/KASE, August 26, 11/ - National Company KazMunayGaz (Astana), whose bonds are
officially listed at Kazakhstan Stock Exchange (KASE), has provided KASE with
the following press-release of August 25, 2011:
quote
On August 25, 2011 during Kazakhstan-South Korea business-forum NC KazMunayGaz,
KC Kazakh B.V. and KC Kazakh Panama S.A. signed an agreement on mobilization and
operation of a drilling rig.
The signed document's purpose is defining mutual rights and obligations of the
parties with regard to mobilization, proprietary rights and rights to operating
the drilling rig.
The start of preparation of this agreement was given by agreements between NC
KazMunayGaz (NC KMG) and Korean Consortium of Caspian Oil Project (Korean
Consortium) regarding implementation of the project Zhambyl. Besides, one of
terms February 24, 2011 Agreement on Principles regarding the Zhambyl project is
the liability of the Korean party to build and mobilize a drilling rig in the
Caspian sea.
In October 2008, NC KMG and Korean Consortium signed an agreement on principles
on constructing a drilling rig. The construction of the drilling rig has been
carried out since August 2010 at a DSME wharf in Romania; final assembly will be
completed in Kazakhstan by Ersai Caspian Contractor.
Construction of the drilling rig will create additional opportunities for
explorative drilling in shallow waters of Kazakhstan's sector of the Caspian
sea.
unquote
The full version of this press-release is available on KASE, at
http://www.kase.kz/files/emitters/KMGZ/kmgz_reliz_250811.pdf
[2011-08-26]