KrisEnergy, and independent oil and gas firm operating mainly in Asia, saw its revenue triple in the first quarter of 2016.
The company said that despite oil falling below $30 a barrel at one point during the quarter, revenue rose to $33 million, as the group saw a full quarter of production from the Wassana and Nong Yao oil fields, which came on stream in August 2015 and June 2015, respectively.
On that note, KrisEnergy’s production averaged 19,014 barrels of oil equivalent per day (“boepd”), 2.5 times higher than in the first quarter 2015 boosted by the above mentioned fields, located in the Gulf of Thailand.
The company said thatEBITDAX for 1Q2016 more than doubled to $19.7 million but higher noncash depreciation, depletion and amortisation expenses led to a net loss after tax of US$20.1 million compared with a net profit after tax of US$47.1 million in the year-ago period when the Group recognised a one-off gain of provisional negative goodwill associated with the completion of the acquisition of a 41.6666% working interest in the Block A Aceh production sharing contract (“PSC”) in Indonesia and gains from the transfer of working interest for Block 105-110/04 and Block 120, both offshore Vietnam.
Keith Cameron, Chief Executive Officer, said: “Despite our strong operational performance, we continue to face many challenges that need to be addressed in the coming months. Depressed oil prices and the general lack of confidence in the upstream sector have impacted the support we are receiving from financial institutions, which will lead to significant corporate actions similar to those being announced by many other oil and gas companies worldwide. In the meantime, we continue to focus on cost controls including reductions in directors’ fees and employee remuneration. We have also reduced headcount where possible.”