11th Apr 2008 08:20
JSC KazMunaiGas Exploration Prod11 April 2008 PRESS RELEASE JSC KazMunaiGas Exploration Production Board of Directors recommends a dividend for the year 2007 and calls the Annual General Meeting of Shareholders Astana, 11 April 2008. The Board of Directors ("BoD") of JSC KazMunaiGasExploration Production ("KMG EP" or the "Company") has approved the date and theagenda for the Annual General Meeting of Shareholders ("AGM"). The AGM will takeplace on 28 May 2008 in Astana. The agenda of the AGM includes the approval of the Company's 2007 Annual Reportand consolidated financial statements as well as the approval of the amount ofand procedure for the dividend payment. The AGM will review communications withshareholders; activities of BoD and the Management Board of the Company in 2007;appointment of the tabulation committee; the remuneration of the BoD and theManagement Board for 2007. Shareholders will also be asked to elect a new memberof the BoD to replace one of the representatives of the National CompanyKazMunaiGas. The Board of Directors has recommended a dividend for the fiscal year 2007 of563 tenge per share (approximately US$0.78 per GDR), subject to shareholders'approval at the AGM. The Board's recommendation is based on the KMG EP's statedpolicy of paying out 15% of net income, but also includes an additional SpecialDividend amount. The Special Dividend represents a partial distribution toshareholders of the initial dividend received from Kazgermunai in which theCompany acquired a 50% interest in April 2007. If approved by the AGM, the total amount of the dividend will be 41.7bn tenge(about US$346 million). It is expected that the annual dividends for the fiscalyear 2007 will be paid to the shareholders on record as at June 9, 2008, andthat dividend payments will start on July 28, 2008. *** - ENDS - Notes to Editors KMG EP is the second largest Kazakh oil producer with over 10.6 mmt (217 kbopd)of crude oil production in 2007 including shares in 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 the Kazakh Stock Exchange and the GDRs are listed on theLondon Stock Exchange. The Company raised over US$2bn as a result of its IPOin September of 2006. On 24 April 2007 KMG EP finalised the acquisition of a 50% stake in Kazgermunai.KMG EP received US$300 million and a further US$75 million in dividends fromKazgermunai in November, 2007 and March, 2007 respectively. For additional information please contact: KMG EP Public Relations (+7 7172 977908, +7 7172 977924)Ms Zukhra SultanovaEmail: [email protected] KMG EP Investor Relations (+7 7172 975433)Mr Alexander GladyshevEmail: [email protected] WMC Communications Ltd / Pelham PR (+44 203 178 44 18)Mrs Elena DobsonEmail: mailto:[email protected] Future related announcements/ statement This document contains announcement that are, or may be deemed to be "futurerelated announcements". These announcements can be identified by the use offuture related terminology, including, but not limited to, the terms "believes","anticipates", "estimates", "intends", "plans", "sets", "will" or"should" or, ineach case, by their matching or comparable terms, or by references to thediscussions, plans, objectives, goals, prospective events or intentions. Thesespecified announcements include all the matters that are not historical facts.These include and are not limited to, the announcements related to the Company's intentions, beliefs, and statements of current expectations concerning,amongst other things, the Company's expectations on operation results, financialcondition, liquidity, prospects, growth, potential acquisitions, strategies andthe industries in which the Company operates. Naturally, the future relatedannouncements bear a risk and uncertainty, since they are related to futureevents and circumstances, which may or may not occur. These announcements arenot guarantees of the Company's future performance and the actual results ofits operations, its liquidity and financial condition; and the development ofthe country and the industries in which the Company operates may differ fromthose described in, or suggested by, the future related announcements containedin this document. The Company does not intend, and does not assume anyobligation, to update or revise any future related announcement or industryinformation set out in this document, whether as a result of new information,future developments or otherwise. The Company does not make any representation,warranty or prediction that the results anticipated by such future relatedannouncements will be achieved. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Kazmunaigaz Exploration