KazMunaiGas Exploration Production Board of Directors (Kazakhstan) approved the 2009 budget accounting for lower oil prices

/KASE, December 25, 08/ - KazMunaiGas Exploration Production (Astana), shares of which are traded in Kazakhstan Stock Exchange (KASE) official list first category, disseminated today the following information message. Quotation start The Board of Directors of JSC KazMunaiGas Exploration Production ("KMG EP", "The Company") has approved the 2009 budget, based upon an assumed average Brent oil price for the year of $40 per barrel. The Company's total capital expenditure for 2009 is expected to amount to 36.5bn Tenge. ($295,5 million). This reduction in capex compared to 2008 is considered prudent by the Board in the current global economic situation. Production on the Company's main assets (Ozenmunaigas and Embamunaigas) is scheduled to reach 9,141million tonnes (184.32kbod), 3.8% lower than the previously forecast level. This is a result of lower oil prices making the maintenance of production levels at some wells uneconomical. The approved budget for 2009 allows KMG EP to maintain a satisfactory level of operations whilst also reflecting an appropriate strategy for the current economic climate. Contact information: EP KMG, Public Relations (+7 7172 97 7600) Mikhail Dorofeyev E-mail: pr@kmgep.kz EP KMG, Institutional Investor Relations (+7 7172 97 7971) Asel Kalieva E-mail: ir@kmgep.kz Pelham PR (+44 203 178 44 18) Elena Dobson E-mail: Elena.dobson@pelhampr.com Quotation end [2008-12-25]