20th Apr 2009 07:00
PRESS-RELEASE
JSC KazMunaiGas Exploration Production announces operating results for the 1Q09
Astana, April 20, 2009. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company"), announced today that in the first three months of 2009 it produced 2,743 thousand tonnes of crude oil (224.0 kbopd), which includes the Company's stakes in both JV Kazgermunai LLP ("Kazgermunai") and CCEL ("Karazhanbasmunai"). This is 150 thousand tonnes, or 5.2%, less than in 2008.
In 1Q09, 2 126 thousand tonnes of oil (173.7kbopd) were produced at production facilities of Ozenmunaigas and Embamunaigas. This is 178 thousand tonnes, or 7.7%, less than for the same period last year.
The decrease in production by 3.8% was forecast in the Company's budget for 2009. The volume of production at Uzen and Emba was planned at 9 141 million tonnes (184.32kbopd). The drop below the planned level can be explained by tough weather conditions in Western Kazakhstan in January 2009. This was partially compensated by the growth of production in February and March, and also by the improved operational results at Kazgermunai and CCEL compared to the same period of last year. In 2009 at Kazgermunai it is planned to produce 3.18 million tonnes (67kbopd) and at CCEL - 1.8 million tonnes (33kbopd). KMG EP owns 50% stake in both companies.
According to preliminary data, in the first three months of 2009 the Company supplied 2128 thousand tonnes of crude oil to customers (174.0 kbopd), excluding the share in supply from Kazgermunai and Karazhanbasmunai. Of this amount, 1,781 thousand tonnes (145.6 kbopd) were exported.
The Company's share in the sales volumes from Kazgermunai and CCEL was 594 thousand tonnes of crude oil (48.4kbopd) in the first three months of 2009, including 550 thousand tonnes (44.7kbopd) supplied to export markets. This represents a 9% and 17.7% increase compared to the same period of 2008, respectively.
Notes to Editors
KMG EP is the second largest oil producer in Kazakhstan with over 11 95 mmt (240 kbopd) of crude oil production in 2008. There was 241 mmt (1.8bn bbl) of proved and probable reserves at the end of 2008 (over 2 bn bbl including interests in Kazgermunai and CCEL at the end of 2007). In 2007 KMG EP acquired 50% interest in JSC Kazgermunai and holding company CCEL (that owns "Karazhanbasmunai"). The Company's shares are listed on the Kazakh Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US$2bn as a result of its IPO in September of 2006. International rating agency Standard & Poor's (S&P) increased the Corporate Governance Score of KMG EP from CGS 5+ to CGS 6 and confirmed its «BB+» corporate credit rating in November 2008.
For additional information please contact: KMG EP Public Relations (+7 7172 977600, +7 7172 977908) Mr Mikhail Dorofeyev e-mail: [email protected] Investor Relations (+7 7172 975433)
Ms Asel Kalieva
e-mail: [email protected] Pelham PR (+44 20 7337 1517) Mrs Elena Dobson e-mail: [email protected]Forward-looking statements This document includes statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology, including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
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