KrisEnergy's production and reserves rise sharply

UPSTREAM oil and gas exploration firm KrisEnergy has more than doubled its 2015 full-year production rate to record a group working interest production of oil and gas at 19,935 barrels of oil equivalent per day (boepd) as at Jan 1, 2016, it said in an update on Monday morning.

This comes from its producing operations in four fields in the Gulf of Thailand and an onshore gas field in Bangladesh. The group recorded an average rate of 9,698 boepd in 2015 and 7,612 boepd in 2014.

KrisEnergy has also seen a 48 per cent increase in its working interest 2P reserves, growing from 71 million barrels of oil equivalent (mmboe) as at end 2014 to 105 mmboe. The group said this is due to an increase in estimates for its Bangora gas field in Block 9 in Bangladesh and the G10/48 licence, the conversion of 2C resources to 2P for the Block A Aceh gas development in Indonesia as well as in the G6/48 contract area.

The firm will provide a full breakdown of its reserves and resources when it releases full-year 2015 financial results in February.