KrisEnergy's loss for Q3 widens to US$10.03 million

UPSTREAM oil and gas firm KrisEnergy reported a total comprehensive loss attributable to shareholders of US$10.03 million for the third quarter ended Sept 30, widening from a loss of US$3.55 million.

This was despite revenue totalling US$18.19 million, surging 33.4 per cent year on year on the back of higher oil and gas production.

Meanwhile, earnings before interest, taxes, depreciation, amortisation and exploration expenses (Ebitdax) worked out to US$5.49 million, down 20.2 per cent.

Loss per share for the quarter came to one US cent, versus a loss of 0.9 US cent per share previously.

General and administrative expenses rose from US$6.75 million to US$7.63 million, while finance costs went from US$3.49 million to US$5.13 million. These contributed to the loss during the quarter.

The firm said working interest production in Q3 2014 averaged 7,403 barrels of oil, which is over three times the average production for the corresponding period last year.

"Portfolio optimisation will remain central to our strategy. We will continue to seek additional contract areas within our geographical focus area and across the exploration-to-production life cycle for which we believe our technical and operational expertise will create value," KrisEnergy said. "Concurrently, we will continuously review our existing portfolio for divestment opportunities for assets which we believe are no longer core to our overall strategy."