22nd Jan 2008 07:41
JSC KazMunaiGas Exploration Prod22 January 2008 PRESS - RELEASE JSC KazMunaiGas Exploration Production announces its 2007 operating results Astana, 22 January 2008, JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company"), announced today that in the full year of 2007 the Companyproduced 10,639 thousand tonnes of crude oil, an average of 216.91 kbopd. Thisis 1,118 thousand tonnes or 11.64% more than in 2006. The increase is primarilydue to the acquisitions of: • 50% stake in JV Kazgermunai LLP ("Kazgermunai") completed on 24 April 2007. For the 251 days between the acquisition date and 31 December 2007 the Company's share in Kazgermunai crude oil production was 1,062 thousand tonnes (32.23kbopd); • 50% stake in CITIC Canada Energy Limited ("CCEL") from CITIC Group completed on 12 December 2007. For the 20 days between the acquisition date and 31 December 2007 the Company's share in CCEL crude oil production was 48 thousand tonnes (15.88kbopd). Excluding the Company's share in the assets acquired last year, KMG EP'sproduction in 2007 was 9,530 thousand tonnes of crude oil (192.17kbopd),approximately the same level as in 2006. Based on preliminary data, in 2007, the Company supplied 9,585 thousand tonnesof crude oil (193.28kbopd) to the customers excluding oil produced byKazgermunai and CCEL. Out of this amount, approximately 7,354 thousand tonnes(148.29kbopd) were supplied to export markets, 9.13% more than in 2006. In 2007, the Company's share in the volume of Kazgermunai crude oil sales was950 thousand tonnes of crude oil (28.86kbopd) including 819 thousand tonnes(24.85kbopd) supplied to export markets. The CEO of the Company Askar Balzhanov said: "The significant growth achieved in2007 demonstrates the success of our acquisition-led strategy, and also ourability to use technical expertise to maintain the production levels of our coreportfolio. "We believe that our results will continue to improve in 2008 as we will see thefull-year impact of the recently acquired assets." - 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 production of Kazgermunai andCCEL, and 203.2 mmt (1.5bn bbl) of proved and probable reserves at the end of2006. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRsare listed on London Stock Exchange. The Company raised approximately US$2bn inits IPO in September of 2006. For further details please contact us at: KMG EP, Public Relations (+7 7172 977 908, +7 7172 977 924) Lyazzat Kokkozova E-mail: [email protected] KMG EP, Investor Relations (+7 7172 975433) Alexander Gladyshev E-mail: [email protected] WMC Communications Ltd / Pelham PR (+44 20 3178 4418) 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 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