Zhaikmunai Completes Acquisition of Three Fields

RNS Number : 1811Z

Zhaikmunai LP

05 March 2013

 

Zhaikmunai Completes Acquisition of Three Fields

Amsterdam, 5 March 2013 - Zhaikmunai LP (LSE: ZKM), the oil and gas exploration and production enterprise with assets in north-western Kazakhstan, today confirms that it has acquired legal ownership of the subsoil rights related to three oil and gas fields (Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye) in Kazakhstan following the signing of the respective supplementary agreements related thereto by the Ministry of Oil and Gas (MOG) of the Republic of Kazakhstan effective 1^st March 2013.

Three Promising Fields Close to the Chinarevskoye Field Create Major Synergies

·     As previously announced, on 17 August 2012 Zhaikmunai LLP signed Asset Purchase Agreements to acquire 100% of the subsoil use rights related to three oil and gas fields (Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye) located in the pre-Caspian basin to the north-west of Uralsk, approximately 60 - 120 kilometres respectively from the Chinarevskoye field, its current main producing asset, for US$ 16 million;

·     In Q4 2012 the Antimonopoly Agency as well as the MOG of the Republic of Kazakhstan provided their consent for the acquisition of all three fields;

·     The signing of the supplementary agreements by the MOG effective 1^st March 2013 officially transfers ownership of the three fields to Zhaikmunai;

·     Reserves reports for 2007 and 2008 prepared by Chapman, Independent Petroleum Consultants, account for the following reserves estimates for the three fields taken together:

o  1P: 28 mmboe;

o  2P: 131 mmboe;

o  3P: 187 mmboe.

·     These estimates convey an initial order of magnitude of the reserves potential of the Rostoshinskoye, Darinskoye and Yuzhno-Gremyachenskoye fields and Zhaikmunai believes the upside potential to be very promising.

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

"We are pleased to have concluded the acquisition of these subsoil use rights and we are now excited about developing the important potential of these fields and further developing our footprint in Kazakhstan."  

Further information

For further information please visit www.zhaikmunai.com

Further enquiries

Zhaikmunai LP - Investor Relations

Bruno G. Meere

Kirsty Hamilton-Smith

[e-mail]                    + 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.

 

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