12th Jul 2007 07:30
JSC KazMunaiGas Exploration Prod12 July 2007 PRESS - RELEASE JSC KazMunaiGas Exploration Production Reports Production Increase in H1 2007 Astana, 12 July 2007. JSC KazMunaiGas Exploration Production ("KMG EP" or "theCompany"), announced today that in the first six months of 2007, the Companyproduced 4,948 thousand tonnes of oil and gas condensate (201.61 kbopd). This is287.6 thousand tonnes more than in the first half of 2006. The increase isprimarily due to the acquisition of a 50% stake in JV Kazgermunai LLP ("Kazgermunai") completed on 24 April 2007. In the 67 days between theacquisition date and 30 June 2007 the Company's share in Kazgermunai productionwas 278 thousand tonnes (31.66 kbopd). Excluding Kazgermunai, the Company's production was 4,670 thousand tonnes of oiland gas condensate (189.89 kbopd) in the first six months of 2007, an increaseof 9.3 thousand tonnes compared to the similar period of 2006. In the first halfof 2007, excluding oil produced by Kazgermunai, the Company supplied 4,650thousand tonnes of crude oil (189.08 kbopd) to the customers including 3,611thousand tonnes (146.83 kbopd) supplied to export markets, 10.1 % more than inthe first half of 2006. The CEO of the Company Askar Balzhanov said: "The results for the first half of2007 are clear evidence that our active acquisition strategy started to bearfruit". - ENDS - Notes to Editors KMG EP was the 3rd largest Kazakh oil and gas producing company with over 9.5mmt (192 kbopd) of crude production in 2006 and 203.2 mmt (1.5 billion bbl) ofproved and probable reserves at the end of 2006. The recent acquisition of 50%of Kazgermunai made KMG EP the 2nd largest Kazakh oil and gas producer. TheCompany's shares are listed on Kazakhstan Stock Exchange and the GDRs are listedon London Stock Exchange. The Company raised approximately US$2 billion in itsIPO in September of 2006. Kazgermunai is the 8th largest Kazakh oil and gas producing company, operatingthe Akshabulak, Nuraly and Aksai fields in the Kyzilorda region of the country.In 2006, its production of crude was approximately 3.0 mmt per year (60.72kbopd); and at the end of September 2006 it had 40.7 mmt (310 million bbl) ofproved and provable reserves. In April 2007 the Company announced the closing of the transaction to acquire a50% participation interest in Kazgermunai from JSC National Company KazMunaiGas.PetroKazakhstan Kumkol Resources is the other shareholder in Kazgermunai. During the first six months of 2007, Kazgermunai produced 1,485 thousand tonnesof oil (62.52 kbopd), 7.3% up compared to the first six months of 2006. For further details please contact us at: KMG EP, Public Relations (+7 317 2 977 908, +7 3172 977 924) 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) Alex Glover: (+44 207 930 9030) E-mail: [email protected] Elena Dobson: (+44 (0)7932524760) 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