Zhaikmunai to Acquire Neighboring Oil & Gas Fields

RNS Number : 3151K

Zhaikmunai LP

20 August 2012

 

Zhaikmunai L.P.

(the "Partnership")

ZHAIKMUNAI TO ACQUIRE NEIGHBOURING OIL & GAS FIELDS

Zhaikmunai LP (LSE: ZKM), the oil and gas exploration and production enterprise with assets in north-western Kazakhstan announces that, on 17 August 2012, Zhaikmunai LLP signed Asset Purchase Agreements to acquire 100% of the subsoil use rights related to three new oil & gas fields in Kazakhstan. Completion of the acquisitions, which is expected to occur later this year, is subject to the approval of the relevant authorities in Kazakhstan, including the Ministry of Oil & Gas and the Anti-Monopoly Agency.

Zhaikmunai has agreed to pay the current owners a total of US$ 16 million for the three fields. The fields, Rostoshinskoye, Darjinskoye and Yujno-Gremyachenskoe, are located in the Pre-Caspian basin to the northwest of Uralsk, approximately 90 kilometres from the Chinarovskoye field. The size of the three license areas combined is 139 square kilometres. The company is currently analyzing the optimal appraisal and development programme for the fields and will hold a Capital Markets Day in due course to present the results.

Kai-Uwe Kessel, Chief Executive Officer of Zhaikmunai commented:

"This is a great moment for Zhaikmunai as we move from a single field asset to a multi-field oil & gas company. Whilst Chinarovskoye remains very much our core focus I am pleased that we have been able to acquire these complementary assets and maintain our prudent approach to cash flow management and a robust capital structure. This acquisition continues the approach we have taken with the Chinarovskoye field of developing previously explored fields. In addition its proximity is likely to result in similar geology to our existing field, which we have enjoyed great success in developing. I am confident that we have found a number of exciting fields to develop over the coming years."

Further information

For further information please visit www.zhaikmunai.com

Further enquiries

Zhaikmunai LP  

Bruno Meere, Investor Relations Officer

[e-mail]                            [phone]  

Pelham Bell Pottinger

Philip Dennis

Elena Dobson                                                             [phone]  

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.

 

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