KrisEnergy's 2016 Loss Mounts

Southeast Asia focused KrisEnergy has reported a $237mn net loss for 2016 full year owing to a $303.4mn non-cash charge for impairments on producing assets and write-offs related to relinquished contract areas. In 2015 the net loss was $48.6mn.

An impairment charge of $121mn was recognised related to the company’s working interest share in G10/48 and G11/48 concessions in the Gulf of Thailand. KrisEnergy also wrote off $77.9mn as it relinquished the East Muriah production sharing contract and the Kutai PSC, both in Indonesia, and Block 105-110/04 offshore Vietnam, it said February 23.

The company achieved a 66.5% increase in net production to 16,136 boe/d principally as a result of a full year of production from the Wassana and Nong Yao oil fields in the Gulf of Thailand.

New business plan

Gulf of Thailand remains a major focus are for the company. Specifically, it intends to concentrate on the further development of the G10/48 Wassana oil field, and development of G6/48 and Cambodia Block A oil fields, all of which are operated by the company. 

Shardul Sharma