(EnergyAsia, August 20 2013, Tuesday) — Three Singapore Exchange-listed companies involved in the upstream oil and gas industry, Kris Energy, Interra Resources and Jaya Holdings, have provided updates on their activities.
Kris Energy said it and Abu Dhabi’s Mubadala Petroleum have decided to jointly develop the G11/48 block as part of the Nong Yao field development in the Gulf of Thailand. The partners will use a wellhead processing platform and a minimum facility wellhead platform with the export of crude oil via a floating storage and offloading vessel. Production is expected to start in the first half of 2015.
Operator Mubadala Petroleum holds 75% of the block with KrisEnergy the remaining 25% which it acquired in 2009. G11/48 covers 6,791 sq km over the southern margin of the Pattani Basin and the northwest margin of the Malay Basin in water depths of up to 75 metres.
“We are extremely pleased that the joint-venture partners have reached this stage. The development of Nong Yao marks another milestone in KrisEnergy’s growth and we are delighted to be developing a project in the Gulf of Thailand where we have enjoyed success previously,” said Chris Gibson-Robinson, KrisEnergy’s Exploration & Production Director.
Another upstream company, Interra Resources, which is operating in Indonesia and Myanmar, said its first half net profit of US$5.82 million has already exceeded all of last year’s US$3.04 million. Revenues for the first half of FY2013 surged 46% to US$22.48 million, making this its best set of results since the company’s public listing in 2003.
“A sustained focus on investing in existing onshore fields and aggressive drilling of new wells in its oilfields in Indonesia and Myanmar helped the company delivered the latest set of results,” it said.
For the second quarter ended 30 June 2013, net profit grew 776% to US$4.45 million on the back of a 94% increase in revenue to US$13.76 million. Earnings per share for the quarter amounted to 0.998 US cents, from 0.172 US cents for the comparable quarter a year ago.
The company said the combined shareable production at Chauk and Yenangyaung in Myanmar, and Tanjung Miring Timur and Linda Sele in Indonesia rose 60% to 296,396 barrels in the first half of FY2013.
CEO Marcel Tjia said: “Interra Resources’ intensified focus over the past year to further develop our existing oil fields by drilling new wells in Myanmar and Indonesia contributed to our latest performance.
“We are pleased that these recent activities resulted in significant increase in production across all our oil fields in the latest quarter. In Myanmar, we are the number one onshore oil producer. We expect to continue this strategy as part of our goal to take the company into the next phase of growth.”
Jaya Holdings, which provides offshore support and engineering services, said its net profit for FY2012 rose 5.3% to US$46.1 million while its consolidated revenue surged 145% to US$201.8 million.
The company attributed the improved performance for the year ending June 30 2013 to increased vessel sales, improved charter utilisation and higher average daily charter revenue of US$13,624 compared with US$10,485 in the previous financial year. It has proposed to pay shareholders a final dividend of 3.5 Singapore cents per share. (US$1=S$1.26).
Venkatraman Sheshashayee, Jaya’s CEO and Executive Director, said:
“Fourth quarter utilisation rebounded strongly to a record 91%, Jaya’s highest ever. We are pleased that our redoubled efforts to put our vessels to work on term charters have paid off, with many of the new charters on higher rates.
“Industry fundamentals remain solid, with demand for energy, and thus for oil and gas, continuing to rise, especially in emerging markets. Buoyant demand and stable oil prices are conducive to rising levels of exploration and production activity, which drive demand for offshore vessels.”
The company said it has a strong charter order book of US$255 million, up from US$195 million a year ago, to provide a recurring stream of revenue.