KrisEnergy trims net loss to US$12.6m

Singapore

KRISENERGY, an oil and gas company that debuted on the mainboard last July, yesterday said it has narrowed its net loss for the year ended Dec 31, 2013, to US$12.6 million, from a net loss of US$17.7 million a year ago.

Gross revenue fell by 22.9 per cent from US$89.6 million a year ago to US$69.1 million in FY2013, as revenues from the sale of oil and liquids fell by 18.9 per cent to US$54.7 million, and that of gas fell by 35.2 per cent to US14.4 million.

This decline was due mainly to the cessation of gas and condensate production at the Kambuna gas-condensate field in Indonesia, which reached the end of its economic life as anticipated and ceased production on July 11 last year, KrisEnergy said.

Lower production at its B8/32 and B9A oil and gas complex in the Gulf of Thailand due to bad weather, as well as lower average oil and gas sales prices, also caused the decline in revenue.

For the full-year, loss per share was 2.3 US cents (based on 545 million weighted average number of shares) against the previous year's 36 US cents (49 million shares).

No dividends have been declared by the company.

KrisEnergy's chief executive officer Keith Cameron said that the company will step up its operated exploration and appraisal drilling, and is committed to vigilance on environment, health, safety and security, as well as costs.

In January, KrisEnergy acquired a 60 per cent stake in exploration block G3/48 in the Gulf of Thailand for an undisclosed sum. Last August, it partnered Mubadala for the Nong Yao oil development in the G11/48 contract area, also in the Gulf of Thailand and of which it has a one-quarter stake.

KrisEnergy's shares fell one cent to end trading at $0.755 yesterday.