Azerbaijan, Baku, Nov. 21 / Trend E. Kosolapova/
Zhaikmunai LP (ZKM), the oil and gas exploration and production enterprise located in northwestern Kazakhstan, increased net income by 151.9 percent in the fist nine months of 2012 compared to the same period of 2011, ZKM reported on Wednesday.
The company's net income made up $54.5 million in January- September of 2011 and increased to 137.2 million in the same period of 2012.
Zhaikmunai's EBIDTA in the reporting period increased by 175.4 percent to $343 million.
The company's average daily production increased by 199 percent to 36,859 barrels of oil per day in this period.
Revenue from hydrocarbon sales in the reporting period increased by 176 percent to $523.2 million. Meanwhile average sold oil price decreased from $11.7 per barrel in January-September 2011 to $105.7 per barrel.
Total production for the first nine months of 2012 increased by 174.6 percent to 10,099,297 barrels of oil equivalent from 3,664,158 barrels of oil equivalent in the same period of 2011.
In the first 9 months of 2012, Zhaikmunai's net cash used in investing activities grew to $ 153.5 million, from $ 72.6 million in the same period in 2011. This increase was driven primarily by residual payments linked to gas treatment facility completion as well as increased drilling.
Zhaikmunai is an independent oil and gas enterprise currently engaging in the exploration, 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.