Zhaikmunai LP (ZKM.LN), a Kazakhstan-based oil and gas producer, said Thursday its 2008 net income rose 78% on higher oil prices and production levels.
Zhaikmunai said in a statement its net income rose to $63.5 million in 2008 from $51.7 million a year earlier. The company's average realized oil price was $82.53 a barrel, up from $58.71 in 2007, as revenue jumped 25% to $135.9 million.
Zhaikmunai's 2008 daily production increased to 5,095 barrels a day, up from 4,823 barrels a day in 2007.
"We do anticipate a significant delay in completion of our Gas Treatment Unit," Chief Executive Kai-Uwe Kessel said. "Together with the turmoil in credit markets and the decline in oil prices, this had an impact on our funding position."
"We are now actively addressing this by seeking additional funding and are confident of reaching a successful conclusion to this exercise by July 2009," he added.