Prime Group, the Singapore-headquartered investment platform focused on resource development, has announced a major strategic expansion into Southeast Asia. The Group, through its affiliate Prime Africa Trade Pte. Ltd., has entered into a Memorandum of Agreement (MOA) to acquire a controlling stake in the Apsara oil field, located in offshore Block A, Cambodia.
This landmark agreement marks Prime Group’s first publicly disclosed foray outside the African continent and represents a significant diversification of its asset portfolio. The move aligns with the Group’s stated strategy of building a portfolio of strategic, asset-backed projects ahead of its planned Singapore Exchange (SGX) listing in 2026.
The Apsara Oil Field: A Cornerstone Asset
The Apsara field holds the distinction of being Cambodia’s first producing oil field. Historical data from a comprehensive 2021 technical report commissioned by a previous operator details the field’s established potential. The report confirms the discovery of commercial oil across multiple appraisal wells, with notable results including:
· Pimean Akas-2ST: 140 feet of true vertical depth (TVD) of oil pay. · Pimean Akas-1: 135 feet TVD of oil pay. · Several other wells in the broader Block A area, such as Kaoh Tang-1 and Sirey Sambat-1, also intersected significant oil columns.
The field’s initial “Mini Phase 1A” development, as outlined in the technical report, was designed to gather long-term performance data to optimize full-field development plans. The asset benefits from modern, high-resolution 3D seismic data covering 1,200 square kilometers, which provides a robust technical foundation for future investment decisions.
Terms of the Strategic Partnership
Under the MOA signed with the current license holder, Prime Group intends to pursue the acquisition of up to a 70% participating interest in the Apsara asset.
Key terms of the agreement include:
· A significant exclusivity period granted to Prime Group to conduct comprehensive technical, legal, and commercial due diligence.
· The structuring of a joint venture, with Prime Group taking a majority shareholding and operational control.
· Prime Group assuming operatorship, management, and commercialization rights for the asset.
· All definitive agreements and payment remain conditional upon Prime Group’s satisfactory due diligence and the securing of all necessary Cambodian government approvals.
To demonstrate committed intent, Prime Group has agreed to place a substantial deposit into an escrow account, which would be credited against the final purchase price.
Strategic Rationale and Forward Path
This potential acquisition is a tactical execution of Prime Group’s established “non-operator strategic financier” model, this time applied to a proven, producing asset in a new geographical theater. Chairman and CEO Karim Bouhout has previously emphasized the Group’s role in “transforming strategic capital into sovereign infrastructure.”
The Apsara deal provides a clear pathway for Prime Group to deploy capital from its recent funding initiatives. This includes the SGD 220 million Share Subscription Facility from GEM Global Yield LLC SCS and capital from Maktoum Finance. The capital is earmarked for an asset with defined historical data and near-term development potential.
“Our entry into Cambodia’s energy sector is a calculated step that underscores our commitment to identifying and developing strategic resource platforms,” a Prime Group spokesperson stated. “The Apsara field presents a compelling opportunity to apply our partnership and financing model to a proven asset, with the goal of enhancing its value and supporting regional energy sovereignty.”
The successful conclusion of this transaction would immediately establish Prime Group as a key player in Cambodia’s emerging hydrocarbon sector while adding a producing, cash-flow-generating asset to its balance sheet as it progresses toward its public market debut.
About Prime Group: Prime Group is a diversified international investment and trading platform focused on the development of energy, mining, and agricultural assets. Operating from its Singapore headquarters, the Group structures long-term partnerships to build in-continent value addition and processing capacity, with active projects in Africa and now Southeast Asia.
