31 Mar 2010 07:39
PRESS RELEASE
Meeting of the Board of Directors of KMG EP
Astana, 31 March 2010. The meeting of JSC KazMunaiGas Exploration Production ("The Company", "KMG EP ") Board of Directors ("BoD") took place yesterday. It was the first meeting since the new Board was elected at the Annual General Meeting of Shareholders ("AGM") on 26 March 2010.
At the meeting Askar Balzhanov, Managing Director of JSC National Company KazMunaiGaz (NC KMG) on Exploration and Production was elected Chairman of the Board of Directors of KMG EP. In addition, the Board appointed Kiykbay Eshmanov a member of the Management Board, who replaced Bagitkali Biseken as the Director of Uzenmunaigaz ("UMG") production unit. The Committees of the Board were also formed.
The Board of Directors of KMG EP has considered a range of commercial issues, staffing and organizational matters. The Board has also discussed all the issues within its jurisdiction that were brought forth by the Reconciliation Committee established to negotiate with the participants of the strike that took place at UMG from 1 March to 18 March 2010.
Deputy Head of the Mangistau administration, Amankeldy Aitkulov and Co-Chairman of the Reconciliation Committee, Head of the Zhondeu LLP Trade Union, Iklas Shangreev attended the meeting of the Board of Directors. The Board heard the details on the issues, raised by the Reconciliation Committee, and instructed the Company management accordingly.
In particular, the Board members considered the protesters' demand for the resignation of the CEO of KMG EP, Kenzhebek Ibrashev. The Board, however, decided he should remain in office.
In view of the results of the exploration activities, the Board agreed to amendments to the Company's Exploration Program for 2010, within the approved budget. The Company will continue evaluating subsalt prospects, but the updated program for this year will not include drilling of a subsalt well on Liman block. Additional post-salt wells will be drilled on blocks R9 and Liman. The new program also includes purchasing equipment and conducting necessary research.
Notes to Editors
Members of the Board of Directors of KMG EP:
Askar Balzhanov, Managing Director on Exploration and Production of NC KMG
Tolegen Bozzhanov, Managing Director for Corporate Center of NC KMG
Yerzhan Zhangaulov, General Manager on Legal Support of NC KMG
Kenzhebek Ibrashev, General Director, Chairman of the Management Board of KMG EP
Assiya Syrgabekova, Finance Director of NC KMG
Paul Manduca, Independent Director of the Company
Edward Walshe, Independent Director of the Company
Members of the Management Board of KMG EP:
Kenzhebek Ibrashev, General Director, Chairman of the Management Board of the Company
Askar Aubakirov - Deputy General Director for Assets Management and Corporate Development
Zhanneta Bekezhanova - Chief Financial Officer
Vladimir Miroshnikov - Deputy General Director for Production
Isturgan Baimukhanov - Director of Embamunaigas production unit
Kiykbai Eshmanov - Director of Ozenmunaigas Production unit.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company's share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234mmt (1.7bn barrels); while including the share of reserves from associates and joint ventures, preliminary about 2.2 bn barrels. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating and assigned the Company "GAMMA-6" level.
For further details please contact us at:
«KMG EP». Public Relations (+7 7172 97 7600)Daulet ZhumadilE-mail: pr@kmgep.kz
«KMG EP». Investor Relations (+7 7172 97 5433) Asel Kaliyeva E-mail: ir@kmgep.kz
Pelham PR (+44207 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.