27th Jan 2010 07:30
PRESS RELEASE
Meeting of the Board of Directors of KMG EP
Astana, 27 January 2010. The meeting of JSC KazMunaiGas Exploration Production ("The Company", "KMG EP ") Board of Directors took place on 26 January 2010.
At the meeting the members of the Board discussed preliminary financial and operational results for 2009.
The Board decided to call an EGM on 26 March 2010 with the agenda including election of a new Board of Directors. The current Board will have completed its term in office in March.
The Board of Directors approved the decision to take measures to list the Company's preferred shares on Kazakhstan Stock Exchange and develop the buyback programme for these shares. The Company intends to publish the detailed information on this issue within the next three weeks after the development and approval of the above programme by the Board.
Other administrative, business, personnel and organisational issues were also discussed at the Board meeting.
NOTES TO EDITORS
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) 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 2008, was 241mmt (1.8bn 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 2.1 bn barrels. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating and assigned the Company "GAMMA-6" rate.
Board of Directors of KMG EP
Kairgeldy Kabyldin - President of NC KMG, Chairman of the Board of Directors of KMG EP
Askar Balzhanov - Managing Director on Exploration and Production of NC KMG
Tolegen Bozzhanov - Managing Director of the Corporate Centre at NC KMG
Kenzhebek Ibrashev - General Director (Chairman of the Management Board) of KMG EP
Christopher Mackenzie - Independent Non-executive Director of KMG EP
Paul Manduca - Independent Non-executive Director of KMG EP
Edward Walshe - Independent Non-executive Director of KMG EP
Erzhan Zhangaulov - Executive Director for Legal Matters of NC KMG
Managment Board of KMG EP
Kenzhebek Ibrashev - General Director (Chairman) of KMG EP
Askar Aubakirov - Deputy General Director for Corporate Development and Assets Management
Isturgan Baimukhanov - Director of Embamunaigas
Zhanneta Bekezhanova - Deputy General Director for Economics and Finance of KMG EP
Bagitkali Biseken - Director of Ozenmunaigas
Vladimir Miroshnikov - Deputy General Director for Production of KMG EP
For further details please contact us at:
<> Public Relations (+7 7172 97 7600)Daulet ZhumadilE-mail: [email protected]
«KMG EP». Investor Relations (+7 7172 97 5433)Asel KaliyevaE-mail: [email protected]
Pelham PR (+44207 337 15 17)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 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