KrisEnergy slips into the red as Q3 revenue drops 37%

Singapore-listed oil and gas firm KrisEnergy has reported a net loss of US$3.5 million (S$4.4 million) for the third quarter, a reversal of the US$665,000 profit it made over the same period last year.

The loss came on the back of a 37 per cent plunge in revenue from last year's US$21.7 million to US$13.6 million.

The company said revenue fell due to a decline in production volumes for the three months ended Sept 30.

Production dipped partly to the anticipated closure of an Indonesian gas-condensate field in Kambuna, which ceased production in July.

Bad weather in the Gulf of Thailand also slowed repairs and maintenance works at its gas fields there, resulting in lower production rates.

In addition, exploration drilling in Vietnam was hampered by weather-related delays.

KrisEnergy chief executive Keith Cameron said in the results release on Friday: "We are actively managing operating and exploration costs in the current rising cost environment."

The company listed on the Singapore Exchange in July, raising some US$215million ($256.6 million) in its initial public offering (IPO).

It said it had yet to utilise the net proceeds from the capital raised in the IPO.

At the end of September, it held an aggregate cash amount of around US$307 million.