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Loyz Energy boosted by Thailand production

28th August 2014

Profits staged a strong turnaround for the three months ended 30 June 2014 at Loyz Energy Limited from maiden sales of crude oil from its producing concessions in Thailand

Loyz Energy boosted by Thailand production
This performance was supported largely by the sale of 75,281 barrels of crude oil attributable to Loyz Energy at its 20 per cent-owned concessions in Thailand

After the many months of hard work we have put in to ensure successful execution of our growth strategy, we are pleased to see that our perseverance and our efforts to deliver earnings have begun to bear fruit,” said Adrian Lee, Loyz Energy managing director.

“We are now moving into our next growth phase. Our immediate focus is to ramp up production in Thailand and add new strategic producing assets that will augment the group’s recurrent income stream. Barring any unforeseen circumstances, we expect our operational cashflow or EBITDAX to remain positive.”

The fast-growing Singapore-based upstream company has reported an operational cashflow and EBITDAX (earnings before interest, taxation, depreciation, amortisation and exploratory expenses) of USD 5.5m and USD 5.8m respectively and a net attributable profit (PATMI) of USD 0.8m in 4QFY14, ending its full year FY14 on a high note.

This performance was supported largely by the sale of 75,281 barrels of crude oil attributable to Loyz Energy at its 20 per cent-owned concessions in Thailand – the group’s first significant producing assets – which contributed revenue of USD 8.6m for 4QFY14.

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