/KASE, April 12, 07/ - Exploration Production KazMunayGas JSC
(Astana), shares of which are traded in Kazakhstan stock exchange's
(KASE) category "A" official list had spread today the press-release in which
the following is informed.
Quotation begin
KazMunaiGas Exploration Production JSC ("KMG EP" or the "Company")
announced, following an EGM today, that its shareholders had approved the
acquisition of a 50% stake in JV Kazgermunai LLP ("Kazgermunai") from
National Company KazMunaiGas ("NC KMG"). The EGM has empowered
the Chief Executive Officer of KMG EP to take all necessary measures to
close the transaction.
The decision was taken by a majority vote of minority shareholders
participating in the EGM. As a related party NC KMG did not take part in the
voting. At the same EGM the term of office of the current Board of Directors
was extended from March 30, 2007 to March 29, 2010. All other matters on
the EGM agenda have also been approved.
Additional information:
KMG EP is the 3rd largest Kazakh oil and gas producing company with
production of over 9.5 million tonnes (192 kbopd) in 2006. The acquisition of
50% of Kazgermunai 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 bn bbl). The Company's shares are listed on
Kazakhstan Stock Exchange and the GDRs are listed in London. The
Company raised approximately US$2 billion in its successful IPO in
September of 2006. .
The Board of Directors of KMG EP consists of 8 members, including four
representatives of NC KMG, CEO of the Company and three independent
non-executive directors. The Chairman of the Board is the President of NC
KMG Mr. Uzakbai Karabalin.
NC KMG represents the state's interests in the Kazakh oil and gas industry
and is involved, through its subsidiaries, in various aspects of the oil and gas
business from exploration and production to transportation, refining,
marketing and 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
40.7 mmt (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 March 5, 2007 KMG EP announced its agreement to acquire
a 50% stake in Kazgermunai from NC KMG for a cash consideration of
133,3 billion Tenge. PetroKazakhstan Kumkol Resources is the other
shareholder in Kazgermunai..
Contact information:
KMG EP, Public relations
(+7 3172 977908, +7 3172 977924)
Lyazzat Kokkozova
e-mail: pr@kmgep.kz
KMG EP, Investor relations
(+7 3172 975433)
Alexander Gladyshev
e-mail: ir@kmgep.kz
WMC Communications Ltd
(+44 207 930 9030)
Elena Dobson
e-mail: Elena.dobson@wmccommunications.com
Quotation end
The full version of press-release by Exploration Production KazMunayGas
JSC is available at
http://www.kase.kz/emitters/rdgz.asp
[2007-04-12]