23rd Oct 2008 07:30
PRESS-RELEASE
JSC KazMunaiGas Exploration Production announces operating results for the first nine months of 2008
Astana, 23 October 2008. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company"),
announces today that the consolidated volume of production for the first nine months of 2008 amounted to
8,908 thousand tonnes of crude oil (238.7 kbopd). This is 680 thousand tonnes (8%) more than in the first
nine months of 2007. The increase is primarily due to the acquisition of 50% stakes in both JV Kazgermunai LLP
("Kazgermunai") and CCEL ("Karazhanbasmunai") in April and December 2007 respectively.
According to preliminary data, during the first nine months of 2008 the Company supplied 8,638 thousand tonnes of crude oil to customers (231.4 kbopd), including the share in supply from Kazgermunai and Karazhanbasmunai. Out of this amount, 6,698 thousand tonnes (179.4 kbopd) were exported. This is 610 thousand tonnes (9%) more than for the same period last year.
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Notes to Editors
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2007 was 10.6mmt (an average of 215 kbopd) of crude oil, including the Company's share in Kazgermunai and CCEL. The total volume of proved and probable reserves, as at the end of 2007, is 203.2 mmt (1.5bn bbl), excluding the relevant proportion of reserves at Kazgermunai and CCEL; including the share of reserves from Kazgermunai and CCEL, the 2P reserves are over 2bn barrels. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately US$2bn in its IPO in September 2006.
For further details please contact us at:
«KMG EP», Public Relations (+7 7172 97 7600)
Michael Dorofeyev
E-mail: [email protected]
«KMG EP», Investor Relations (+7 7172 97 7971)
Asel Kalieva
E-mail: [email protected]
Pelham PR (+44 203 178 44 18)
Elena Dobson
E-mail: Elena.dobson@pelhampr.com
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.
Related Shares:
Kazmunaigaz Exploration