Razvedka Dobychya KazMunayGas JSC to sell 50% stake in JV Matin

/PANORAMA, Almaty, Yelena Butyrina, March 18, 05/ - Razvedka Dobychya KazMunayGas JSC, daughter structure of the national holding KazMunayGas, has announced about its intention to sell by English trade method its 50% stake in JV Matin LLP (Atyrau region), in which the second shareholder is a Turkish-American investment-service company Matoil S.A. In accordance with it Razvedka Dobychya KazMunayGas JSC will hold trades for determining market price of the half of its stake in this venture taking into account the right of priority purchasing by the state or the second participant of the project. In company's opinion, the guarantee fee for trade participants is KZT58 m. 684.5 th., starting sale price - KZT1 bn. 173 m. 690 th., step of price growth - KZT32 m. 602.5 th. The agreement on stake purchase is to be made between the winner of trades and Razvedka Dobychya KazMunayGas JSC within five bank days after the latter one notifies about refusal of the state or the other participant of JV Matin concerning the right of priority purchasing the stake. JV Matin was founded in March of 1997 on a par of Embamunaygas JSC (now a branch of Razvedka Dobychya KazMunayGas) and Matoil S.A. Total license area of Matin oil field is 10.84 square kilometers. Oil-bearing structures existing here have been determined on the basis of seismic researches. First oil on the field was found in 1984. Until year 1991 drilling of exploratory and line holes was made on the field, and afterwards its development began. KazMunayGas sells its stakes in some JV in order to get rid of small projects, which give an insignificant oil output, and in order to concentrate in the future development of Caspian projects. In the end of last year the national company sold at an auction a 69% stake in KazMunayGas-Telf LLP (Atyrau region) to the second participant of this project - Eastview Investment Ltd, which before owned 31%. At the same time the national holding sold a 37.2% stake in Gyural LLP, which developed Severniy Baklaniy field (Atyrau region), to Batys Baylanys company (at the same time it bought in this project a 11.8% stake of Atyrau PR controlled by KazMunayGas). Already in the beginning of this year Nelson Resources Ltd. made the final agreement with the national company about purchase-sale of 50% иand 40% stakes relatively in Arman and Karakuduk fields (Mangistau region). [2005-03-19]