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Q3 2012 Interim Results and Update

ISLE OF MAN, UNITED KINGDOM -- (Marketwire) -- 11/21/12 --


                              Zhaikmunai L.P.
                            (the "Partnership")

                     Q3 2012 INTERIM RESULTS AND UPDATE

Zhaikmunai LP (LSE: ZKM), the oil and gas exploration and production
enterprise with assets in north-western Kazakhstan, today details the
continued financial and operational progress made over the period from
1 January to 30 September 2012.

                           FINANCIAL HIGHLIGHTS

Third Quarter (Q3) 2012 Summary


All figures in USD millions unless otherwise stated

                                          Q3 2012 Q3 2011  Change YoY


Average production (boepd)                 39,947  17,464  128.7%
Revenue from hydrocarbon sales             199.8   63.7    213.8%
EBITDA1                                    130.2   45.2    188.1%
Net income                                 50.6    18.5    174.0%
Net cash used in investing activities      (53.5)  33.5    59.7%
Debt                                       450.0   450.0   0.0%
Cash                                       189.5   155.8   21.7%
Average realised oil price (USD per bbl)   107.6   114.8   (6.3%)


Nine Months Ended 30 September 2012 Summary

All figures in USD millions unless otherwise stated

                                         9M 2012  9M 2011  Change YoY


Production (boepd)                         36,859  12,326  199.0%
Revenue from hydrocarbon sales             523.2   189.6   176.0%
EBITDA1                                    343.0   124.5   175.4%
Net income                                 137.2   54.5    151.9%
Net cash used in investment activities     (153.5) (72.6)  111.4%
Debt                                       450.0   450.0   0.0%
Cash                                       189.5   155.8   21.7%
Average realised oil price (USD per bbl)   105.7   111.7   (5.3%)


                            OPERATIONAL UPDATE



* Production: November 2012 (from November 1 - November 14, 2012)
  average total daily production amounted to 41,650 boepd, an increase
  of 4.3% compared to Q3 2012 (39,947 boepd);

* Production: Q3 2012 average total daily production amounted to
  39,947 boepd, representing a 128.7% increase compared to Q3 2011
  (17,464 boepd);

* Production: 9M 2012 average total daily production amounted to
  36,859 boepd, representing 199.0% production growth between 9M 2011
  and 9M 2012;

* Drilling: During the first 9 months 2012, a total of 2
  gas-condensate wells (# 218 and # 401) have been drilled and tied-in
  to the Gas Treatment Facility (GTF) and a total of 4 new crude oil
  wells (# 24b, # 45, # 67, and # 116) have been drilled, all of which
  are currently producing.



                           CORPORATE DEVELOPMENTS



* Inaugural Capital Markets Day (CMD) on 21st November 2012 in
  London:

This is an opportunity for analysts and investors alike to be directly
updated on the following three main topics: 1) current operations; 2)
phase II of the Chinarevkoye field; and 3) development plans for the
three newly acquired pre-Caspian fields of Rostoshinskoye, Daryinskoye
and Yuzho-Gremyachinskoye.

The current data sets available suggest combined 2P reserves for the
three acquired fields in the order of 131 million boepd.

* Appraisal and development plans for Rostoshinskoye, Daryinskoye
  and Yuzho-Gremyachinskoye fields:

In the third quarter of 2012, Zhaikmunai signed Asset Purchase
Agreements to acquire 100% of the subsoil use rights related to these
three new oil & gas fields in the pre-Caspian basin to the northwest of
Uralsk, located approximately 60 - 120 kilometres away from the
Chinarevskoye field, for a total purchase price of USD 16 million.
Completion of the acquisition of these licences is currently pending
receipt of regulatory approvals. The size of these three licence areas
combined is 139 square kilometres.


Zhaikmunai estimates that it will cost approximately USD 85 million to
conduct the necessary appraisal and development activities over the
next 2 to 3 years. These activities will include the acquisition of new
3D seismic data and/or the reprocessing of existing 3D seismic data, as
well as exploration/appraisal drilling in order to validate and expand
on the existing, i.e. independent petroleum consultants (Chapman)
reserves reports of 2007 and 2008. The latter includes the following
reserves estimates: 1P: 28 mmboe / 2P: 131 mmboe / 3P: 187 mmboe for
the three fields taken together. These estimates are seen to convey an
initial order of magnitude of the reserves potential of Rostoshinskoye,
Daryinskoye and Yuzho-Gremyachinskoye fields and Zhaikmunai believes
the upside potential to be very promising.

* Successful Pricing of USD 560 million of notes due 2019 at a
  coupon of 7.125%

In November 2012, Zhaikmunai, through its subsidiary Zhaikmunai
International B.V., successfully priced USD 560 million aggregate
principal amount of senior bonds with a seven-year maturity at a fixed
coupon of 7.125% per annum. The new notes were used in part to repay
USD 348 million of its existing notes, which allowed Zhaikmunai to
extend over 80% of its existing liabilities to 2019 and to reduce the
interest rate of 10.5% on the existing bonds down to 7.125% on the new
bonds.

* Payment of inaugural dividend and adoption of dividend policy

Finally, in the third quarter of 2012, Zhaikmunai announced the payment
of its inaugural dividend, representing a cash distribution of 32 cents
per partnership interest (equal to USD 60.2 million), and the adoption
of a dividend policy by the Board of Directors of its General Partner
aiming at distribution of not less than 20% of the Partnership's
consolidated net profit.



                           OUTLOOK FOR Q4 2012


* Production: Zhaikmunai intends to pursue its production ramp-up
  steadily in Q4 2012 from current levels (November 2012: 41,650 boepd)
  in line with its drilling and tie-in schedule;

* Drilling: Since the end of Q3, gas condensate well # 404 has been
  tied in. By the end of 2012, three additional gas condensate wells
  will be brought on to bring total production to full GTF capacity.


                                COMMENTARY

                            OPERATIONAL RESULTS



* Q3 2012 average total daily production amounted to 39,947 boepd,
  representing a 128.7% increase compared with Q3 2011 (17,464 boepd);

* 9M 2012 average total daily production amounted to 36,859 boepd,
  representing 199.0% of production growth between 9M 2011 and 9M 2012;

* Product split for the first 9 months of M 2012 was as follows:



Products                             Volumes              Percentage

Crude Oil and Stabilised Condensate  15,465 boepd          42%
LPG                                   2,969 boepd           8%
Dry Gas                              18,425 boepd          50%
TOTAL                                36,859 boepd         100%



* Total production for the first nine months of 2012 (9M 2012)
  increased by 174.6% to 10,099,297 boe from 3,664,158 boe in 9M 2011;

* The annual maintenance shutdown of the GTF scheduled for 14 days
  in the early part of October 2012 has successfully been completed 2
  1/2 days ahead of schedule;

* At the end of October 2012, a total of 16 crude oil wells and 10
  gas condensate wells were in production.



Drilling Operations

* During the first 9 months of 2012, 6 wells have been drilled and
  completed: 2 gas-condensate wells and 4 crude oil wells. Currently 4
  more gas-condensate wells and 1 crude oil well are being drilled and
  will be completed by year-end;

* The planned fifth drilling rig has started drilling operations
  ahead of schedule in the course of Q3 2012 in order to increase the
  flexibility of the overall drilling programme.



                              FINANCIAL RESULTS


Revenue and EBITDA

Strong revenue from sales of hydrocarbons stood at USD 523.2 million,
an increase of 176.0%, (or USD 333.6 million) in comparison to last
year's first nine months (USD 189.6 million). The increase in GTF
output over the period, in conjunction with the high oil price
environment, has contributed to the outstanding first nine months 2012
revenue.

EBITDA1 stood at USD 343.0 million, an increase of 175.4% (or USD
218.5 million) in comparison to last year's first nine months (USD
124.5 million). EBITDA margin for 9M 2012 of 65.6% was in line with
that of 65.7% for 9M 2011.

Note:

In accordance with IFRS, sales from GTF test production were not
included in Zhaikmunai's 2011 revenue but were offset against capital
expenditure. For the first 9 months of 2011 cumulative sales of GTF
test production (stabilised condensate, LPG and dry gas) hence did not
feature in the revenue and EBITDA figures reported at the time.

Net Income

Net income for the period increased 151.9% to USD 137.2 million in the
first 9 months of 2012 from USD 54.5 million for the same period in
2011. Net income as a percentage of total sales declined slightly to
26.2% from 28.7% as compared to the same period last year. The decline
in margins was driven by the lack of capitalized interest and increased
depreciation linked to the completion of GTF.

Cash

Zhaikmunai ended the first nine months of 2012 with USD 189.5 million
of cash, of which USD 186.0 qualified as cash and cash equivalents and
USD 3.5 million was restricted cash.

Cost of Sales and General and Administrative Expenses

Cost of sales increased by USD 115.5 million or 291.4% to USD 155.1
million compared to USD 39.6 million for the same period in 2011. This
was mainly due to the increased depreciation charge linked with the
completion of the GTF and Zhaikmunai taking over in full the management
and operations of the GTF.

General and administrative expenses increased by USD 29.8 million or
135.5% to USD 51.7 million compared to USD 22.0 million for the same
period in 2011. This is in large part due to increased one-off
expenditures related to the construction of the 37-kilometre asphalt


road leading to the field site (USD 21.2 million). This public road is
expensed according to IFRS and can be included in the social programme
expenditures as stipulated in the Production Sharing Agreement (PSA)
with the Republic of Kazakhstan.


Capital Expenditure

In the first 9 months of 2012, Zhaikmunai's net cash used in investing
activities grew to USD 153.5 million, from USD 72.6 million in the same
period in 2011. This increase was driven primarily by residual payments
linked to GTF completion as well as increased drilling.


Kai-Uwe Kessel, Chief Executive Officer of Zhaikmunai commented:"Once again
I am delighted with our performance both operationally and
financially. We are now in sight of full capacity and are looking
forward to the next stage of doubling production and targeting our
significant reserve base for further growth. I am also very pleased
with the successful completion of our second bond transaction, which
allows for greater financial flexibility. This, in turn, gives us
further confidence to go forward with our plans for the development of
the three new fields in view of their sizeable and promising
reserves."
________________________________________________________________________
1 Q3 and 9M 2012 EBITDA includes an adjustment of USUSD 21.5 million
linked to one-off social programme expenses related to road
construction works.


                              CONFERENCE CALL


Zhaikmunai's management team will be available for a Q&A session for
analysts and investors on Wednesday, 21 November at 14:00 UK time (GMT
+ 0:00).

If you would like to participate in this call, please register by email
using the following email address: investor_relations@zhaikmunai.com.
Please provide your ID details (name, title, company, email address and
telephone number) in order to receive dial-in details.


Further information

For further information please visit www.zhaikmunai.com

Download the Q3 2012 Financial Statements

http://www.rns-pdf.londonstockexchange.com/rns/6550R_-2012-11-21.pdf

Further enquiries

Zhaikmunai LP - Investor Relations
Bruno G. Meere
Kirsty Hamilton-Smith
investor_relations@zhaikmunai.com +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.





                    This information is provided by RNS
          The company news service from the London Stock Exchange

END

Contacts:
RNS
Customer
Services
0044-207797-4400
Email Contact
http://www.rns.com

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