Rounds of cost-cutting were not enough to protect KrisEnergy as the two-year oil price rout forced the firm to report yet another quarter of losses and flag financial risks.

The results announced on Sunday came after the firm reduced capital expenditure to the lowest level since it was established in 2009, and trimmed corporate general and administrative expenses in the last quarter by nearly 20 per cent from a year earlier.

The severity of the oil price fall has hit the oil and gas exploration and production company's earnings, as well as put pressure on its book equity and potential stress on its debt covenants, or gearing ratios.

Chief financial officer Kiran Raj yesterday said: "Where there is potential stress on covenants is where there are factors outside of our control, like oil prices... I wish I could dictate the price that we sell our product for (but) we are price takers and not price makers."

In the six months to June 30, the average price KrisEnergy fetched for its oils and liquids was US$26.33 a barrel, down 54 per cent from an average price of US$57.46 in the same period last year.

"Where oil prices stay low, where there's no equity injection, our gearing will come under pressure," said Mr Raj.

This is why the company is committed to raising up to US$150 million (S$201 million) by the end of this year in the form of equity and equity-linked instruments, or proceeds from asset divestments.

It has a portfolio of 19 contract areas in Bangladesh, Cambodia, Indonesia, Thailand and Vietnam, five of which are productive fields.