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Suddenly pushed up before closing?
I was expecting KRIS Q1 to turn in a small profit because its production increased from 3k boepd to 8k boepd. But the financial cost for redeeming the bond is higher than I expected. Anyway, that' s good since it means goiing forward, its financial cost should be lower.
It just annouced buying the remaining working interest for G10/48 for US$100mil. This deal seems good as they expected production of 10k barrel of oil per day to start in 2015H2. However, 10k is expected peak so lets discount it by 20% and they need to allow a local Thai firm a 10% working interest if they want to participates so let assume 70k barrel per day belongs to KRIS then. Now for a quarter that equates to an additional revenue of US$ 63mil (90 days x 7k barrel x US$100) on top of their current US$21mil.
In addition, they have one vietnam oil field coming into production by the beginning of 2015. This one is expected to add 3.3k barrel of oil so I expect 2015 Q1 reveune to be around US$54mil (US$33 from new oil field + US$21mil from existing oil field) in total and Q2 to be around US$117mil.
Given their capex this year, I believe they will still be loss-making but come next year, they should turn in some pretty decent profit ssuming no capex. Of course they will have capex but we only know what it is when they release their AR2014.
One thing good about KRIS is that it generate cash to partly fund their activities and it has revenue visibility.
DYDD.
if RH Petrogas can warrant takeover interest, what about KrisEnergy?
KE portfolio is much attractive than RH
I am quite neutral on their losses in 2014..but if 2015 still the same...forget this counter
Octavia ( Date: 15-May-2014 09:49) Posted:
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KrisEnergy sinks deeper into the red for Q1
LOSSES for KrisEnergy widened in the first quarter, as higher costs and a one-off bond redemption eroded a higher revenue.
For the three months ended Mar 31, tThe oil and gas exploration and production group recorded net loss of US$18 million, compared with a loss of US$539,000 a year before.
Revenue from the sale of crude oil and liquids as well as gas rose 5.7 per cent to US$21.2 million.
The firm' s general and administrative expenses almost doubled from US$4.7 milion last year to US$8.2 million, as a result of costs relating to its newly integrated operations in Bangladesh and increases in headcount in Indonesia and Thailand as it ramps up development activities.
KrisEnergy seals G6/48 acquisition & takes over operatorship + Thai participant acquires 10% in G11/48 & KrisEnergy&rsquo s stake reduces from 25% to 22.5%
Locations: http://www.krisenergy.com/operations/#thailand .....discovering hidden value.....
RoundRound ( Date: 07-May-2014 23:48) Posted:
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Kris is expanding its foothold in Gulf of Thailand with its new block at G6/48.
As for its G11/48 farm-out is rolling well and that is another good news. Stake is reduced as per requirement to the Thailand' s term of exploration.
2014 should mark its turning point for higher level of production. as operator and shareholding interest.
lucky168 ( Date: 07-May-2014 22:38) Posted:
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> > > KRISENERGY Ltd said on Wednesday that it had received approval from the Thai government to acquire a 30 per cent working interest and operatorship of block G6/48 in the Gulf of Thailand.
This marks KrisEnergy' s first operatorship in the Gulf of Thailand, a core area in the firm' s portfolio, the company said.> > >
What is the financial impact?
Counter is still consolidating between $0.705 and $0.75. If a clear breakout occurs, look to $0.90 for resistance and $0.60 for support .
Price jump up like a firebird
Anyone going for agm..tomorrow at novotel.....keep.us.update if got.any good news....thanks
RH Petrogas is going to overtake this one anytime soon!
zoom zoom!
status quo...... Last time drilled Blk 105 and failed.....Kris E price dropped from $1.20 down to 86 cents in 3 days......guess the loss ( drilling cost) caused a heavy toll to Neon. Now Eni and Kris ended up taking stake of Neon.....prospect wise for Bblk 105 and 120.....so far nothing confirmed.
sjZheng ( Date: 15-Apr-2014 09:23) Posted:
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so is good or ?
remister889 ( Date: 15-Apr-2014 09:22) Posted:
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Neon Energy (25% partner in Blocks 105 and 120, Vietnam) was issued default notice of outstanding unpaid cash calls amounting to US$22.1m. 30 days have since passed, hence Neon has to withdraw from the partnership. Neon Energy&rsquo s 25% working interest will be transferred to Eni (partner) and KrisEnergy, which will see their stakes rise to 66.66% and 33.33% working interest in these working areas.
anyone receive their booklet? LOL very nice but the stock nv go up de :(
NOTICE OF EXTRAORDINARY GENERAL MEETING
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of KrisEnergy Ltd.
(the ?Company?) will be held at Phoenix II, Level 6, Hotel Novotel Singapore, 177A River Valley Road,
Singapore 179031 on 24 April 2014 at 10.45 a.m. (or as soon thereafter following the conclusion
or adjournment of the First Annual General Meeting of the Company to be held at 10.00 a.m.
on the same day and at the same place) for the purpose of considering and, if thought fit, passing with
or without modifications, the following resolution, which will be proposed as a Special Resolution:
Special Resolution
The Proposed Alterations and Substitution of the Existing Memorandum and Articles
of Association of the Company
That the new Memorandum and Articles of Association submitted to this Meeting and, for the
purposes of identification, initialled by the Chairman, and which incorporate the alterations as set
out in the Appendix to the Company?s Circular to Shareholders dated 27 March 2014, be approved
and adopted as the Memorandum and Articles of Association of the Company in substitution for,
and to the exclusion of, the existing Memorandum and Articles of Association.
NOTICE IS HEREBY GIVEN that an Extraordinary General Meeting of KrisEnergy Ltd.
(the ?Company?) will be held at Phoenix II, Level 6, Hotel Novotel Singapore, 177A River Valley Road,
Singapore 179031 on 24 April 2014 at 10.45 a.m. (or as soon thereafter following the conclusion
or adjournment of the First Annual General Meeting of the Company to be held at 10.00 a.m.
on the same day and at the same place) for the purpose of considering and, if thought fit, passing with
or without modifications, the following resolution, which will be proposed as a Special Resolution:
Special Resolution
The Proposed Alterations and Substitution of the Existing Memorandum and Articles
of Association of the Company
That the new Memorandum and Articles of Association submitted to this Meeting and, for the
purposes of identification, initialled by the Chairman, and which incorporate the alterations as set
out in the Appendix to the Company?s Circular to Shareholders dated 27 March 2014, be approved
and adopted as the Memorandum and Articles of Association of the Company in substitution for,
and to the exclusion of, the existing Memorandum and Articles of Association.
Singapore, 25 March 2014 ? KrisEnergy Ltd. (?KrisEnergy? or the ?Company?), an independent upstream oil and gas company, announces that its wholly owned subsidiary, KrisEnergy (Asia) Ltd, has entered into a facility agreement whereby KrisEnergy will be granted a US$100 million revolving credit facility (the ?Facility?) maturing in March 2016 with an option to extend for an additional one year. The Facility will be used for the acquisition of hydrocarbon assets, general corporate purposes and working capital requirements.
The Facility, which is secured by the Company?s current producing and development assets in the Gulf of Thailand and a producing block in Bangladesh, also contains an option to extend the full amount up to a maximum of US$140 million upon the addition of new hydrocarbon reserves in the proved plus probable (?2P?) category into the group?s portfolio. As at 31 December 2013, KrisEnergy?s 2P reserves were 32.3 million barrels of oil equivalent as estimated by Netherland, Sewell & Associates, Inc.
Keith Cameron, Chief Executive Officer, commented: ?This is the sixth capital markets transaction we have undertaken in our brief five-year history and we continue to improve on pricing and terms with each arrangement. The Facility is another step in the optimisation of our balance sheet which is core to our strategy to ensure that we have the maximum flexibility in our capital structure to achieve our immediate targets of completing our development projects while concurrently achieving organic growth and seeking opportunities for mergers and acquisitions.?
The Facility was arranged by HSBC, which intends to syndicate to other banks subsequently.
The Facility, which is secured by the Company?s current producing and development assets in the Gulf of Thailand and a producing block in Bangladesh, also contains an option to extend the full amount up to a maximum of US$140 million upon the addition of new hydrocarbon reserves in the proved plus probable (?2P?) category into the group?s portfolio. As at 31 December 2013, KrisEnergy?s 2P reserves were 32.3 million barrels of oil equivalent as estimated by Netherland, Sewell & Associates, Inc.
Keith Cameron, Chief Executive Officer, commented: ?This is the sixth capital markets transaction we have undertaken in our brief five-year history and we continue to improve on pricing and terms with each arrangement. The Facility is another step in the optimisation of our balance sheet which is core to our strategy to ensure that we have the maximum flexibility in our capital structure to achieve our immediate targets of completing our development projects while concurrently achieving organic growth and seeking opportunities for mergers and acquisitions.?
The Facility was arranged by HSBC, which intends to syndicate to other banks subsequently.
KrisEnergy commences Tanjung Aru 3D seismic acquisition
KrisEnergy announces that the Western Monarch seismic vessel has commenced a 500 sq km 3D seismic acquisition program in the Tanjung Aru production sharing contract (PSC) offshore Kalimantan, Indonesia. The seismic program began on 24 March 2014.
The Tanjung Aru PSC covers 4,191 sq km in the Makassar Strait where water depths range from 20 metres to over 1,000 metres. Three exploration wells have been drilled to date in the current outline of the Tanjung Aru PSC, of which two encountered gas. Since being awarded operatorship of the contract area in 2011, KrisEnergy has been working to integrate existing 2D and 3D seismic data, review the volumetrics of existing discoveries and undertake petrophysical analysis of the three previously drilled wells.
Chris Gibson-Robinson, KrisEnergy?s Director Exploration & Production, said: " The Tanjung Aru PSC adds to our series of gas exploration efforts in Indonesia. The little exploration that has been undertaken by a previous operator is encouraging and we expect this new seismic data will help us to identify and map several more prospects and leads in the portion of the block that lies in the shallower areas."
KrisEnergy holds a 43% operated working interest in the Tanjung Aru PSC and is partnered by Neon Energy Ltd, which holds 42%, and Natuna Ventures Pte Ltd with 15%.
http://www.krisenergy.com/operations/#indonesia
KrisEnergy announces that it has been awarded 100% working interest and operatorship of the production sharing contract for Block 115/09 offshore Vietnam.
http://www.krisenergy.com/default/assets/File/KrisEnergy%20Block%20115_09%20award%2020March2014.pdf