Kazmunaigaz Exploration Regulatory News (KMG)

1 Nov 2007 08:32

JSC KazMunaiGas Exploration Prod01 November 2007 On the results of the extraordinary meeting of shareholders of KazMunaiGas Exploration Production JSC Astana, November 1, 2007, On October 30, 2007 an extraordinary general meetingof shareholders (EGM) of KazMunaiGas Exploration Production JSC ("KMG EP", "theCompany") was held and updated corporate documents of the Company were approved.The new membership structure of the Board of Directors and of the CountingCommittee were also approved. In line with the recent legislative changes, which ensure the protection ofminority investors' rights in the Republic of Kazakhstan, the updated Charter,the Code on Corporate Governance ("the Code") and the By-laws of the Board ofDirectors of the Company ("the By-laws") have been approved by the EGM. OnSeptember 12, 2007 the updated drafts of the corporate documents were endorsedby the Board of Directors of the Company and recommended for approval at thegeneral meeting of shareholders of KMG EP. With the standing down of E. Ogai, it was agreed at the EGM that KenzhebekIbrashev, Vice-President of National Company KazMunaiGas, be elected as a newmember of the Board of Directors of the Company. A new membership structure of the Counting Committee has also been approved atthe extraordinary meeting of shareholders of KMG EP. - ENDS - Notes to Editors KMG EP is the 3rd largest Kazakh oil and gas producing company with over 9.5 mmt(192 kbopd) of crude production in 2006 and 203.2 mmt (1.5 billion bbl) ofproved and probable reserves at the end of 2006. The Company's shares are listedon Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange.The Company raised over US$2 billion in its IPO in September of 2006. K. Ibrashev graduated from Moscow Institute of Petrochemical and Gas Industry,specializing in drilling of oil and gas wells. He has great experience in thepetroleum industry, including various executive positions. Between 2007 and 2007K. Ibrashev has been working as General Director in Offshore Oil CompanyKazMunayTeniz, since 2005 to 2006 as First Deputy General Director in OffshoreOil Company KazMunayTeniz, and as Director Business Development in the Republicof Kazakhstan in Agip Kazakhstan North Caspian Operating NV from 2003 to 2005.He has been awarded the order of KURMET for his personal contribution toimplementation of phase 1 on North Caspian by the Decree of the President of theRepublic of Kazakhstan. He has other awards for his contribution to the benefitof the petroleum industry of Kazakhstan. For further details please contact us at: KMG EP, Public Relations (+7 7172 977 908, +7 7172 977 924) Lyazzat Kokkozova E-mail: pr@kmgep.kz KMG EP, Investor Relations (+7 7172 975433) Alexander Gladyshev E-mail: ir@kmgep.kz WMC Communications Ltd (+44 207 930 9030) Elena Dobson E-mail: Elena.dobson@wmccommunications.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 identifiedby the use of forward-looking terminology, including, but not limited to, theterms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative orother variations or comparable terminology, or by discussions of strategy,plans, objectives, goals, future events or intentions. These forward-lookingstatements include all matters that are not historical facts. They include, butare not limited to, statements regarding the Company's intentions, beliefs andstatements of current expectations concerning, amongst other things, theCompany's results of operations, financial condition, liquidity, prospects,growth, potential acquisitions, strategies and as to the industries in which theCompany operates. By their nature, forward-looking statements involve risk anduncertainty because they relate to future events and circumstances that may ormay not occur. Forward-looking statements are not guarantees of futureperformance and the actual results of the Company's operations, financialcondition and liquidity and the development of the country and the industries inwhich the Company operates may differ materially from those described in, orsuggested by, the forward-looking statements contained in this document. TheCompany does not intend, and does not assume any obligation, to update or reviseany forward-looking statements or industry information set out in this document,whether as a result of new information, future events or otherwise. The Companydoes not make any representation, warranty or prediction that the resultsanticipated by such forward-looking statements will be achieved. This information is provided by RNS The company news service from the London Stock Exchange