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H1 2013: Zhaikmunai Posts Record Results
H1 2013: Zhaikmunai Posts Record Results.
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[{"type":"text","content":"\n \nRNS Number : 6963M Zhaikmunai LP 29 August 2013 \n\n \nH1 2013 Results: \nZhaikmunai Posts Record Financial and Operational Results\n \n \nAmsterdam, 29 August 2013 - Zhaikmunai L.P. (LSE: ZKM) (\"Zhaikmunai\"), the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today announces record results in respect of the six month period ended 30th June 2013.\n \n \nHIGHLIGHTS FROM A RECORD FIRST HALF-YEAR (H1 2013)\n \n· FINANCIAL:\no Record total revenue of US$ 442 million, up 37% compared to H1 2012 (US$ 323 million);\no Record EBITDA of US$ 285 million, up 34% compared to H1 2012 (US$ 213 million);\no Total cash position of US$ 280 million (including short-term deposits) up 12% compared to the end of FY 2012 (US$ 251 million);\no Total net debt of US$ 373 million at 30th June 2013, down 7% compared to the end of FY 2012 (US$ 401 million);\no Net debt to LTM EBITDA ratio fell below 0.75x;\no Distribution of US$ 0.34 per common unit to Zhaikmunai's limited partners effective on 26 July 2013, Zhaikmunai's second distribution to the limited partners.\n \n· OPERATIONAL:\no Record total average daily production of 46,370 boepd, an increase of 31% compared to FY2012 average (36,940 boepd) [Q2 2013 total average daily production of 46,534 boepd (Q2 2012: 37,285 boepd)];\no On-target to deliver the planned drilling programme for 2013: the Chinarevskoye field currently has 15 crude oil wells and 13 gas condensate wells in operation.\n \nKai-Uwe Kessel, Chief Executive Officer of Zhaikmunai, commented:\n \n\"Zhaikmunai's H1 2013 record results bear witness to the patient efforts Zhaikmunai has been making on many different fronts for some time. Our financial performance is excellent, as demonstrated by our record revenue and EBITDA. It is also sustainable. These excellent results, driven primarily by the 31% in production, allow Zhaikmunai to pursue its growth strategy through its drilling programme and further preparatory work around the planned third train of the GTF. Our investment in growth is bearing its fruits as we reduced leverage, outperformed production targets and made our second annual distribution. We have an outstanding platform to build on...