KrisEnergy

[Muck]

I kinda miss SPC~ wonder why they sold it off and now bought this

Yes, by that time SPC was already building up a portfolio of upstream oil exploration assets. Perhaps the allure of $1.47bn cash then was just too great. No complaints though as I was an SPC shareholder myself and benefitted from the capital gains from the sale too.

[greengiraffe]

Smokes & mirrors...

http://video.xin.msn.com/watch/video/kri...9/pfwlpvf9

[CityFarmer]

KrisEnergy says posts Q3 net loss of $4.5 million

KrisEnergy said it recorded a net loss of US$3.6 million ($4.5 million) in the third quarter, compared with a net profit of US$681,000 a year earlier, due to lower oil and gas production.

KrisEnergy, which focuses on oil and gas exploration and production in Southeast Asia, said its revenue for the three months to Sept. 30 fell 37.1% to US$13.6 million.

The company, in which Singapore’s state investor Temasek Holdings (Private) is the second-largest shareholder with a 31.4% stake, said it will seek additional contract areas in countries where it already has operations to enhance its portfolio.
http://www.theedgesingapore.com/the-dail...llion.html

[SLC81]

China ramming Vietnamese vessels in the areas closed to Krisenergy concession areas. This event could have some negative impacts on the Krisenergy. Kris energy has 25% percent on lot 105, 120 and recently won another lot from Vietnam.


http://www.reuters.com/article/2014/05/0...3C20140507

[piggo]

Actually it wouldn't have much implications on Krisenergy's operations. Boundaries for lots 105 and 120 are clearly drawn and as the MAS incident have shown, the sea is a big big place.

Think the issue should be the red tapes in Vietnam (approvals takes ages etc.) meaning the oilfield development can take awhile (while Kris continues losing $) to materialize. One good comparison is Chevron's production in Thailand vs Vietnam.

[LLI]

To Keppel, it is a very small portion of their portfolio. For investors, better to size this company as a small bet as well.

(Not Vested)

[greengiraffe]

http://www.businesstimes.com.sg/premium/...m-20140815

PUBLISHED AUGUST 15, 2014
KrisEnergy's Q2 loss falls to US$5.8m
Revenue rises 33.5% to US$22.3m on higher oil output and prices
BYANDREA SOH
sandrea@sph.com.sg @AndreaSohBT

OIL and gas firm KrisEnergy narrowed losses for the second quarter, recording US$5.8 million in total comprehensive loss attributable to shareholders, compared with US$8.2 million a year ago.
Revenue rose 33.5 per cent to US$22.3 million, as oil and gas production increased and oil prices rose.
Ebitdax, or earnings before interest, taxes, depreciation, amortisation and exploration expenses, more than doubled from US$4.8 million to US$11.1 million, thanks to increased production and cost efficiencies.
The firm said gross production at its Bangora field in onshore Bangladesh - where it formally took over operatorship of Block 9 in December last year - has "consistently exceeded expectations" this year, at an average rate of some 110 million cubic feet a day.

[greengiraffe]

Another junk bond coming onstream

Yield guidance at cost 6% area
Expected Issue Size SGD Benchmark
Denomination SGD 250k x 250k
Timing As early as today
Risk Rating 5N
LV 0

Comparables
KrisEnergy 6.25% 06/2017 ~5.15%


Issuer: KrisEnergy Ltd.
Structure: Fixed Rate Senior Unsecured Notes
Issuer Rating: Unrated
Issue Rating: Unrated
Format: Regulation S; Singapore (Sections 274 and 275 of the Securities and Futures Act (Cap. 289)); Issuance off SGD 500 Million Multicurrency Medium Term Note Programme
Tenor: 4 years
Issue Size: SGD Benchmark
Change of Control: Change of Control put at 101% (if any holder besides First Reserve and Keppel controls more than 30% of KrisEnergy’s issued share capital)
Financial covenants: - Consolidated Total Debt / Consolidated Equity ≤ 1.0x
- Consolidated EBITDAX / Consolidated Interest Expense ≥ 1.5x until 31 Dec 2015, and ≥ 3.0x thereafter
- Consolidated Tangible Net Worth ≥ USD 200 million
- Consolidated Sec'd Debt / Consolidated Total Assts ≤0.4x
- Minimum Cash within the Group to be not less than USD20 million
Use of Proceeds: The net proceeds from the offering are intended to be applied towards planned capital expenditures to be incurred in the near term in connection with the Group’s development assets, which will primarily include G10/48, G11/48, Cambodia Block A and Block A Aceh as well as general working capital purposes
Listing/Law/Clear: SGX-ST/Singapore Law/CDP
Denoms: SGD250k
Joint Bookrunners: HSBC, Standard Chartered Bank
B&D Bank: HSBC
Net Roadshow: www.netroadshow.com / Entry code: Kris554

[greengiraffe]

http://www.businesstimes.com.sg/companie...volatility

KrisEnergy ready for oil volatility
By
Andrea Sohsandrea@sph.com.sg@AndreaSohBT
14 Nov5:50 AM
Singapore

OIL and gas firm KrisEnergy is prepared, to a certain extent, for volatility in oil prices by having a mixed portfolio of oil and gas production - with gas usually tied to long term contracts - plus a combination of royalty/tax regime and production sharing contract environment

[greentea]

http://businesstimes.com.sg/companies-ma...xtor=AL-18

KrisEnergy launches S$169.5m rights issue to support growth in oil and gas production
By
Chan Yi Wenyiwenc@sph.com.sg@ChanYiWenBT

JUN 15, 20155:00 PM
UPSTREAM oil and gas company KrisEnergy has launched a S$169.5 million rights issue to support its capital expenditure in growing oil and gas production in existing fields as well as near-term development projects.

The rights issue is expected to generate net proceeds of approximately S$165.6 million through the issuance of 440,144,838 new shares on the basis of 42 rights shares for every 100 existing shares.

The rights shares will be issued at S$0.385 each, representing a discount of approximately 13.5 per cent to the closing price of S$0.445 per share on June 12, 2015, and a discount of approximately 9.9 per cent to the theoretical ex-rights price of S$0.427 per share.