|By Marketwired .||
|January 30, 2013 02:08 AM EST||
ISLE OF MAN, UNITED KINGDOM -- (Marketwire) -- 01/30/13 --
__________________________________________________ 2013 Operational Update 30 January 2013 ZHAIKMUNAI 2013 OPERATIONAL UPDATE Douglas, Isle of Man - 30 January, 2013: Zhaikmunai L.P. (LSE: ZKM) ("Zhaikmunai") issues the following Operational Update summarizing key activities since the Q3 2012 Interim Results and Update on 21 November 2012. KEY HIGHLIGHTS * Zhaikmunai's total average daily production has been approximately 46,500 boepd since January 21, 2013. This is a result of tying in 3 additional gas condensate wells between the end of 2012 and the beginning of 2013 and bringing them towards full production over the first few weeks of the year. Zhaikmunai is especially pleased with the results from the Devonian gas condensate well #217 detailed below; * Fourth quarter total average daily production (Q4) averaged 37,184 boepd, taking into account Zhaikmunai's two-week annual maintenance shutdown of the GTF (Gas Treatment Facility) during October 2012. In 2012, total daily production averaged 36,940 boepd. * In 2013, total average daily production is expected to be in excess of 45,000 boepd and Zhaikmunai plans to more than double this total average daily production volume over the next 3-year period with the increased gas processing capability of the planned third GTF train. * Drilling plans over the next 12 months include 15 - 17 wells, 9 of which will be appraisal wells, 1 exploration well and 5 - 7 production wells; Production Overview * Since 21 January 2013, the total average daily production has been approximately 46,500 boepd, with the tie-in of 3 new gas condensate wells; * Q4 2012 total average daily production amounted to 37,184 boepd, representing an increase of approximately 83% compared with Q4 2011 (20,355 boepd); * Total production for 2012 increased by approximately 181% to 13,520,205 boe from 4,803,561 boe in 2011; * Total average daily production for 2012 was 36,940 boepd, an increase of approximately 181% compared to 2011 (13,158 boepd); * The product split for 2012 was as follows: Products 2012 Average 2012 Average Product Production % Crude Oil & Stabilised 15,764 boepd 43% Condensate LPG (Liquid Petroleum Gas) 2,940 boepd 8% Dry Gas 18,237 boepd 49% TOTAL 36,940 boepd 100% * The average realized oil price for 2012 was US$ 107.46/bbl. Summary of New Wells a) Devonian Gas Condensate Well #217 Zhaikmunai reports the successful drilling and testing of the partially insolated Biski-Afoninski reservoir compartment in the north-eastern part of the Chinarevskoye field. Well #217 was drilled as a deviated directional gas condensate production well for the Biski-Afoninski reservoirs at a structural high and in a partially separated fault compartment at the north-eastern block of the Chinarevskoye field, southeast of production Well #218. The reservoir pressure in this compartment is near to initial reservoir pressures and about 40 bars higher compared to other producing Biski-Afoninski wells. The flow rate is approximately 4,000 boepd, which is significantly above expectations. b) Tournaisian Gas Condensate Wells #404 and #406 (Chinarevskoye Southern Part) Gas condensate Wells #404 and #406 were drilled using the same successful directional drilling technology previously applied for Tournaisian oil production wells in the north-eastern block. Well #404 also confirms the success of the selective multi-step perforation and stimulation technology, starting with the treatment of the low permeable reservoir intervals (0.5-5.0 mD) followed by higher permeable intervals. The production log of Well #404 proved that all potential sub-layers of the reservoir interval were connected to production. The flow rates of both wells were in line with expectations at approximately 1,000 boepd. Well #404 - drilled as a deviated directional gas condensate production well for the Tournaisian reservoirs using the same drilling, perforation, and stimulation technologies as successful oil production Well #116. The well was drilled in favourable geological conditions southeast of gas production Well #31 and was perforated at depths of 4,472 - 4,549 meters after applying selective three-step perforation and stimulation technology. Well #406 - also drilled as a deviated directional gas condensate production well for the Tournaisian reservoirs southeast of Well #404, at the border of the mapped structure, with reduced reservoir thickness and low permeabilities. This well was perforated at depths 4,504 - 4,544 meters after one-step perforation and stimulation of all potential reservoir intervals. 2012 - KEY MILESTONES * Successful Pricing of US$ 560 Million Notes Due 2019 at a Coupon of 7.125% In November 2012, Zhaikmunai successfully priced US$ 560 million aggregate principal amount of senior bonds with a seven-year maturity (2019) at a fixed coupon of 7.125% per annum. The new notes were used in part to repay US$ 357 million of its existing notes, which allowed Zhaikmunai to extend 80% of its existing liabilities to 2019 and to reduce the interest rate of 10.5% on the previously issued bonds down to 7.125% on the new bonds. * Payment of Inaugural Dividend and Adoption of Dividend Policy In Q3 2012, Zhaikmunai announced the payment of its inaugural dividend, being a cash distribution of 32 cents per partnership interest (equal to US$ 60.2 million), and the adoption of a dividend policy by the Board of Directors of its General Partner of not less than 20% of the Partnership's consolidated net profit per annum. * Acquisition of 3 New Licenses In Q3 2012, Zhaikmunai signed Asset Purchase Agreements to acquire 100% of the subsoil use rights related to three new oil and gas fields (Rostoshinskoye, Darzhinskoye and Yuzhno-Gremyachenskoye) in the pre-Caspian basin to the northwest of Uralsk, located approximately 60 -120 km away from the Chinarevskoye field, for a total purchase price of US$ 16 million. In Q4 2012, the Antimonopoly Agency as well as the Ministry of Oil and Gas (MOG) of the Republic of Kazakhstan provided their consent for the acquisition of all three fields and the partnership is currently finalizing the supplementary agreements with the MOG to become the legal owner of the subsoil user rights. ZKM estimates that it will cost approximately US$ 85 million to conduct the necessary appraisal and development activities in the three fields over the next 2 - 3 years. These activities will include the acquisition of new 3D seismic data and/or the reprocessing of existing 2D and/or 3D seismic data, as well as exploration/appraisal drilling in order to validate and expand on the existing reserves reports. The latter include the following reserves estimates: 1P - 28 mmboe; 2P - 131 mmboe; 3P - 187 mmboe for the three fields taken together. Zhaikmunai believes the upside potential for these fields to be very promising. * Drilling During 2012, 9 wells were drilled and completed, bringing the total number of producing wells to 29, i.e. 11 gas condensate wells and 18 crude oil wells. * Expansion of Processing Capacity with Additional Train to GTF The design of the second phase GTF has been completed and has received approval from the Kazakh authorities. Zhaikmunai is currently analyzing and evaluating the response to proposals submitted last year to contractors for the delivery of equipment and the construction of the new gas plant. Kai-Uwe Kessel, Chief Executive Officer of Zhaikmunai commented:"2012 was an excellent year for Zhaikmunai in which we managed to achieve a number of important goals. Our first year of operating the GTF and bringing it towards full capacity reinforces the track record our team has built in successfully constructing and operating large infrastructure projects. With current average production within 5% of full capacity and our balance sheet showing a strong cash position, combined with the extension to our debt financing from our bond transaction, we have an excellent platform from which to continue to build the business. We have an important programme ahead of us in 2013 and I look forward to implementing the next stage of our development." Frank Monstrey, Chairman of Zhaikmunai commented:"I am delighted to congratulate the management team on another excellent 12 months. 2012 was a landmark year with the GTF fully operational and ramping up towards nameplate capacity consistently. 2013 will be an exciting year as we take the first steps towards our next goal of more than doubling production to over 100,000 boepd by the end of 2016. I have full confidence in the management team successfully implementing the next stage of our development and look forward to an exciting future for Zhaikmunai." Further information For further information please visit www.zhaikmunai.com Further enquiries Zhaikmunai LP - Investor Relations Bruno G. Meere Kirsty Hamilton-Smith [email protected] + 44 (0) 1624 68 21 79 Pelham Bell Pottinger Philip Dennis Elena Dobson + 44 (0) 207 861 32 32 About Zhaikmunai Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration and development and production of oil and gas. It is listed on the London Stock Exchange (Ticker symbol: ZKM). Its principal producing asset is the Chinarevskoye Field located in northwestern Kazakhstan. Zhaikmunai L.L.P., a wholly-owned subsidiary of Zhaikmunai L.P., holds a 100% interest in and is the operator of the Production Sharing Agreement for the Chinarevskoye Field. Forward-Looking Statements Some of the statements in this document are forward-looking . Forward-looking statements include statements regarding the intent, belief and current expectations of the Partnership or its officers with respect to various matters. When used in this document, the words"expects,""believes,""anticipates,""plans,""may,""will,""should" and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/6657W_1-2013-1-30.pdf This information is provided by RNS The company news service from the London Stock Exchange END
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Sep. 2, 2015 06:45 PM EDT Reads: 631
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Sep. 2, 2015 06:30 PM EDT Reads: 1,655
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Sep. 2, 2015 06:00 PM EDT Reads: 463
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Sep. 2, 2015 05:30 PM EDT Reads: 266
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
Sep. 2, 2015 04:45 PM EDT Reads: 390
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so they don't have to be replaced and are instantly converted to become smart, connected devices.
Sep. 2, 2015 04:15 PM EDT Reads: 211
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Sep. 2, 2015 04:15 PM EDT Reads: 350
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
Sep. 2, 2015 04:00 PM EDT
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Sep. 2, 2015 04:00 PM EDT Reads: 279
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Sep. 2, 2015 04:00 PM EDT Reads: 1,581
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Communication) is an open source project supported by Google, Mozilla and Opera that aims to enable bro...
Sep. 2, 2015 03:45 PM EDT Reads: 1,563
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Sep. 2, 2015 02:15 PM EDT
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Sep. 2, 2015 02:00 PM EDT Reads: 266
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Sep. 2, 2015 01:30 PM EDT Reads: 942
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 2, 2015 12:45 PM EDT Reads: 196
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Sep. 2, 2015 12:15 PM EDT Reads: 418
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Sep. 2, 2015 11:30 AM EDT Reads: 1,999
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Sep. 2, 2015 11:15 AM EDT Reads: 497
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Sep. 2, 2015 11:15 AM EDT Reads: 188
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Sep. 2, 2015 09:00 AM EDT