SOURCE: Zhaikmunai LP

May 28, 2013 02:07 ET

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

AMSTERDAM, THE NETHERLANDS--(Marketwired - May 28, 2013) -


CHINAREVSKOYE FIELD PROVED RESERVES INCREASE BY 15.2% to 194.8 MMBOE

Amsterdam, 28 May 2013. Zhaikmunai L.P. (LSE: ZKM), the oil and gas
exploration and production enterprise with assets in north-western
Kazakhstan, today releases the independent reserves audit of its
Chinarevskoye field as at 31 December 2012. The report was prepared by
petroleum 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%) to
194.8 mmboe (December 31, 2011: 169.1 mmboe);

* Proved reserves (1P) replacement was 174.8%, i.e. the 2012
increase in proved reserves (1P) (25.7 mmboe) more than replaced the
2012 total actual Chinarevskoye field production which amounted to 14.7
mmboe compared to a projected production of 19.1 mmboe (2011 Ryder
Scott Report);

* The main increase (90.6%) in proved reserves came from the
Biski-Afoninski reservoir (23.3 mmboe);

* Proved plus probable reserves (2P) remained above 500 mmboe. The
2P reserves have slightly decreased to 506.1 mmboe (December 2011:
521.6 mmboe) as a result of the 2012 production and some small
adjustments on all reservoirs;


RYDER SCOTT FINDINGS

The Ryder Scott Reserves Report estimates the following gross reserves
for Zhaikmunai's Chinarevskoye field:

CATEGORY                         31 December 2012  31 December 2011

Proved Reserves (1P)             194.8 mmboe       169.1 mmboe

Probable Reserves                311.3 mmboe       352.4 mmboe

Proved + Probable Reserves (2P)  506.1 mmboe       521.6 mmboe

RECENTLY ACQUIRED FIELDS

Reserves estimates by Ryder Scott for Zhaikmunai's recently acquired
Rostoshinskoye, Darjinskoye and Yuzhno-Gremyachenskoye fields located
in the vicinity of the Chinarevskoye field are underway and will be
released at a later date as the acquisition of these three fields was
completed only in March 2013.

Kai-Uwe Kessel, CEO of Zhaikmunai, commented:"The 2012 Ryder Scott
Reserves Report reaffirms Zhaikmunai's existing
strong reserve base and exceptional potential. It gives us an excellent
platform from which to execute our strategy. In 2012, the drilling
priority has been on production wells in order to secure ample feed for
the Gas Treatment Facility (GTF), resulting in an increase in proved
reserves. In 2013 we foresee some 9 appraisal and 1 exploration wells,
over and above the planned 5 to 7 production wells, which will likely
give rise to increases in total reserves in the future. I remain very
positive about the potential of Chinarevskoye and that of the three
recent acquisitions, which we completed in March 2013. Reserves
estimates for these new fields by Ryder Scott are underway and will be
released at a later date."

RYDER SCOTT REPORT

Summary excerpts of the 2012 Ryder Scott Reserves Report for Zhaikmunai
can be found on Zhaikmunai's website ( www.zhaikmunai.com ) under
Investors / Publications / 2012.

Notes:

* Proved and probable oil and gas reserves are estimated quantities
of commercially producible hydrocarbons which the exiting geological,
geophysical and engineering data show to be recoverable in future years
from known reservoirs.

* Proved reserves reported by Ryder Scott, independent petroleum
consultants, conform to the definition approved by the Society of
Petroleum Engineers ("SPE") and the World Petroleum Congress ("WPC").
The probable reserves reported by Ryder Scott conform to definitions of
probable reserves approved by the SPE/WPC using the deterministic
methodology.

Further information

For further information please visit  www.zhaikmunai.com 

Further enquiries

Zhaikmunai LP - Investor Relations
Bruno G. Meere
Kirsty Hamilton-Smith
 investor_relations@zhaikmunai.com              + 31 20 737 2288

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 production, development and exploration of oil and gas in
north-western Kazakhstan. Its Global Depositary Receipts (GDRs) are
listed on the London Stock Exchange (Ticker symbol: ZKM). Zhaikmunai's
principal producing asset is the Chinarevskoye field, in which it holds
a 100% interest and is the operator, through its wholly-owned
subsidiary Zhaikmunai LLP. In addition, Zhaikmunai holds a 100%
interest in and is the operator of the Rostoshinskoye, Darinskoye and
Yuzhno-Gremyachenskoye oil and gas fields. Located in the pre-Caspian
basin to the north-west of Uralsk, these exploration and development
fields are approximately 60 and 120 kilometres respectively from 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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