"Zhaikmunai" intends to transfer not less than 20% of net profit for payment of dividends.

LLP “Zhaikmunai” intends to send at least 20% of net profit to pay dividends, according to the message published on the website of the Kazakhstan stock exchange.

“The Board of Directors approved the implementation of the current income distribution policy with the intention to pay at least 20% of the company’s consolidated net profit annually,” the report said.

According to the document, on September 10, the Board of Directors of Zhaikmunai group limited, the General partner of Zhaikmunai LLP, approved the first payment of dividends in the amount of $0.32 for the total share/ACD to the owners of the common shares and ACDs of Zhaikmunai LLP, which is a distribution of income in cash in the amount of $60.2 million (which is 20% of net profit as of June 30, 2012).

“Our results for the first half of 2012 have recently confirmed Zhaikmunai’s good monetary position. In the near future, we also expect further growth in total production above 40,000 barrels per day. These elements combine to provide a growing confidence in increasing production volume and predictability of the cash flows of the company “Zhaikmunai” given the prevailing conditions of commodity prices”, – said the Chairman of the Board of Directors of Zhaikmunai Frank Monstri.

According to him, in turn, this motivates the company to consider the possibility of paying a certain share of income to partners with limited liability in the form of permanent dividends.

Zhaikmunai LLP is a subsidiary of Zhaikmunai LP, which owns a 100% stake in the authorized capital and is the operator under the agreement on exploration, development and production sharing at the Chinarevskoye field.

Zhaikmunai LP is an oil and gas company engaged in the exploration, production and sale of crude oil and gas condensate. The company’s shares are listed on the London stock exchange. The main asset of the company is Chinarevskoye field located in the North-West of Kazakhstan.