Sales prices also dropped steeply.
KrisEnergy reported a net loss of US$48.6m in FY15m on back of hefty impairments on its Thai producing assets and a write-down on crude oil inventory.
The global oil price rout caused the group’s average realised sales prices for oil and gas dropped 60.2% and 23.3%, respectively, which in turn led to a 19.6% drop in revenue to US$60.2m.
Impairments were recognised for the B8/32, B9A, G10/48 and G11/48 licences in the Gulf of Thailand to the amount of US$69.9 million, 7.3% of the Group’s total carrying value for exploration and evaluation assets, oil and gas properties and intangible assets.
“Operationally, 2015 was a seminal year for KrisEnergy. The Group fulfilled its targets, completing two new oil developments in the Gulf of Thailand…[but] these significant accomplishments, however, were overshadowed by factors out of our control and the related uncertainties throughout 2015, which continue to drive down oil markets in 2016 and sap investor confidence. We have made, and we will continue to make, adjustments to our expenditure profile in order to manage our liquidity,” said Keith Cameron, Chief Executive Officer of KrisEnergy.
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