KrisEnergy posts Q1 net loss of US$18m

SINGAPORE-LISTED oil and gas firm KrisEnergy has reported a first-quarter net loss of US$18 million, compared with a net loss of US$500,000 a year ago.

The jump was due mainly to a one-off recognition of adjustments and costs from full redemption of its 10.5 per cent US$120 million senior guaranteed secured bonds. This amounted to a non-recurring, non-cash adjustment loss of US$6.1 million and finance costs of US$5.9 million. The bonds were originally due in July 2016,

Revenue in Q1 rose 5.5 per cent to US$21.2 million. This resulted from a near tripling in working interest production to 8,097 barrels of oil equivalent per day, following the addition of the Bangora gasfield in Bangladesh, the acquisition of which was completed last December.