Trades on depth usage rights at Kultuk and Imashevskoye fields (SHAKHARMUNAIGAS OJSC), which were interrupted by the court, are renewed

/KASE, January 20, 03/ - On January 18 of 2003 there were published announcements of empowered person of KAZKOMMERTSBANK OJSC (Almaty) -Price-Express LLP (Almaty) in the paper "Kazakhstanskaya pravda" - about conducting of two trades on selling the pawn property, which are: - rights of depth usage for making of exploration and production of hydrocarbon mineral stuff at the field Kultuk, whichi s situated partially at the blocks XXXI-14-C and XXXI-15-A on the territory of Beineuskiy region of Mangistau oblast of Kazakhstan (starting price - KZT491,151,000); - rights of depth usage for making of exploration and production of hydrocarbon mineral stuff at the field Imashevskoye, which is situated within the block XXVII-5-D on the territory of Atyrau oblast of Kazakhstan (starting price - KZT1,978,386,989). It is planned to conduct both trades on January 29 of 2003 at 3:00 p.m. of local time by the address: Astana, Abay ave., 66 by English auction method. There was an attempt to conduct these trades already. However, as follows from publication in "Kazakhstanskaya pravda" dated October 19 of 2002, specialized inter-regional economic Court of Almaty city on October 11 of 2002 satisfied statement of SHAKHARMUNAIGAS OJSC (Almaty) about provision of suit of Munaigas OJSC (Almaty) to KAZKOMMERTSBANK OJSC about recognizing of actions of the latter on organization of trades as illegal. According to the paper's publication, by the Court's determination the trades were interrupted, and exploration and production of hydrocarbon raw stuff at a number of areas of the field Kultuk and Imashevskoye, which belong to Munaigas OJSC according to property right, by anyone, have been attached. Now the mentioned trades have been renewed in accordance with pronouncing of judgments by Almaty city Court dated January 15 of 2003 about refusal of suits of SHAKHARMUNAIGAS OJSC and Munaigas OJSC, as follows from announcements of Price-Express LLP, which was published in "Kazakhstanskaya pravda" on January 18 of 2003. According to Terms of the 1st issue of inscribed coupon bonds (with securing) of Open joint-stock company SHAKHARMUNAIGAS (Terms), which's issue was registered by the National securities commission of Kazakhstan on December 8 of 2000, property rights of SHAKHARMUNAIGAS OJSC for oil field Kultuk (license of the series MG #1006 (oil) for the right to use depth in Kazakhstan dated December 8 of 1997, contract for conducting of exploration and production at the oil field "Kultuk" with the State investments Committee of Kazakhstan dated June 24 of 1998) act as means of securing of these bonds issue. Confirmation of bonds securing means is made by property right for the field "Kultuk", which was estimated at USD108,850,000 (# conclusion 17-Р-588 dated August 4, 00). This property right, according to the documents, which Kazakhstan stock exchange (KASE) possesses, was given by Munaigas OJSC to its daughter company - SHAKHARMUNAIGAS OJSC. In accordance with the terms in case of non-fulfillment by SHAKHARMUNAIGAS OJSC of its obligations for bondholders (default) the issuer's founder - Munaigas OJSC, which has made agreement with SHAKHARMUNAIGAS OJSC about provision with guarantee, will assume responsibility. At present bonds of SHAKHARMUNAIGAS OJSC pf the first issue (KZ75KASICA50; KASE's official "А" listing category, SMGZb1; $100; $30 m; January 18, 01 - January 18, 06; annual coupon 13.0% APR) are traded at KASE. Binds may be purchased at the expense of assets of Kazakhstan accumulative pension funds. [2003-01-20]