Oil and gas firm KrisEnergy saw a drop in oil prices and sales volumes which resulted in a 28.2 per cent reduction in revenue in the first nine months of 2019 compared with the same period a year ago.
Revenue for the third quarter also almost halved to $22.9m, down 41.6 per cent from $39.2m a year ago, due to lower average realised selling prices for oil and liquids, the company said.
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The company also saw its net loss deepen to $16.7m for its third quarter ended September 30, from a loss of $11m for the year-ago period.
Loss per share stood at 1.1 US cents for the quarter, compared with a loss per share of 0.7 cent a year ago.
This was partially offset by higher average realised selling prices for gas in Thailand, KrisEnergy reported
The price of Wassana crude, which accounts for 80.0 per cent of KrisEnergy’s oil production, is calculated on the average of the Dubai benchmark for the calendar month of lifting. The price for the August 2019 cargo was the lowest achieved since December 2017.
Overall, the group’s average realised oil and liquids sale price fell by 19.3 per cent to $57.15 per barrel for the third quarter, and dipped 10.4 per cent to $60.10 per barrel for the nine months.
Shares of KrisEnergy have been suspended since August 14 this year on Singapore Exchange Securities Trading. The Singapore High Court granted a three-month moratorium until November 14, 2019.