Results of subsidiaries of NOC Kazakhoil CJSC (Kazakhstan) in firsthalf of 2000

/KASE, Sep.19, 00/ - NOC Kazakhoil CJSC (Astana, official list of securities, category "A") provided the Kazakhstan stock exchange (KASE) with unconsolidated financial statements for the I half of 2000 (balance sheet, income and cash flow statements), as well as major indicators of its main subsidiaries for this period of time: Uzenmunaigas OJSC, Kazakhoil- Emba OJSC and Atyrauskii NPZ OJSC (Atyrau refinery). Based on the documentation, major indicators of NOC Kazakhoil CJSC and three of its companies look as follows (in mln KZT, unless otherwise specified): 6 months 6 months Change, % Indicator 2000* 1999 -------------------------------------------------------------------- NOC Kazakhoil CJSC -------------------------------------------------------------------- Sales income 3 674 917 +300,7 Production expenses 1 119 723 +54,8 Net income (loss) 2 045 156 +1 210,9 Average number of employees 305 241 +26,6 Payments made to the budget and off budgetary funds 2 404 249 +865,5 Accounts receivable 12 277 10 563 +16,2 Accounts payable 12 540 9 098 +37,8 including to the budget 3 577 3 593 -0,4 Capital investments 1 545 533 +189,9 -------------------------------------------------------------------- Uzenmunaigas OJSC -------------------------------------------------------------------- Production, th. tons 1 721 1 527 +12,7 Average price of 1 ton oil, KZT 14 438 5 928 +143,6 Production cost of 1 ton oil, KZT 5 038 2 220 +126,9 Sales 26 699 11 217 +138,0 Production expenses 20 073 10 017 +100,4 Net income (loss) 4 638 840 +452,1 Average number of employees 6 567 6 182 +6,2 Payments made to the budget and off budgetary funds 4 861 1 216 +299,8 Accounts receivable 1 703 2 256 -24,5 Accounts payable 4 691 3 040 +54,3 including to the budget 2 028 543 +273,5 Capital investments 2 640 386 +583,9 -------------------------------------------------------------------- Kazakhoil-Emba -------------------------------------------------------------------- Production, th. tons 1 121 1 130 -0,8 Average price of 1 ton oil, KZT 14 375 6 355 +126,2 Production cost of 1 ton oil, KZT 4 508 2 389 +88,7 Sales 15 233 7 773 +96,0 Production expenses 10 556 6 464 +63,3 Net income (loss) 4 496 188 +2 291,5 Average number of employees 6 142 6 219 -1,2 Payments made to the budget and off budgetary funds 4 406 1 619 +172,1 Accounts receivable 1 385 1 952 -29,0 Accounts payable 1 028 1 303 -21,1 including to the budget 322 774 -58,4 Capital investments 2 754 388 +609,8 -------------------------------------------------------------------- Atyrauskii NPZ -------------------------------------------------------------------- Processing volume, th. tons 1 104 699 +57,8 Sales 3 019 1 795 +68,2 Production expenses 2 163 2 174 -0,5 Net income (loss) 765 -379 - Average number of employees 1 687 1 679 +0,5 Payments made to the budget and off budgetary funds 2 044 434 +371,0 Accounts receivable 1 360 1 893 -28,2 Accounts payable 386 1 024 -62,3 including to the budget 343 2 190 -84,3 Capital investments 203 115 +76,5 -------------------------------------------------------------------- * - preliminary estimates. Coupon bonds of NOC KAZAKHOIL CJSC (KZ72LAG56A20, trade code - KZOLb) were entered into official list of the Exchange under category "A" on May 19, 2000. The issue is $25.0 mln, face value of the bond - $100, coupon rate is 9% APR, payment frequency is semiannual, circulation term is 2 years. Uzenmunaigas OJSC (the share of NOC KAZAKHOIL CJSC - 90%) - oil and gas production company that develops 2 oil and 6 gas sites, including major sites like Karamandybas and Uzen - the thrid largest hydrocarbon sites in Kazakhstan. As of January 1, 2000 total production reached 268 mln tons of oil from the beginning of development works, which makes 58% of initial extractable reserves. Residual geological and extractable reserves equal 789 and 198 mln tons, respectively. There are total of 5,537 wells. Daily oil production is 8,282 tons. Kazakhoil-Emba OJSC (the share of NOC KAZAKHOIL CJSC - 85%) - oil and gas production company founded in June of 1999 by merging 6 oil and gas companies, Jaikneft, Dossorneft, Makatneft, Kainarmunaigas, Kulsaryneft, Prorvaneft that develop 33 oil and gas sites. As of January 1, 2000 residual extractable oil reserves equaled 87.9 mln tons, that of gas - 29.9 bln cubic meters, dissolved gas - 5.4 bln cubic meters, condensate - 1.51 mln tons. Atyrauskii NPZ (Atyrau oil refinery) (the share of NOC KAZAKHOIL CJSC - 86%) is the oldest of three oil refineries of Kazakhstan. Production capacity of the plant is 5 mln tons of oil a year with 59% processing level. During the last 2 years the plant works 40% below its capacity. In 1999 it processed 1.9 mln tons of oil. On August 10, 2000 NOC KAZAKHOIL CJSC and Japanese Marubeni Corporation signed a framework agreement on reconstructing the plant with would cost $308 mln, excluding fees and taxes. In this year the government intends to include the matter on provision of the Japanese loans with its warranty into the budget 2001.