KazMunaiGas Exploration Production (Kazakhstan) announces results of audit of oil and gas deposits as on December 31, 2008

/KASE, February 24, 09/ - KazMunaiGas Exploration Production (Astana), shares of which are listed on Kazakhstan Stock Exchange (KASE), provided KASE with a press release: Quotation beginning JSC КаzМunaiGas Exploration Production ("КМG EP" or the "Company") today announces results of the annual audit of oil and gas reserves and resources, as at 31 December, 2008. According to the report by the independent energy consulting firm Gaffney, Cline & Associates ("GCA"), Proved plus Probable (2P) reserves were 241.180 million tonnes (1,775 million barrels), excluding KMG EP's interests in Kazgermunai and CCEL (Karazhanbasmunai). Taking into account the amount of oil produced during 2008, the 2P reserves increased by 10.7m tonnes (78m barrels). The Reserves Replacement Ratio (the ratio of the replacement of production with reserves during the year) was 113%. The Reserves-to-Production ratio at the end of 2008 was 25 years. Askar Balzhanov, the CEO of the Company, said: "We are pleased to be able to announce such positive results for the annual reserves and resources audit. The reserves increase shows rational exploitation of existing reserves. This has been achieved through the use of new technology and the skill and professionalism of our staff. KMG EP has demonstrated that it is clearly capable of maintaining stable production whilst replenishing its reserve". Proved Oil Reserves (1P) are 95.554 million tonnes (702.9 million barrels). Proved, Probable and Possible (3P) reserves stand at 281.583 million tonnes (2,071.1 million barrels). Results of evaluation of oil and gas reserves as on December 31, 2008 -------------------------------------------------------------------- Reserves Reserves December 12, Reserves December 31, 2007 Production replenishment 2008 ------------- ------------ ---------- ------------- ------------ 1P, m. tonnes 102.1 2.90 95.544 2P, m. tonnes 240.0 9.47 10.70 241.180 3P, m. tonnes 282.5 8.53 281.583 ------------- ------------ ---------- ------------- ------------ 1P, m. barr. 751.6 20.94 702.9 2P, m. barr. 1,767.1 69.7 77.74 1,775.2 3P, m. barr. 2,079.2 61.47 2,071.1 -------------------------------------------------------------------- Contact information: KMG EP, Public Relations (+7 7172 97 7600) Michael Dorofeyev E-mail: pr@kmgep.kz KMG EP, Investor Relations (+7 7172 97 5433) Asel Kaliyeva E-mail: ir@kmgep.kz Pelham PR (+44 203 178 44 18) Elena Dobson E-mail: Elena.dobson@pelhampr.com Quotation end [2009-02-24]