ATON - Daily Dashboard, Oil and Gas - Jan 31, 2013.
Zhaikmunai Reports 2012 Operating Results - Marginally Positive
Zhaikmunai reported its 2012 operating results yesterday (30 Jan) and provided an update on its plans for 2013.
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2012 production totalled 36,940 boepd, practically in line with our estimate of 36,700 boepd. Dry gas represented about a half (49%) of total production, with crude oil and stabilised gas condensate comprising 43% and petroleum products 8%. Total 2012 production increased by approximately 181% to 13,520,205 boe from 4,803,561 boe in 2011.
In Jan 2013 daily production increased to 46,500 boepd (on 21 Jan) after the company added three gas-condensate wells to its producing well stock. Drilling plans over the next 12 months include 15 - 17 wells, nine of which will be appraisal wells, one an explo ration well and five to seven production wells.
The company expects to achieve average 2013 production in excess of 45,000 boepd essentially reaching its Gas Treatment Facility's maximum capacity. Once the facility's next phase is complete (in the next three years), Zhaikmunai plans to more than double this total average daily production volume.
We treat the operating results as marginally positive. Even though the production growth looks impressive YoY, it was expected and the company nonetheless failed to reach its maximum capacity of 48,000 boepd in 2012 despite promising last year that this would be achieved by Mar 2012.
Copyright: Aton OOO (LLC), All rights reserved.
For further Information please contact: Aton OOO (LLC),
27 Pokrovka str., bld.6, 105062 Moscow, Russia
phone: (495) 777-66-77, (495) 228-38-99
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|Publication:||Russian Banks and Brokers Reports|
|Date:||Jan 31, 2013|
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