Sakti is a good fit with our gas aggregation plans to supply the thriving East Java market. The area possesses all the required elements for hydrocarbon entrapment and earlier exploration drilling has indicated the presence of gas.”

Separately, KrisEnergy revealed that subsequent to the announcement of Jan. 28, the Company has withdrawn from the acquisition process for a 60 percent operated working interest in the G3/48 exploration license in the Gulf of Thailand as a result of an existing partner exercising its right of pre-emption over the acquisition.

The Company continues to actively seek and assess new venture opportunities in its ongoing strategy to enhance its portfolio in all basins within a focus area stretching from Bangladesh in the West to West Papua in the East, and from offshore southern China in the North to Indonesia in the South.