Azerbaijan, Baku, May 23 /Trend E. Kosolapova/
The Kazakh oil and gas exploration and production enterprise Zhaikmunai LP increased its total production over five times between the first quarter of 2011 and the first quarter of 2012, the company reported on Wednesday.
Total company's production increased to 3,053,210 barrel of oil equivalent in the first quarter from 604,746 barrel of oil equivalent in the same period of 2011. The average daily production in this period increased by 399.3 percent to 33,552 barrels of oil equivalent per day.
"The excellent Q1 2012 results confirm Zhaikmunai's announced scale transformation in 2011. Zhaikmunai has now fully embarked on its new trajectory thanks to its fully operating Gas Treatment Facility. Total production is still expected to increase with the GTF reaching its design capacity of 1,2 million cubic meters of raw gas with the tie-in of an extra gas condensate well, with the Oil Treatment Facility reaching its full capacity with the tie-in of two more crude oil wells, and with the further optimization of the recovery of liquids in the gas-condensate stream," Zhaikmunai CEO Kai-Uwe Kessel said.
Zhaikmunai's net income increased by 336 percent in the reporting period to $48.4 million. Company's revenue increased by 211.8 percent in this period to $163.4 million. EBITDA stood at $110.9 million compared to $28.7 million in the first quarter of 2011.
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 north-western Kazakhstan.