Singapore -KrisEnergy Ltd. ('KrisEnergy ' or the 'Company', and together with its subsidiaries, the 'Group'), an independent upstream oil and gas company, refers to the following announcements: 1. the announcement dated31 March 2021 in relation to updates on the Apsara oil field development and restructuring exercise; 2. the announcement dated20 April 2021 in relation to further updates on the restructuring exercise and 3. the announcement dated28 April 2021 in relation to updates on the Apsara oil field review by third-party petroleum engineering consultant,Netherland, Sewell & Associates, Inc. ,
Further to the Announcements, the Company wishes to announce that the Company is unable to pay its debts based on actual and/or contingent liabilities and will proceed to liquidation, having taken into consideration, among others, the following factors: (a) the Company's liabilities which exceed the value of the Company's assets; (b) the significantly lower ultimate recovery and cashflow from the Apsara Mini Phase 1A development resulting in the Company's restructuring exercise being no longer viable; (c) the lack of an acceptable alternative restructuring option and (d) the lack of near-term infusion of fresh funds available to the Company.
Accordingly, the Company has on
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