KrisEnergy Earnings Slump in Q1
Embattled Asia Pacific producer KrisEnergy recorded a 62% yr/yr decline in adjusted core earnings (Ebitdax) to $3.46mn in the first quarter, on lower production and weaker prices.
Revenues fell 25.2% to $19.1mn, as output dropped 5.9% to 9,530 boe/d, of which around 5,350 boe/d is gas. Kris' liquid prices fell 10.7% to $52/b in the three-month period, while the price of gas from the B8/32 block in the Gulf of Thailand fell 5.1% to $4.81/'000 ft3, and the price for gas from block 9 onshore Bangladesh was unchanged at $2.32/'000 ft3.
Kris, which is undergoing debt restructuring, had a net current liability position of $539mn at the end of March, with total debts of $505mn and gearing of 146.4%. Its pre-tax losses in the first quarter came to $13.3mn, versus $20.1mn a year earlier, as the company continues to struggle with hefty financial costs and charges.
Kris operates in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam. The company noted that it has been given a deadline by the Cambodian government to bring the Apsara oilfield at the Block A concession into production by the end of the year. It will lose rights to the block if it fails.
The project has faced delays before of coronavirus-related disruptions. Singapore's Gul shipyard, which is building a production barge for the field, closed in late April and did not reopen until June 2. The barge is currently 85% complete.