9 Oct 2008 07:35
Press Release
JSC KazMunaiGas Exploration Production held a Meeting of the Board of Directors
Almaty, 9 October 2008. JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") held a meeting of the Board of Directors today at which the new Chairman of the Board of Directors was elected and certain changes in the Management Board were approved.
Mr. K.Kabyldin, President of JSC National Company KazMunayGas ("NC KMG") was elected as the Chairman of the Board of Directors of KMG EP.
Following management changes at "Ozenmunaigas", KMG EP's production division, Mr. M. Kurbanbayev has stepped down as a member of the Management Board. He is replaced by Mr. K.Eleusinov, Director of "Ozenmunaigas", who has been appointed as a new member to the Management Board.
The Board also reviewed the preliminary results of financial and operating activities for the first 9 months of 2008. According to the preliminary data, the Company has produced 8 908 thousand tonnes of crude oil (238.71 thousand barrels per day), broadly in line with the annual production plan. This includes production of 1 166 thousand tonnes (32.43 thousand barrels per day) from the Kazgermunai fields and 672 thousand tonnes (16.39 thousand barrels per day) from Karazhanbasmunai.
The Board approved certain proposed changes to the Company's Charter to be put on the agenda of the next extraordinary General Shareholders Meeting on the 9th of December, 2008, and reviewed other issues.
Notes to Editors
Mr. Kabyldin graduated from the Kazakhstan Polytechnical Institute specializing in Systems Engineering. Since August 2008 he has been the President of JSC NC KazMunayGas. From September 2007 until August 2008 he worked as Deputy Chairman of JSC National Holding "Samruk". From July 2007 until September 2007 Mr.Kabyldin worked there as a Vice-PresidentPrior to that, from April 2003 until July 2007 he was the Managing Director for Transport and Services Infrastructure at NC KMG. His services to the Oil and Gas industry of Kazakhstan have been noted by the State. Mr. Eleusinov graduated from Gubkin Moscow University of Oil and Gas, oil faculty. From September 2008 he was the Director of "Ozenmunaigas", and prior to that worked as an Acting Director. From July 2007 he was an Acting Production Deputy Director and later on - Production Deputy Director of "Embamunaigas". From January 2007 he worked as Head of "Zhaikmunaigas" oil-and-gas production department of "Embamunaygas". From 2002 until 2007 Mr. Eleusinov worked as a Head of oilandgas production at "Ozenmunaigas".
Board of Directors
Kairgeldy Kabyldin - President of NC KMG
Tolegen Bozzhanov - Vice President of NC KMG
Erzhan Zhangaulov - Managing Director of NC KMG
Kenzhebek Ibrashev - Vice President of NC KMG
Christopher Mackenzie - Independent Non-Executive Director
Paul Manduca - Independent Non-Executive Director of KMG EP
Edward Walshe - Independent Non-Executive Director of KMG EP
Askar Balzhanov - CEO of KMG EP
Management Board of KMG EP
Askar Balzhanov - CEO of JSC KMG EP
Vladimir Miroshnikov - First Deputy General Director
Zhanneta Bekezhanova - Chief Financial Officer
Kairolla Erezhepov - Managing Director on Personnel and Social Policy
Bagitkali Biseken- Director of Embamunaigas
Kairbek Eleusinov - Director of Ozenmunaigas
KMG EP is one of top three oil producers in Kazakhstan with over 10.6 mmt (215 kbopd) of crude oil production in 2007 including shares in production of Kazgermunai and CCEL, and 240 mmt (1.8bn bbl) of proved and probable reserves at the end of 2007 (over 2 bn bbl including interests in Kazgermunai and CCEL). The Company's shares are listed on the Kazakh Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US$2bn as a result of its IPO in September of 2006.
For additional information please contact: KMG EP Public Relations (+7 7172 977600, +7 7172 977908) Mr Mikhail Dorofeyev e-mail: pr@kmgep.kzInvestor Relations (+7 7172 97 7971)
Ms Asel Kalieva
e-mail: ir@kmgep.kz Pelham PR (+44 203 178 44 18) Mrs Elena Dobson e-mail: Elena.dobson@pelhampr.comForward-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.