29 May 2009 07:30
PRESS - RELEASE
Announcement on the results of the AGM and the Board of Directors meeting of
KMG EP
Аstana, 29 May 2009. JSC KazMunaiGas EP ("KMG EP" or "The Company") held an annual general meeting of shareholders and a meeting of the Board of Directors.
The shareholders approved the Financial Statements and the Annual Report for 2008. They also approved the dividend amount per one share (both ordinary and preferred) to be KZT656 (including amount of withholding tax payable according to the legislation of the Republic of Kazakhstan), in line with the recommendation of the Board. The total 2008 dividends payment will be approximately KZT48bn (USD$321m1).
Dividend payments for 2008 will be made to the shareholders as per share register on June 8, 2009 and will commence on July 13, 2009.
The Board of Directors has accepted resignation of CEO of KMG EP Mr.Askar Balzhanov. The Board has appointed Mr.Kenzhebek Ibrashev as the new head of the Company effective from June 1, 2009.
The Board of Directors has expressed its gratitude to Mr. Askar Balzhanov for his contribution as the CEO to building a strong foundation for the dynamic growth and development of the Company.
NOTES TO EDITORS
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2008 was 9.4mmt (an average of 240kbopd) of crude oil, including the Company's share in Kazgermunai and CCEL. The total volume of proved and probable reserves, as at the end of 2008, is 241mmt (1.8bn bbl), excluding the relevant proportion of reserves at Kazgermunai and CCEL; including the share of reserves from Kazgermunai and CCEL the 2P reserves are over 2.1 bn barrels. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately US$2bn in its IPO in September 2006.
Askar Balzhanov was appointed CEO of the Company on June 7, 2006 and elected to the Board of Directors on June 12, 2006. Prior to this, he was CEO of JSC KazMunayTeniz, a subsidiary of NC (JSC) KMG specialising in offshore oil and gas operations. After graduating from the Moscow Institute of Petrochemical and Gas Industry, A. Balzhanov has gained broad experience in the oil and gas field working in various positions in a range of hydrocarbon enterprises, including Embaneft PB, KazakhstanNefteGas SE, KazakhstanMunaiGas SE, KazRosGas, and NC KMG.
Kenzhebek Ibrashev prior to becoming the CEO of KMG EP held the position of Vice President of NC KMG on exploration and production, and since October 30, 2007 has been a member of the KMG EP Board of Directors. Mr Ibrashev graduated from the Moscow Institute of Petrochemical and Gas Industry. He has gained broad experience working in a number of senior positions in the oil and gas industry. Mr Ibrashev worked as Director for business development at Agip Kazakhstan North Caspian Operating NV from 2003 to 2005. He was First Deputy CEO, and CEO of KazMunayTeniz in 2005-2007.
For further details please contact us at:
«KMG EP». Public Relations (+7 7172 97 7600)
Daulet Zhumadil
E-mail: pr@kmgep.kz
«KMG EP». Investor Relations (+7 7172 97 5433)
Asel Kaliyeva
E-mail: ir@kmgep.kz
Pelham PR (+44 207 337 15 17)
Elena Dobson
E-mail: Elena.dobson@pelhampr.com
Forward-looking statements
This document includes statements that are. or may be deemed to be. ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology. including. but not limited to. the terms ''believes''. ''estimates''. ''anticipates''. ''expects''. ''intends''. ''may''. ''target''. ''will''. or ''should'' or. in each case. their negative or other variations or comparable terminology. or by discussions of strategy. plans. objectives. goals. future events or intentions. These forward-looking statements include all matters that are not historical facts. They include. but are not limited to. statements regarding the Company's intentions. beliefs and statements of current expectations concerning. amongst other things. the Company's results of operations. financial condition. liquidity. prospects. growth. potential acquisitions. strategies and as to the industries in which the Company operates. By their nature. forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations. financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in. or suggested by. the forward-looking statements contained in this document. The Company does not intend. and does not assume any obligation. to update or revise any forward-looking statements or industry information set out in this document. whether as a result of new information. future events or otherwise. The Company does not make any representation. warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
1 Convenience translation from Tenge at 150 KZT /US$