KrisEnergy widens losses in FY14 on higher costs

OIL and gas company KrisEnergy on Friday said that its net losses attributable to owners have widened to US$50.7 million for the year ended December 31, 2014, compared with a net loss of US$12.7 million a year ago.

This was due to higher operating costs, depreciation, depletion and amortisation expenses, as well as general and administrative expenses, finance costs, and other operating expenses.

Revenue rose 8.5 per cent to US$74.9 million as a result of increased oil and gas production. That said, the fall in global oil prices in the second half of 2014 has resulted in lower average selling prices for the group's oil and liquids, it added.