Zhaikmunai increases reserves, reports strong reserves replacement
ALMATY. June 27 (Interfax) - Zhaikmunai grew its proved plus probable gross reserves (2P) by 11.9 mmboe (2.3%) to 538.6 mmboe as compared to 526.7 mmboe on July 1, 2009, the Kazakh oil and gas company said.
The independent Reserves Audit of its Chinarevskoye field in north-western Kazakhstan, as at 31 December 2010, was provided by petroleum consultants Ryder Scott Company, L.P.
Proved reserves have increased by 4.4 mmboe (3.2%) to 143.5 mmboe, probable reserves rose by 7.5 mmboe (2.0%) to 395.1 mmboe.
Positive reserves replacement ratio of 208% based on a production of 5.7 mmboe in the period from July 1, 2009 to December 31, 2010.
"The Reserves Report confirms, once more, the exceptional potential of the Chinarevskoye field and validates our continued focus on this asset. Replacement of our 2P reserves has grown faster than our production, which is in line with our expectations. Zhaikmunai is currently preparing an updated business plan, taking these new 2P reserves into account, as a basis for our future drilling programme and facility design. We are also planning further appraisal work once the GTF has reached the planned production ramp up in the weeks ahead," said Zhaikmunai L.P. CEO Kai-Uwe Kessel.
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.
In 2008 the company came out with an IPO on the London Stock Exchange by placing 10 million of GDR's at $10 per security. The value of the IPO accounted for 9.1% of the company's capital.