ISLE OF MAN, UNITED KINGDOM--(Marketwire - Sep 11, 2012) -
Zhaikmunai L.P.
(the "Partnership")
ZHAIKMUNAI ANNOUNCES PAYMENT OF INAUGURAL DIVIDEND
AND ADOPTION OF DIVIDEND POLICY
Zhaikmunai L.P. (LSE: ZKM), the oil and gas exploration and production
enterprise with assets in north-western Kazakhstan today announces the
payment of its inaugural dividend and the adoption of a dividend policy
by the Board of Directors of its general partner.
Payment of Inaugural Dividend in October 2012
At its meeting held on 10 September 2012, the Board of Directors of
Zhaikmunai Group Limited, the general partner of Zhaikmunai L.P.,
approved the payment of a first distribution of USD 0.32 per common
unit/GDR to the holders of Zhaikmunai L.P. common units and GDRs,
representing a cash distribution of USD 60.2 million (equal to 20% of
retained earnings at 30 June 2012). The distribution will be payable
on 2 October 2012 to common unit holders on the register of partners
and interests at the close of business on 1 October 2012.
Distribution Payer: Zhaikmunai L.P.
Regulation S GDRs: ISIN No.: US98952U2042; CUSIP No.:98952U204
Rule 144A GDRs: ISIN No.: US98952U1051; CUSIP No.:98952U105
Distribution: Final Rate
Gross Distribution Rate: USD 0.32 per common unit
Common Unit Record Date: 1 October 2012
GDR Record Date: 1 October 2012
Common Unit Payable Date: 2 October 2012
Depositary Bank: The Bank of New York Mellon
101 Barclay Street,
22nd Floor
New York, NY 10286
Attn: ADR Division
Approval of Dividend Policy Going Forward
In addition, the Board of Directors has approved the implementation of
an ongoing distribution policy with the intention of making an annual
distribution of not less than 20 per cent of the partnership's
consolidated net profit. This policy reflects Zhaikmunai's desire to
recognize the growth and cash generation inherent in the business. In
the future the policy will be progressively reviewed by the Board of
Directors in line with the achievement of Zhaikmunai's strategic
milestones.
Mr. Frank Monstrey, Chairman of Zhaikmunai, commented:"Our H1 2012 results
recently confirmed Zhaikmunal's strong cash
position. In the near future, we also look forward to increasing our
overall production beyond 40,000 boe per day level. These elements
combined translate into an increasing confidence in the growth and
predictability of Zhaikmunai's cash flows given the prevailing
commodity price environment. In turn, this motivates us to consider
some element of return to our limited partners through consistent
distributions underlining the intrinsic value of Zhaikmunai.
The Board is confident in Zhaikmunai's growth prospects and continues
to pursue a strategy which maximizes shareholder value through a
balanced approach to investment in growth and return of liquidity to
shareholders. In addition, the Board has carefully considered the level
of this initial distribution and those planned going forward. In the
future, Zhaikmunai will continue its prudent and conservative approach
to cash flow management.
I am thus delighted to announce the implementation of our new
distribution policy as I believe it is yet another milestone in the
ongoing transformation of Zhaikmunai over the past 24 months".
Further information
For further information please visit www.zhaikmunai.com
Further enquiries
Zhaikmunai LP
Bruno Meere, Investor Relations Officer
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