On January 23 SIEC of Almaty attached the right of SHAKHARMUNAIGAS OJSC for exploring and production of hydrocarbon raw stuff at Kultuk field

/IRBIS, January 27, 03/ - On January 25 in the newspaper "Kazakhstanskaya pravda" there was published announcement of SHAKHARMUNAIGAS OJSC (Almaty), in which the company informed that: (beginning of quotation) On January 23 of 2003 by the decision of specialized inter-district economic court of Almaty city there was attached the right for depth usage, which had belonged to SHAKHARMUNAIGAS OJSC, for exploring and producing of hydrocarbon raw stuff at the oil field Kultuk, which was situated within blocks XXXI-14C (partially) and XXXI-15-A (partially) in Baineu region of Mangistau oblast, on which Kazkommertsbank OJSC announced trades, which are to be held on January 29 of 2003 (see the newspaper "Kazakhstanskaya pravda" #17-18 dated January 18 of 2003). (end of quotation) On January 18 of 2003 in the newspaper "Kazakhstanskaya pravda" there was published announcement of empowered person of KAZKOMMERTSBANK OJSC (Almaty) -Price-Express LLP (Almaty) - about conducting on January 29 of 2003 of trades on selling mortgaging property, which are the mentioned rights of depth usage. Starting price is KZT491,151,000. According to Terms of the 1st issue of inscribed coupon bonds (with securing) of Open joint-stock company SHAKHARMUNAIGAS (Terms), which's issue has been has 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 they right of depth usage in the Republic of Kazakhstan dated December 8, 97, contract for exploring and producing at the oil field Kultuk with they State investments committee of Kazakhstan dated June 24 of 1998) act as means of the mentioned bonds issue securing. Confirmation of means of bonds issue's securing is made by property right for Kultuk field, which was estimated by SCR of Kazakhstan at 108,850,000 US dollars (# conclusions 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. According to the Terms in case of non-fulfillment by SHAKHARMUNAIGAS OJSC of its obligations before bondholders (default), the issuer's founder - Munaigas OJSC, which has made agreement with SHAKHARMUNAIGAS OJSC about guaranteeing, assumes responsibility. At present bonds of SHAKHARMUNAIGAS OJSC of 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. The bonds may be purchased at the expense of assets of Kazakhstan accumulative pension funds. [2003-01-27]