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KrisEnergy reduces losses in Q3

UPSTREAM oil and gas company KrisEnergy's net loss for the third quarter ended Sept 30 narrowed from US$31.61 million to US$25.57 million, partly due to lower operating costs.

Revenue fell 12.2 per cent year on year to US$39 million as higher average realised selling price for both crude oil and liquids and natural gas only partially countered the decrease in sales volume.

Loss per share for the quarter came down to 1.7 US cents from 2.1 US cents previously.

"There has been a gradual improvement in global benchmark crude oil prices in 2017 to some of the highest levels in the last two years reflecting a tightening of supply and demand fundamentals," said KrisEnergy. "However, oil markets remain volatile and investor sentiment in the upstream sector - including access to capital - continues to be a major uncertainty. The company continues to take all available measures to reduce its cost base and will defer discretionary expenditure where possible for the foreseeable future."

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In a separate announcement, KrisEnergy said that the board of directors had had appointed chief executive officer Kelvin Tang as executive director and chief financial officer Kiran Raj as alternate executive director.