31 Mar 2010 12:39
PRESS- RELEASE
This Press release replaces the previous press release, removed two sentences in the third and fourth paragraphs in the announcement released on 31 March 2010.
JSC KazMunaiGas Exploration Production Board of Directors recommends a dividend for the year 2009 and calls the Annual General Meeting of Shareholders
Astana, 31 March 2010. The Board of Directors ("BoD") of JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") has approved the date and the agenda for the Annual General Meeting of Shareholders ("AGM"). The AGM will take place on 25 May 2009 in Astana.
In addition, the Board of Directors of KMG EP has approved the annual consolidated financial statements and the Company's Annual Report for 2009, which will be submitted for consideration at the AGM. The agenda of the AGM also includes: the net income allocation for the year 2009 and the dividend per ordinary and preferred share of the Company, evaluation of the work of the Board of Directors of KMG EP in 2009, changes and additions to the Company's Charter, and the nomination of a candidate to the Board of Directors of KMG EP for the election as an independent director.
The Board of Directors has recommended a dividend payment per one ordinary and one preferred share of KMG EP for 2009 to be 704 Tenge (including taxes to be withheld in accordance with the legislation of Kazakhstan). This will be voted upon at the AGM. The total dividend for 2009 will be about 50.9 billion tenge (approx. US$ 346.4 million)1.
Should the AGM approve the recommended rate, the payment of the annual dividend for 2009 will be made to shareholders of the Company on record as at June 7, 2010.
Notes to Editors
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 Zhumadil
E-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.
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