28th Apr 2008 08:11
JSC KazMunaiGas Exploration Prod28 April 2008 PRESS - RELEASE JSC KazMunaiGas Exploration Production announces operating results for the first three months of 2008 Astana, 28 April 2008. JSC KazMunaiGas Exploration Production ("KMG EP" or "theCompany") announces today that in the first three months of 2008 the Companyproduced 2,892 thousand tonnes of crude oil (233.5 kbopd). This is 604 thousandtonnes more than in the first three months of 2007, representing a 26.4% year onyear increase. The increase is primarily due to the acquisition of a 50% stake in JVKazgermunai LLP ("Kazgermunai") completed in April 2007 and a 50% stake in CITICCanada Energy Limited ("CCEL") from CITIC Group completed in December 2007. Forthe first three months the Company's share in Kazgermunai crude oil productionwas 387 thousand tonnes (32.4 kbopd) and in CCEL was 202 thousand tonnes (14.8kbopd). Excluding the Company's share in the assets acquired in the previous year, KMGEP's production in the first three months of 2008 was 2,304 thousand tonnes ofcrude oil (186.3kbopd). This is 15 thousand tonnes more than in the similarperiod of 2007. Maintaining production levels on the core assets has beenachieved primarily due to the application of production enhancement techniquesand drilling of new wells. Based on preliminary data, in the first three months of 2008 the Companysupplied 2,156 thousand tonnes of crude oil (174.3 kbopd) to the customers,excluding oil produced by Kazgermunai and CCEL. Out of this amount,approximately 1,636 thousand tonnes (132.8 kbopd) were supplied to exportmarkets. In the first three months of 2008, crude oil exports by Kazgermunai andCCEL were 86% and 85% of their sales volumes respectively. The Company's expected level of oil production for 2008 is 12.1 million tonnes(242.5 kbopd), an increase of 13.7% compared to 2007, including 9.5 milliontonnes (191.0 kbopd) from its core assets and 2.6 million tonnes (51.4 kbopd)from 50% stakes in Kazgermunai and CCEL. - ENDS - Notes to Editors KMG EP is the 2nd largest Kazakh oil producer, with over 10.6 mmt (217 kbopd) ofcrude oil production in 2007 including shares in the production of Kazgermunaiand CCEL, and 240 mmt (1.8bn bbl) of proved and probable reserves at the end of2007 (over 2 bn bbl including interests in Kazgermunai and CCEL). The Company'sshares are listed on Kazakhstan Stock Exchange and the GDRs are listed on LondonStock Exchange. The Company raised approximately US$2bn in its IPO in September2006. kbopd = thousand barrels of oil per day For further details please contact us at: KMG EP, Public Relations (+7 7172 977 908, +7 7172 977 924)Sukhra SultanovaE-mail: [email protected] KMG EP, Investor Relations (+7 7172 975433)Alexander GladyshevE-mail: [email protected] Pelham PR (+44 203 178 44 18)Elena DobsonE-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 identifiedby the use of forward-looking terminology, including, but not limited to, theterms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative orother variations or comparable terminology, or by discussions of strategy,plans, objectives, goals, future events or intentions. These forward-lookingstatements include all matters that are not historical facts. They include, butare not limited to, statements regarding the Company's intentions, beliefs andstatements of current expectations concerning, amongst other things, theCompany's results of operations, financial condition, liquidity, prospects,growth, potential acquisitions, strategies and as to the industries in which theCompany operates. By their nature, forward-looking statements involve risk anduncertainty because they relate to future events and circumstances that may ormay not occur. Forward-looking statements are not guarantees of futureperformance and the actual results of the Company's operations, financialcondition and liquidity and the development of the country and the industries inwhich the Company operates may differ materially from those described in, orsuggested by, the forward-looking statements contained in this document. TheCompany does not intend, and does not assume any obligation, to update or reviseany forward-looking statements or industry information set out in this document,whether as a result of new information, future events or otherwise. The Companydoes not make any representation, warranty or prediction that the resultsanticipated by such forward-looking statements will be achieved. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Kazmunaigaz Exploration