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Zhaikmunai L.P.: Proved Reserves Increase by 15.2% to 194.8 mmboe

May 28 2013 12:00AM

Marketwire

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AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- 05/28/13 --

CHINAREVSKOYE FIELD PROVED RESERVES INCREASE BY 15.2% to 194.8 MMBOEAmsterdam, 28 May 2013. Zhaikmunai L.P. (LSE: ZKM), the oil and gasexploration and production enterprise with assets in north-westernKazakhstan, today releases the independent reserves audit of itsChinarevskoye field as at 31 December 2012. The report was prepared bypetroleum consultants Ryder Scott Company, L.P. ("Ryder Scott").HIGHLIGHTS FROM THE 2012 RESERVES REPORT* Proved reserves (1P) have increased by 25.7 mmboe (15.2%) to194.8 mmboe (December 31, 2011: 169.1 mmboe);* Proved reserves (1P) replacement was 174.8%, i.e. the 2012increase in proved reserves (1P) (25.7 mmboe) more than replaced the2012 total actual Chinarevskoye field production which amounted to 14.7mmboe compared to a projected production of 19.1 mmboe (2011 RyderScott Report);* The main increase (90.6%) in proved reserves came from theBiski-Afoninski reservoir (23.3 mmboe);* Proved plus probable reserves (2P) remained above 500 mmboe. The2P reserves have slightly decreased to 506.1 mmboe (December 2011:521.6 mmboe) as a result of the 2012 production and some smalladjustments on all reservoirs;RYDER SCOTT FINDINGSThe Ryder Scott Reserves Report estimates the following gross reservesfor Zhaikmunai's Chinarevskoye field:CATEGORY 31 December 2012 31 December 2011Proved Reserves (1P) 194.8 mmboe 169.1 mmboeProbable Reserves 311.3 mmboe 352.4 mmboeProved + Probable Reserves (2P) 506.1 mmboe 521.6 mmboeRECENTLY ACQUIRED FIELDSReserves estimates by Ryder Scott for Zhaikmunai's recently acquiredRostoshinskoye, Darjinskoye and Yuzhno-Gremyachenskoye fields locatedin the vicinity of the Chinarevskoye field are underway and will bereleased at a later date as the acquisition of these three fields wascompleted only in March 2013.Kai-Uwe Kessel, CEO of Zhaikmunai, commented:"The 2012 Ryder ScottReserves Report reaffirms Zhaikmunai's existingstrong reserve base and exceptional potential. It gives us an excellentplatform from which to execute our strategy. In 2012, the drillingpriority has been on production wells in order to secure ample feed forthe Gas Treatment Facility (GTF), resulting in an increase in provedreserves. In 2013 we foresee some 9 appraisal and 1 exploration wells,over and above the planned 5 to 7 production wells, which will likelygive rise to increases in total reserves in the future. I remain verypositive about the potential of Chinarevskoye and that of the threerecent acquisitions, which we completed in March 2013. Reservesestimates for these new fields by Ryder Scott are underway and will bereleased at a later date."RYDER SCOTT REPORTSummary excerpts of the 2012 Ryder Scott Reserves Report for Zhaikmunaican be found on Zhaikmunai's website (www.zhaikmunai.com) underInvestors / Publications / 2012.Notes:* Proved and probable oil and gas reserves are estimated quantitiesof commercially producible hydrocarbons which the exiting geological,geophysical and engineering data show to be recoverable in future yearsfrom known reservoirs.* Proved reserves reported by Ryder Scott, independent petroleumconsultants, conform to the definition approved by the Society ofPetroleum Engineers ("SPE") and the World Petroleum Congress ("WPC").The probable reserves reported by Ryder Scott conform to definitions ofprobable reserves approved by the SPE/WPC using the deterministicmethodology.Further informationFor further information please visit www.zhaikmunai.comFurther enquiriesZhaikmunai LP - Investor RelationsBruno G. MeereKirsty Hamilton-Smithinvestor_relations@zhaikmunai.com + 31 20 737 2288Pelham Bell PottingerPhilip DennisElena Dobson + 44 (0) 207 861 32 32About ZhaikmunaiZhaikmunai is an independent oil and gas enterprise currently engagingin the production, development and exploration of oil and gas innorth-western Kazakhstan. Its Global Depositary Receipts (GDRs) arelisted on the London Stock Exchange (Ticker symbol: ZKM). Zhaikmunai'sprincipal producing asset is the Chinarevskoye field, in which it holdsa 100% interest and is the operator, through its wholly-ownedsubsidiary Zhaikmunai LLP. In addition, Zhaikmunai holds a 100%interest in and is the operator of the Rostoshinskoye, Darinskoye andYuzhno-Gremyachenskoye oil and gas fields. Located in the pre-Caspianbasin to the north-west of Uralsk, these exploration and developmentfields are approximately 60 and 120 kilometres respectively from theChinarevskoye field.Forward-Looking StatementsSome 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 withrespect 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 toidentify forward-looking statements. Such statements are not promisesor guarantees, and are subject to risks and uncertainties that couldcause actual outcomes to differ materially from those suggested by anysuch statements. This information is provided by RNS The company news service from the London Stock ExchangeEND





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