(Stocks Discussion) SGX: KrisEnergy (SGX: SK3)?

Krisenergy is in the busienss of oil exploration and oil production in South East Asia. In layman term, they buy a piece of underwater land which are known to contain oil reserves, drill holes, hope to find oil, extract the oil out and sell. Their business is in South East Asia and is mainly in the shallow water region of Thailand with some onland rigging. The managment is the former Pearl Energy team.
Due to the misstep of over leveraging by borrowing a lot of money to buy oil assets when oil prices are high, the company has been crushed by its large debt and interest expense. As a result, it is currently suspended. Keppel Corp has come in to give them 2 rounds of cash injection and with growing stake. Without its large debt expense, Krisenergy would have been profitable in drilling oil out in South East Asia and selling it; but too bad due to the misstep of borrowing too much money, the company has fallen on hard times.
Post suspension, I may be interested in Krisenergy because the oil extraction business is turning around due to higher oil prices. If oil prices maintains at US$60-65 per barrel, Krisenergy is a decent investment after its debts are properly restructured or even wiped out.