Southeast Asia Focused KrisEnergy Narrows Loss

Southeast Asia focused KrisEnergy has reported net loss after tax of $48.6 million in 2015 versus a loss of $50.4 million in the full-year 2014.

Revenue fell to $60.2 million from $74.9 million a year ago, due to lower sales of crude oil and gas.

Working interest 2P reserves were estimated by Netherland, Sewell & Associates, Inc. at 105.9 million barrels of oil equivalent (mmboe) as on December 31, 2015 versus 71.0 mmboe as on same date a year before.

Progress on the non-operated Block A Aceh gas development, onshore Sumatra, accounted for 82.2 percent of the reserve increase, the company said.

Production was at 19,000 barrels of oil equivalent per day in early 2016.

The work program for 2016 will focus primarily on maintaining production and maximising efficiencies to secure cash flow, KrisEnergy said. Capital expenditure for 2016 will be approximately $50.8 million.