Independent upstream oil and gas company KrisEnergy has submitted a winding-up petition to the Grand Court of the Cayman Islands on June 4.

The hearing date for the petition has yet to be fixed.

The decision to wind up the company was due to it being unable to pay its debts. It will subsequently proceed to liquidation, having taken into consideration several factors including the company’s liabilities, which exceed the value of its assets; the “significantly lower” ultimate recovery and cashflow from the Apsara Mini Phase 1A development; the lack of an “acceptable” alternative restructuring option; as well as the lack of near-term infusion of funds available to the company.

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