Mirach Energy ‘Near Finalizing Plans for Block D’

May Kunmakara / Khmer Times No Comments Share:

Singapore-listed oil and gas company Mirach Energy, which owns 48 percent of its local partner CPHL (Cambodia), is close to finalizing its plans for oil exploration in Block D, after it has received approval from the Ministry of Mines and Energy to extend its exploration permit until December 2018, the company said in its 2015 financial statement released on Wednesday. 
 
“The Group had been in the midst of finalizing the details on the exploration drilling project and drilling rigs commissioning arrangements with various partners,” the statement said.
 
The company said it faced challenges since the fourth quarter of last year and further negotiations on financial arrangements with ministry are required before a final decision on exploration will be made. 
 
In August last year, CPHL received the official letter from ministry notifying it that the government approved a final extension of its exploration period for Block D to December 2018. 
 
Meng Saktheara, secretary of state at the ministry told Khmer Times yesterday that the before commencing exploration the company has to pay financial obligations, including fees and a guarantee. 
 
“We are still dealing with each other because CPHL has not fulfilled its financial obligation, which has not been set in the terms of contract… we are still checking with them over this issue because we need to them to clear it first,” he added. 
 
Mr. Saktheara did not disclose how much the company had to pay before it could begin exploring. Block D covers 5507 square kilometers in shallow water. 
 
 

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