Court has interrupted the announced trades on rights sale for depth usage for making of exploration and production of oil and gas at Kultuk and Imashevskoye fields

/KASE, October 21, 02/ - On September 19 of 2002 in the newspaper "Kazakhstanskaya pravda" #202 (23815) there was published announcement of the person empowered to act for KAZKOMMETSBANK OJSC (Almaty) - Price-Express LLP (Almaty) - about trades conducting on the sale of pawn property, which is rights of depth usage for conducting of exploration and production of hydrocarbon raw stuff at Kultuk field, which is partially situated at the blocks XXXI-14-C and XXXI-15-A on the territory of Beineuskiy region of Mangistau oblast of Kazakhstan. On October 19 of 2002 in the newspaper "Kazakhstanskaya pravda" #224 (23873) there was published announcement, in which it was informed that on October 11 of 2002 the Specialized interregional economic court of Almaty city satisfied application of SHAKHARMUNAIGAS OJSC (Almaty) about giving of the suit of Munaigas OJSC (Almaty) towards KAZKOMMERTSBANK OJSC about recognizing of actions of the latter as illegal. According to the paper the court's determination interrupts the mentioned above trades, and also attaches exploration and production of hydrocarbon raw stuff by anyone at a number of fields of Kultuk field, which, according to property right, belong to Munaigas OJSC. The court's decision was carried out since its admittance i.e. immediately. According to Terms of the first issue of inscribed coupon bonds (secured) of Open joint-stock company "SHAKHARMUNAIGAS" (Terms), which's issue had been registered by the National securities commission of Kazakhstan on December 8 of 2000, property rights of SHAKHARMUNAIGAS OJSC for oil field Kultuk (license MG #1006 (oil) for the right of depth usage in the Republic of Kazakhstan dated December 8 of 97, contract for conducting of exploration and oil production at Kultuk field with the State committee of the Republic of Kazakhstan on investments dated June 24 of 1998) are the means of security of bonds issue of the first issue. Confirmation of security means for bonds issue is made by the property right for Kultuk field, which is estimated at USD108,850,000 (# conclusions 17-Р-588 dated August 4, 00). This is the property right, according to documents which Kazakhstan stock exchange (KASE) possesses, was given by Munaigas OJSC to its subsidiary company - SHAKHARMUNAIGAS OJSC. IN accordance with the Terms, in case of non-fulfillment by SHAKHARMUNAIGAS OJSC of its obligations before bondholders (default) the issuer's founder - Munaigas OJSC, which had made agreement about giving of the guarantee, assumes responsibility. Besides interruption of the trades on sale of the right for depth usage for conducting of exploration and production of hydrocarbon raw stuff at Kultuk field the mentioned court on October 11 of 2002 satisfied application of Munaigas OJSC about ensuring of the suit of Munaigas OJSC towards KAZKOMMERTSBANK OJSC, according to which the bank's actions in announcing of other trades on pawn property sale were recognized as illegal. Announcement about this was also published on October 19 of 2002 in the newspaper "Kazakhstanskaya pravda" #224 (23873). Here it's a matter of sale through empowered person (Price-Express LLP) of the right for depth usage for conducting of exploration and production of hydrocarbon raw stuff at Imashevskoye field, which is situated in the area of the blocks XXVII-5-D on the territory of Atyrau oblast of Kazakhstan. According to the publication, the court's decision interrupts these trades, which had been announced by the empowered person of KAZKOMMERTSBANK OJSC on September 19 of 2002 in " Kazakhstanskaya pravda " #202 (23815), and attaches conducting of exploration and production of hydrocarbon raw stuff at a number of areas of Imashevskoye field, which, according to property right, belong to Munaigas OJSC. At present bonds of the first issue of SHAKHARMUNAIGAS OJSC (KZ75KASICA50; KASE official "А" listing category, SMGZb1; $100; $30m; January 18, 01 - January 18, 06; annual coupon 13.0% APR) are traded at KASE. The bonds may be purchased at the expense of Kazakhstan accumulative pension funds' assets. On July 16 of 2002 Department of securities market regulation of the National Bank of Kazakhstan approved report about results of issue and floatation of bonds of SHAKHARMUNAIGAS OJSC of the first issue with total face value of USD5,305,700. On August 7 of 2002 KASE's Council, in accordance with the fact that SHAKHARMINAIGAS OJSC did not conform to listing requirements of "А" category (concerning the volume of goods sale on the primary activity during the last year) there was made decision to transfer bonds of that issuer from "А" category to "В" of KASE's official list with six-month delay (till February 7 of 2003) till this decision takes effect. At this, in accordance with subparagraph 1) of the paragraph 2 of the article 19 of KASE listing rules SHAKHARMUNAIGAS OJSC has been given similar term for bringing itself to conformity with listing requirements of "А" category. [2002-10-21]