Business
Q1 2013 Results - Outperforming Targets
Q1 2013 Results - Outperforming Targets.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0636F Zhaikmunai LP 20 May 2013 \n\n \nQ1 2013 Results - Outperforming Targets\n \n \nAmsterdam, 20 May 2013 - Zhaikmunai L.P. (LSE: ZKM) (\"Zhaikmunai\"), the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today announces its financial results for the period from 1 January to 31 March 2013.\n \n \nHIGHLIGHTS FROM A RECORD FIRST QUARTER (Q1 2013)\n \n· OPERATIONAL:\no Record total average daily production of 46,273 boepd, an increase of 25% compared to FY2012 average (36,940 boepd);\no Continued progress with drilling programme and expansion of processing ability;\n \n· FINANCIAL:\no Record revenue of US$ 229 million, up 7% compared to Q4 2012 (US$ 214 million);\no Record EBITDA of US$ 153 million, up 30% compared to Q4 2012 (US$ 117 million);\no Strong cash generation, net debt of US$ 365 million at 31 March 2013, down 9% compared to the end of FY 2012 (US$ 401 million);\no Net debt to LTM EBITDA ratio fell below 0.75x;\n \n· NEW DEVELOPMENTS:\no Excess cash to be deployed through a GDR Buy-Back Programme of up to US$ 50 million commencing Monday, 20 May 2013.\n \nKai-Uwe Kessel, Chief Executive Officer of Zhaikmunai, commented:\n \n\"Our excellent first quarter results bear witness to the outstanding performance we have achieved operationally. Production levels have surpassed our average target for the year. Our revenue and EBITDA are again at record levels for the quarter and our cash position has never been stronger. While we will continue to make significant ongoing investment in future growth, we are pleased to be able to combine this with a US$ 50 million GDR Buy-Back Programme. We continue to focus on developing Zhaikmunai to deliver the best possible returns to our shareholders and remain confident about our strong prospects in 2013.\"\n \n \nQ1 2013: STRONGEST FINANCIAL RESULTS IN ZHAIKMUNAI'S HISTORY\n \nAll figures in US$ million (unless otherwise stated)\n\n\n\n\n\n\n\nQ1 2013\n\n\nQ4 20121\n\n\nChange\n\n\nQ1 2012\n\n\nChange\n\n\n\n\nRevenue\n\n\n228.5\n\n\n213.8\n\n\n6.9%\n\n\n163.4\n\n\n39.9%\n\n\n\n\nEBITDA\n\n\n152.5\n\n\n117.3\n\n\n30.0%\n\n\n110.9\n\n\n37.6%\n\n\n\n...