12th Apr 2007 08:00
JSC KazMunaiGas Exploration Prod12 April 2007 PRESS RELEASE Result of an Extraordinary General Meeting of shareholders of KazMunaiGas Exploration Production JSC Astana, April 12, 2007. KazMunaiGas Exploration Production JSC ("KMG EP" or the"Company") announced, following an EGM today, that its shareholders had approvedthe acquisition of a 50% stake in JV Kazgermunai LLP ("Kazgermunai") fromNational Company KazMunaiGas ("NC KMG"). The EGM has empowered the ChiefExecutive Officer of KMG EP to take all necessary measures to close thetransaction. The decision was taken by a majority vote of minority shareholders participatingin the EGM. As a related party NC KMG did not take part in the voting. At thesame EGM the term of office of the current Board of Directors was extended fromMarch 30, 2007 to March 29, 2010. All other matters on the EGM agenda have alsobeen approved. *** Additional information KMG EP is the 3rd largest Kazakh oil and gas producing company with productionof over 9.5 million tonnes (192 kbopd) in 2006. The acquisition of 50% ofKazgermunai would make KMG EP the second largest Kazakh oil and gas producer.KMG EP's proved and probable reserves at the end of 2005 were 205.9 mmt (1.5 bnbbl). The Company's shares are listed on Kazakhstan Stock Exchange and the GDRsare listed in London. The Company raised approximately US$2 billion in itssuccessful IPO in September of 2006. The Board of Directors of KMG EP consists of 8 members, including fourrepresentatives of NC KMG, CEO of the Company and three independentnon-executive directors. The Chairman of the Board is the President of NC KMGMr. Uzakbai Karabalin. NC KMG represents the state's interests in the Kazakh oil and gas industry andis involved, through its subsidiaries, in various aspects of the oil and gasbusiness from exploration and production to transportation, refining, marketingand services. NC KMG owns approximately 61% of the ordinary shares of KMG EP. Kazgermunai is the 8th largest Kazakh oil and gas producing company with 40.7mmt (310 mmbbl) of proved and probable reserves at the end of September 2006;its production in 2006 was approximately 3 million tonnes (60 kbopd). On March5, 2007 KMG EP announced its agreement to acquire a 50% stake in Kazgermunaifrom NC KMG for a cash consideration of 133,3 billion Tenge. PetroKazakhstanKumkol Resources is the other shareholder in Kazgermunai. Contact information: KMG EP, Public Relations (+7 3172 977908, +7 3172 977924) Lyazzat Kokkozova e-mail: [email protected] KMG EP, Investor Relations (+7 3172 975433) Alexander Gladyshev e-mail: [email protected] WMC Communications Ltd (+44 207 930 9030) 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