Business
H1 2013: Record Financial and Operational Results
H1 2013: Record Financial and Operational Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8024J Zhaikmunai LP 22 July 2013 \n\n \n \nH1 2013: Record Financial and Operational Results\n \n \nAmsterdam, 22 July 2013- Zhaikmunai L.P. (LSE: ZKM) (\"Zhaikmunai\"), the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today announces record financial results and provides an operational update in respect of its first half-year ended 30th June 2013. The release of Zhaikmunai's full unaudited and consolidated accounts for this period is scheduled for the week of August 26, 2013.\n \n \nRECORD H1 2013 FINANCIAL RESULTS\n \n· Record total average daily production of 46,370 boepd, an increase of 31% compared to H1 2012 average (35,298 boepd) [Q2 2013 total average daily production of 46,540 boepd (Q2 2012: 37,285 boepd)];\n· Record total revenue of US$ 442 million, up 37% compared to H1 2012 (US$ 323 million);\n· Record EBITDA expected to be above US$ 260 million (H1 2012: US$ 213 million);\n· Total cash position of US$ 280 million (including short-term deposits) up 12% compared to the end of FY 2012 (US$ 251 million);\n· Total net debt fell to approximately US$ 372 million;\n· Net debt to LTM EBITDA ratio fell below 0.75x;\n· Second Distribution of US$ 0.34 per common unit to Zhaikmunai's limited partners effective on 26 July.\n \n \nOPERATIONS AT PEAK LEVEL\n \nRecord Production Drives Revenue and EBITDA Higher\n \n· Total average daily production for H1 2013 was 46,370 boepd, an increase of approximately 31% compared to H1 2012 (35,298 boepd); \n· H1 2013 total average daily production was above the 2012 guidance of 45,000 boepd;\n· The product split for H1 2013 was as follows:\n \n\n\n\n\nPRODUCTS\n\n\nH1 2013 Average Production\n\n\nH1 2013 Product Mix %\n\n\n\n\nCrude Oil & Stabilised Condensate \n\n\n19,644 boepd\n\n\n42%\n\n\n\n\nLPG (Liquid Petroleum Gas)\n\n\n3,950 boepd\n\n\n9%\n\n\n\n\nDry Gas\n\n\n22,777 boepd\n\n\n49%\n\n\n\n\nTOTAL\n\n\n46,370 boepd\n\n\n100%\n\n\n\n\n \nKai-Uwe Kessel, Chief Executive Officer of Zhaikmunai, commented:\n \n\...