Mangistaumunaigas OJSC (Kazakhstan) increases authorized capital by KZT2.55 and pays KZT100 dividends to preferred shares in 2000

/KASE, Sept 27, 01/ - Mangistaumunaigas OJSC (Aktau) provided the KASE a copy of the minutes of annual general shareholders meeting which was held on June 29, 2001, and the resolution of the meeting. Based on approved agenda, the shareholders of Mangistaumunaigas OJSC approved the constitution of the Accounting commission, report of the general director on the results of year 2000, annual financial statements and the conclusion of the Supervision commission on these statements, as well as made the following decisions: - increase authorized capital by KZT2.55 bn; - make changes and amendments to the charter of the company in order to eliminate technical errors and contradictions with existing law, as well as the matters regarding the size of announced authorized capital (KZT13,444,602,000) and the number of common inscribed shares to be issued (12,355,142); - pay out dividends to preferred shares at KZT100.00 per share; set December 18, 2001 as the actual payment date; not to pay dividends to common shares; - approve the following order of distribution of net income received in 2000 at KZT11.38 bn: KZT1.00 bn to be allocated to reserve capital, KZT109.00m to pay dividends to preferred shares, and use the rest of the amount to cover the losses of previous years; - approve the assignment of Arthur Andersen as the company's auditor for the year 2001; In his speech, the general director of Mangistaumunaigas OJSC, Krymkulov S.E. noted that in 2000 the company extracted 4.17m tons of oil, of which 70.00 th. tons was extracted over the plan. Thanks to the optimization of the work schedule of 611 wells (against 100 planned) additional 124.00 th. tons was extracted. A total of 131 wells were put back into service, while planned amount was 100 wells. Additional oil production equaled 64.00 th. tons. Deep wing pumps were introduced at 57 wells of Kalamkas field, which provided a stable work of the wells and increase uninterrupted functioning time. In 2000 the company's strategy was aimed at renewal and modernization of the production: KZT14.50 bn was spent to purchase technological equipment against KZT1.90 bn in last year. Capital investment increased by 41.4% to 1999 (KZT539.40m), at KZT762.7m. A KZT1.16 bn worth of fixed assets was put into service, which is 3.5 time increase against 1999 (KZT324.30m). Besides, in reporting year capital overhaul consumed KZT2.32 bn, which is 24.5% over planned amount. Thanks to undertaken measures in 2000 total oil production reached 4.15m tons, or 77.30 th. tons more than planned volume. A total of 3.04m tons, or 97% of overall volume was exported, including 2.94m tons to non-CIS countries. Labor safety measures required KZT14.50m in 2000, which is twice as much as the planned amount. Environment protection measures consumed KZT1.74 bn. Average monthly wage equaled KZT46,045 in 2000, whereas in 1999 it was at KZT27,184. In 2001 the company plans to put back into service 265 wells, drill and put into service another 18 new wells. The oil production is expected at 4.30m tons in 2001.