Business
Q1 EBITDA up to US$25.80 mill
Q1 EBITDA up to US$25.80 mill.
About this update from Nostrum Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 5825M Zhaikmunai LP 27 May 2010 \n \n\nPRESS RELEASE\nZhaikmunai L.P. \nQ1 Financial Results\nQ1 EBITDA significantly up to US$25.80 million (+249.4 % YoY)\nLondon - May 27, 2010 - Zhaikmunai L.P. (LSE: ZKM), the oil and gas exploration, development and production company with assets in northwestern Kazakhstan, today provides an update on its operations for the period from 1 January to 31 March 2010, as well as on recent developments since its results announcement issued on 9 April 2010. \n \nKey Q1 Highlights\n\n \n- EBITDA was US$25.80 million, more than three times EBITDA realized in Q1 \n 2009 (US$7.38 million).\n- Net income of US$13.45 million.\n- Revenues increased to US$40.62 million, more than twice the revenues realized \n in Q1 2009 (US$18.32 million).\n- Average daily oil production over the quarter was 7,315 bopd compared with \n 7,533 bopd in Q1 2009.\n- Completion of gas treatment facility is expected to occur during the month of \n August 2010.\n \nFinancial Highlights\n \nAll figures in US$ millions unless otherwise stated\n\n\n\n\n\n\n\nQ1 2010\n\n\nQ1 2009\n\n\nChange YoY\n\n\n\n\nRevenues from oil sales\n\n\n 40.616 \n\n\n18.317\n\n\n+121.74%\n\n\n\n\nEBITDA\n\n\n25.797\n\n\n 7.383\n\n\n+249.41%\n\n\n\n\nNet Cash Flow from operating activities\n\n\n20.770\n\n\n 5.101\n\n\n+307.18%\n\n\n\n\nNet Cash Flow used in investing activities\n\n\n(55.367)\n\n\n(12.613)\n\n\n\n\n\n\n\nNet income\n\n\n13.451\n\n\n(25.909)\n\n\n\n\n\n\n\n \nCommenting on the financial results, Kai Uwe Kessel, Chief Executive of Zhaikmunai, said: \n \n\"Supported by strong oil prices, Zhaikmunai generated record revenues of more than US$40 million during the first quarter of 2010. We are also pleased to see good progress towards the completion of our gas treatment facility.\"\n \nEBITDA & Net income\n \nNet income for the first three months of 2010 was US$13.451 million compared to a loss of US$25.909 million during the same period of 2009. The two most important reasons for this ...