Cash-strapped KrisEnergy in deal to sell Indonesia O&G project stake to BP

SINGAPORE (Nov 19): KrisEnergy, the upstream oil & gas (O&G) company undergoing restructuring, has revealed it is selling its stake in an offshore oil & gas project to energy giant BP.

The upstream company focused on the production and development of oil & gas in Southeast Asia has been working on plans to restructure hundreds of millions of dollars in debt and expects the sale to help it allocate its capital to fund near-term development.

SIAS says 'administrative error' led to unanswered questions at KrisEnergy investor meeting

SINGAPORE (Sept 24): The Securities Investors Association (Singapore) has admitted that it made an “administrative error”, which resulted in questions posted on online Q&A platform Pigeonhole going unaddressed at a Sept 10 KrisEnergy investor meeting.

This comes in response to an article carried by The Edge Singapore last week, which reported the plight of KrisEnergy minority bondholders who are wary of being discriminated again in light of a new restructuring plan.

As KrisEnergy readies new restructuring plan, retail bondholders wary of being suckers again

(Sept 23): Like many oil and gas companies, KrisEnergy has been severely affected by the prolonged slump in oil prices over the past five years. Both exploration and production have become riskier undertakings. The company, which has been in the red since its 2013 IPO, now faces insolvency.


Keppel Corp resumes share buyback, associate KrisEnergy seeks court protection

(Aug 26): Keppel Corp made a series of share buybacks in the past week, at prices ranging between $5.90 and $5.96. According to a Singapore Exchange filing dated Aug 15, Keppel spent $2.3 million to buy 390,000 shares, at an average price of $5.90. One day later, the company bought an additional 270,000 shares for a total price of $1.6 million, or an average price of $5.93. On Aug 19, another 110,000 shares were purchased, at a higher average price of $5.96.


'Blizzard' strikes North America; Yangzijiang plunges, KrisEnergy seeks bankruptcy protection

SINGAPORE (Aug 19): On Wednesday, US markets plunged on recession fears after the yield on the 10-year US Treasury Note broke below the two-year rate, producing an inverted curve, an indicator of economic recession.

The Dow Jones Industrial Average fell 800.49 points to 25,479.42, a 3.05% plummet that is the worst percentage drop of the year and the fourth largest of all time. The Standard & Poor’s 500 Index and Nasdaq Composite Index also fell 2.93% to 2,840.6 and 3.02% to 7,773.94 respectively.


KrisEnergy seeks court protection as debt mounts to as much as US$477 mil

SINGAPORE (Aug 15): KrisEnergy has asked for a court order to restrain the commencement of legal proceedings and enforcement actions by its creditors, for a period of six months.

In a filing late on Wednesday night, the independent upstream oil and gas firm said the moratorium will provide the company with "breathing space and room" which is essential in allowing it to pursue restructuring with key stakeholders.

KrisEnergy narrows FY17 losses to US$139 mil on lower expenses

SINGAPORE (Mar 1): Upstream oil and gas company KrisEnergy posted full-year losses of US$139.2 million ($183.7 million) for the FY17 ended December on the back of lower expenses, improving from losses of US$235.3 million a year ago.

A 59.0% increase in the annual average realised crude oil price to US$49.26 per barrel bolstered revenue to US$140.7 million in FY17, relatively flat to year-ago levels of US$142.8 million.

The group’s oil and gas production saw a 21.0% decrease in to 12,745 barrels of oil equivalent per day (boepd).

Cambodia government and KrisEnergy seal terms for Cambodia Block A oil development

SINGAPORE (Aug 23): The Royal Government of Cambodia and KrisEnergy today jointly announced the signing of fiscal and technical agreements for the nation’s first oil field development in Cambodia Block A in the Gulf of Thailand.

Since 2014, KrisEnergy has been the operator of the Cambodia Block A. The group plans to develop the Apsara area, which is one of seven geological trends in the license where there is potential for oil and/or gas trapped.

KrisEnergy’s 1H net loss narrows to US$26.1 mil on higher sales and fair value gain

SINGAPORE (Aug 14): Oil and gas (O&G) explorer KrisEnergy reported a smaller 1H17 net loss of US$26.1 million ($35.5 million), down from US$45.2 million in 1H16.

This was due to higher revenue as well as a fair value non-cash gain incurred over the period under review.

Group revenue for the half year came in 7.3% higher at US$68.5 million compared to $63.8 million a year ago, lifted by a substantial increase in realised oil prices which averaged above US$46 per barrel (bbl) over 1Q and 2Q this year – the highest levels since 3Q15.

KrisEnergy swings back to profitability in 1Q despite lower production

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.

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