KrisEnergy sees big growth in sales next year

Singapore

KRISENERGY Ltd expects sales to grow "considerably" next year as the energy-exploration company quadruples oil and gas output in South-east Asia.

The Singapore-based KrisEnergy projects its production to almost double to the equivalent of 15,000 barrels a day in 2015, up from 8,000 now, executive director Richard Lorentz said. The company expects that figure to reach 35,000 by 2017 as new fields come online.

"We will continue to grow in 2016 and 2017 and that's with the existing fields that are under development," Mr Lorentz said from London on Monday. "The next 12 to 18 months is going to be a big period for KrisEnergy."

The company is expected to report a net income of US$31.5 million next year, according to the average of seven analyst estimates compiled by Bloomberg - which would be its first annual profit. Revenue is projected to jump to US$239 million, compared with an estimated US$91.2 million this year. BLOOMBERG