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KrisEnergy quarterly revenue rises on improved oil prices

At US$61.4 per barrel the achieved oil price as some 31.1% higher versus the prior year comparison
oil and gas operations
The company produced 12,132 boepd

KrisEnergy Ltd (SGX:SK3) reported a rise in quarterly revenue driven by improved prices.

At 12,132 barrels oil equivalent per day, production for the three months was actually 10.9% lower than in the same period of the previous year – comprising 6,891 barrels of oil and 31.5mln cubic feet per day.

READ: KrisEnergy extends credit facility

Production was negatively impacted by mechanical impacts at the Wassana oil field, in the Gulf of Thailand. The company noted that the necessary parts are being remedied, with the pump shaft repaired and returned to the field for installation.

The oil price was some 31.1% higher versus the prior year comparison, at US$61.4 per barrel. Gas prices at the B8/32 asset the gas price increased to US$4.10 whereas the Block 9 price was fixed at US$2.32.

Revenue totalled US$42.5mln was up 33.7%, from US$31.8mln, while the group’s quarterly earnings amounted to US$9.5mln down from US$17.2mln in the 2017 period.

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