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KrisEnergy narrows full-year loss to US$41.7m, to defer exploration expenditure
UPSTREAM oil and gas explorer KrisEnergy made a net loss of US$41.7 million for the full year of 2015, narrowing from US$50.4 million a year ago.
Revenue fell to US$60.2 million from US$74.9 million a year ago, due to lower sales of crude oil and gas.
The group said it completed its targets by completing two new oil developments in the Gulf of Thailand in 2015, and also got its production licence for the future Rossukon oil development approved.
Proven plus probable reserves rose 49 per cent to 106 million barrels of oil equivalent, while production was at 19,000 barrels of oil equivalent per day in early 2016.
"Given the prolonged low oil price environment and the considerable uncertainty over the timing of any sustainable recovery, the company has taken all measures to reduce its cost base and curtail discretionary operational expenditure for the foreseeable future," it said.
CEO Keith Cameron said in a statement that the company's 2016 work programme will focus on assets that are currently producing, to maintain and maximise production efficiencies to ensure cash flows.
Capital expenditure this year will be approximately US$50.8 million, the lowest level since the company was established in 2009, and down more than 77 per cent from US$224.7 million in 2015 when the group was committed to the Wassana and Nong Yao development projects, he said. Both fields became productive in 2015.
KrisEnergy last traded at S$0.161 a share.