10 Nov 2009 07:00
PRESS RELEASE
Result of an Extraordinary General Meeting of shareholders of
KazMunaiGas Exploration Production JSC
Astana, November 10, 2009. KazMunaiGas Exploration Production JSC ("KMG EP" or the "Company") announced that, at the Extraordinary General Meeting ("EGM") held today, independent shareholders approved the acquisition of a 100% stake in KazMunaiGaz PKI Finance B.V., which in turn owns 33% stake in PetroKazakhstan Inc., from a subsidiary of the National Company KazMunayGas ("NC KMG") Coöperatieve KazMunaiGaz PKI U.A.
The decision was approved by a majority vote of independent minority shareholders who participated in the EGM. As a related party and the owner and the seller of this asset, NC KMG did not vote. The closing of the transaction is anticipated within a few weeks after the meeting of further required conditions including certain regulatory approvals.
***
NOTES TO EDITORS
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2008 was 11.95mmt (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.
PetroKazakhstan Inc. ("PetroKazakhstan") is a vertically integrated energy group which is involved in exploration, development and production of hydrocarbons as well as sales of oil and oil products. PetroKazakhstan also has stakes in 16 oil fields, 11 of which are at different stages of development. In 2008 it produced 6.39mmt (136kbpod). The second shareholder of PetroKazakhstan is CNPC Exploration and Development Company Ltd. (CNPC E&D) which owns 67% of the company.
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.