KrisEnergy's 2018 Loss Widens

Singapore-based upstream company KrisEnergy February 26 said its loss widened during the 12 months to December 31 owing to non-cash items stemming from write-offs, impairments and provision for assets.

Its loss in 2018 stood at $159.6mn versus $139.2mn in the previous year. Non-cash items included an impairment of $18.9mn for G10/48 licence in Gulf of Thailand due to a decrease in estimates of proved plus probable reserves; write-offs of $33.4mn for Block 120 offshore Vietnam, which the company intends to relinquish in 2019, and $12.9mn associated with the expiry of the East Seruway production sharing contract; a provision of $15mn for the Bala-Balakang PSC in Indonesia; and various finance costs related to debt servicing.

The southeast Asia-focused producer saw a 40% increase in the average realised oil price in 2018 which resulted in a record high revenue of $144.8mn despite a 16.1% reduction in production volumes in the period, which was primarily due to reduced contribution from two licences in the Gulf of Thailand, G11/48 and B9A, it said.