11 Mar 2010 07:00
RNS Number : 4216I
JSC KazMunaiGas Exploration Prod
11 March 2010
PRESS RELEASE
KMG EP reserves update
Аstana, 11March 2010.JSC КаzМunaiGas Exploration Production (“КМG EP” or the “Company”) today announces results of the annual reserves audit, as at 31 December, 2009.
According to a report by the independent energy consulting firm Gaffney, Cline & Associates (“GCA”), proved plus probable (2P) reserves were 234,415 thousand tonnes (1,725 million barrels), covering KMG EP’s interests in Uzen and Emba fields. The reserves replacement ratio was 25% i.e. 2.2 million tonnes (16 million barrels) were added against production of nearly 9 million tonnes (66 million barrels). The reserves replacement ratio over the last three years was 212% i.e. 59 million tonnes (436 million barrels) were added against production of 28 million tonnes (206 million barrels). The reserves-to-production ratio at the end of 2009 was 26 years.
Proved oil reserves (1P) are 87,874 thousand tonnes (646 million barrels). Proved, probable and possible (3P) reserves stand at 270,468 thousand tonnes (1,989 million barrels).
The Results of Assessment of Oil Reserves and Resources as at 31 December, 2009
| | | 1P | 2P | 3P |
| Reserves as at 31/12/2008 | th. tonnes | 95,545 | 241,180 | 281,583 |
| Production | th. tonnes | 8,978 | 8,978 | 8,978 |
| Adjustment | th. tonnes | 1,307 | 2,213 | (2,137) |
| Reserves as at 31/12/2009 | th. tonnes | 87,874 | 234,415 | 270,468 |
| | | 1P | 2P | 3P |
| Reserves as at 31/12/2008 | mln barrels | 703 | 1,775 | 2,071 |
| Production | mln barrels | 66 | 66 | 66 |
| Adjustment | mln barrels | 10 | 16 | (16) |
| Reserves as at 31/12/2009 | mln barrels | 646 | 1,725 | 1,989 |
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 total volume of proved and probable reserves (2P) as at the end of 2008, including the share of reserves from Kazgermunai and CCEL, were over 2.1 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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