SINGAPORE (May 12): KrisEnergy reported 1Q17 earnings of US$55.7 million compared to a loss of US$18.3 million a year ago.

Revenue fell 4% to US$31.8 million led by lower production due to a combination of natural decline and ongoing mechanical issues at the Wassana oil field in the Gulf of Thailand.

The average realised price for its oil and liquids significantly increased to US$46.82/bbl in 1Q17 versus 1Q16 when the average realised price was at the lowest since the company’s establishment at US$20.85/bbl.

In line with lower production, operating costs fell 35.7% to US$12.4 million and depreciation, depletion and amortisation fell 45% to US$15.3 million.

Other operating income, which was all non-cash in nature, rose to US$77.5 million from US$71,800 due to a net fair value gain of US$73.9 million relating to the exchange of 2017 notes and 2018 notes to 2022 notes and 2023 notes.

Shares of KrisEnergy closed 3.9% lower at 14.9 cents.