|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
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
May. 23, 2015 09:00 PM EDT Reads: 4,941
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
May. 23, 2015 09:00 PM EDT Reads: 4,643
Every day we read jaw-dropping stats on the explosion of data. We allocate significant resources to harness and better understand it. We build businesses around it. But we’ve only just begun. For big payoffs in Big Data, CIOs are turning to cognitive computing. Cognitive computing’s ability to securely extract insights, understand natural language, and get smarter each time it’s used is the next, logical step for Big Data.
May. 23, 2015 08:00 PM EDT Reads: 1,770
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 23, 2015 07:00 PM EDT Reads: 1,302
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) i...
May. 23, 2015 07:00 PM EDT Reads: 3,997
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.
May. 23, 2015 05:00 PM EDT Reads: 2,103
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
May. 23, 2015 04:00 PM EDT Reads: 4,668
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!
May. 23, 2015 02:00 PM EDT Reads: 4,013
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
May. 23, 2015 02:00 PM EDT Reads: 6,226
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
May. 23, 2015 01:00 PM EDT Reads: 6,742
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 23, 2015 01:00 PM EDT Reads: 926
Container frameworks, such as Docker, provide a variety of benefits, including density of deployment across infrastructure, convenience for application developers to push updates with low operational hand-holding, and a fairly well-defined deployment workflow that can be orchestrated. Container frameworks also enable a DevOps approach to application development by cleanly separating concerns between operations and development teams. But running multi-container, multi-server apps with containers is very hard. You have to learn five new and different technologies and best practices (libswarm, sy...
May. 23, 2015 12:00 PM EDT Reads: 1,705
SYS-CON Events announced today that DragonGlass, an enterprise search platform, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. After eleven years of designing and building custom applications, OpenCrowd has launched DragonGlass, a cloud-based platform that enables the development of search-based applications. These are a new breed of applications that utilize a search index as their backbone for data retrieval. They can easily adapt to new data sets and provide access to both structured and unstruc...
May. 23, 2015 12:00 PM EDT Reads: 1,658
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, will discuss IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sector...
May. 23, 2015 12:00 PM EDT Reads: 1,792
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...
May. 23, 2015 11:30 AM EDT Reads: 2,314
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 23, 2015 11:15 AM EDT Reads: 1,620
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...
May. 23, 2015 11:00 AM EDT Reads: 5,440
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
May. 23, 2015 11:00 AM EDT Reads: 3,777
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehe...
May. 23, 2015 10:00 AM EDT Reads: 2,885
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
May. 23, 2015 10:00 AM EDT Reads: 1,769