SINGAPORE (Yosefardi) – KrisEnergy Ltd’s first half revenue was down 21.6% at US$36.8 million on the back of lower production and sales volumes and a decline in average realised oil and gas prices over the period in line with international markets.
The SGX-listed company said EBITDAX declined 41.8% in the first half to US$15.6 million compared with the same period in 2012 due primarily to the decrease in sales volumes, lower realised average sales prices and increased general and administrative expenses.
“On a pro forma basis, assuming the completion of the acquisition of TBL, the Company’s average working interest production of 7,005 boepd resulted in first half revenues of US$44.6 million and EBITDAX of US$19.3 million,” KrisEnergy said.
The company has interest in some oil and gas blocks in Indonesia, including Kutai PSC, Bulu PSC, and East Seruway PSC. The Lengo-2 appraisal well in the Bulu PSC encountered gas in the Kujung I reservoir formation. A drill stem test flowed at 21 million cubic feet per day with a wellhead pressure of 587 psig with the flow rate limited by surface equipment. “The plan of development is being drafted,” KrisEnergy said.