KrisEnergy’s production dreams in the Khmer Basin are dead in the water after the beleaguered independent oil and gas exploration company revealed it was heading into liquidation.
The firm has submitted a winding-up petition to the Grand Court of the Cayman Islands and a hearing date will be fixed, according to a statement delivered to Singapore’s stock exchange.
It had not been able to form a viable debt restructuring plan and lost its revolving line of credit from Singapore-based DBS Bank.
The company had said there had continued to be “material concerns” that it would not be able to operate as a going concern, indicating the company would likely need to cease operations because of its lack of production in its Cambodian project.
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