SHAKHARMUNAIGAZ OJSC (Kazakhstan) informed at KASE about progress of work on Kultuk field and actions of its bonds guarantor - Munaigaz OJSC

/KASE, June 25, 02/ -On Monday SHAKHARMUNAIGAZ OJSC (Almaty), which bonds are traded at Kazakhstan stock exchange under the official securities list of "A" category, in response to stock exchange inquiry informed KASE in official letter about progress of work on the hydrocarbon raw materials field Kultuk and some aspects of its guarantor's activity - Munaigaz OJSC (Almaty). In particular, it is informed that currently on Kultuk field (Beyneuskiy rayon Mangystau oblast) the work is conducted in accordance with Recourses Usage Work program in 2002, which agrees Zapkaznedra Technical Conditions dated November 19, 2001. Bureaucratic procedures on making a contract with Kaznefterazrabotka LLP on reconstruction of the road to the 5th well and construction of fill ground are coming to the end. In parallel there is executed a mobilizing of boring rig A-50 and all necessary equipment for reconstruction of the 5th well and subsequent transfer to the 3rd well. During the forth quarter a pilot exploitation of the mentioned above wells is planned. Also it is announced that Munaigaz OJSC - debt guarantor of SHAKHARMUNAIGAZ OJSC - at present in cooperation with KAZKOMMERTSBANK OJSC is finishing conduction of a tender on choosing of a contractor for holding a 3-dimensional seismics on the territory of Imashev field. Estimated costs are $2.5-3.0. Beginning of the work is planned to be in the third quarter of 2002, ending - in the forth quarter of 2002. SHAKHARMUNAIGAZ OJSC management assured KASE that more specific report about underway and already done work will be provided later. We'll remind that the first issue of SHAKHARMUNAIGAZ OJSC bonds (KZ75KASICA50; KASE trade code - SMGZb1; January 18, 01 - January 18, 06; $30.0m; $100; annual coupon at 13.0% APR) was authorized on December 18, 2000. Bonds were issued by the company with the aim of money borrowing for financing a project on Kultuk field development. The role of a security played SHAKHARMUNAIGAZ OJSC property rights for Kultuk field. In case of inability to pay debt on issued bonds the founder of SHAKHARMUNAIGAZ OJSC - Munaigaz OJSC will take a responsibility. Munaigaz OJSC gave a corresponding guarantee to SHAKHARMUNAIGAZ OJSC (guarantee letter of Munaigaz OJSC dated November 1111, 2000). At present, KASE has information that as of December 18, 2001 (Date of register fixation for the first coupon payment) 20% of the authorized issue volume had been floated. At that by the issuer's information that majority of holders as of the mentioned date were Kazakhstan accumulative pension funds (46.70%), Pension assets management companies (17.0% against their own accounts) and broker dealer companies (35.33%). Approximately 1% of bonds were offered to investors of other categories. [2002-06-25]