Business
Interim Results
Interim Results.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 2713Y Zhaikmunai LP 01 September 2009 \n \n1 September 2009\n\n\n\nGood progress in difficult trading environment \n\nZhaikmunai L.P. (LSE: ZKM) ('Zhaikmunai'), the independent oil and gas enterprise operating in northwestern Kazakhstan, today announces its interim results for the six months to 30 June 2009.\n\nOperational highlights\n\n- Average daily production increased to 7,271 barrels per day (1H08: 4,930 bbls per day)\n- Increase in number of producing wells from 9 to 16\n- Production volumes up by 48.8 per cent to 1,326,980 bbls (1H08: 892,000 bbls)\n- End June 2009 daily oil production up to 6,967 bbls per day \n- Completion of a residential building containing 90 flats in the city of Uralsk, part of the village relocation\n programme \nFinancial highlights\n\n- Revenue down 41.9 per cent to US$44.7 million (1H08: US$76.9 million)\n- EBITDA down to US$32.5 million (1H08: US$42.1 million)\n- Net cash flows from operating activities down 27.1 per cent to US$13.8 (1H08: US$19.0 million)\n- Net (loss)/ profit of US$(20.1) million (1H08: US$17.6 million) due to loss on hedge (US$15.4 million) and\n foreign exchange loss (US$12.6 million).\n- Average realised oil price on domestic and export sales of US$31.32/bbl (1H08: US$91.92/bbl)\nKey developments\n\n- Obtained approvals from the ZKR (Central Committee of Field Development) of Zhaikmunai's oil deposit and\n gas-condensate development plans, thereby putting all of Zhaikmunai's reserves under approved development\n plans.\n- Extension of Zhaikmunai's gas flaring permit from 31 October 2009 to 30 June 2010\nPost H1 update\n\n- On 29 July 2009 Zhaikmunai announced its intention to raise US$300 million through the sale of new common\n units (the 'Placing'). Zhaikmunai has signed an underwritten placing agreement with ING Bank, Mirabaud\n Securities, Renaissance Capital and First Energy Capit...