KrisEnergy proceeds towards liquidation

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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