10 Mar 2010 14:19
Update on the situation at Ozenmunaigas
Astana, 10 March 2010. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company") reports that the industrial action, begun 1 March at the "Ozenmunaigaz" (OMG) production unit in the city of Zhanaozen (Mangistau region), continues.
Today the Court of Zhanaozen declared the strike illegal. The action participants were informed about this decision.
Despite ongoing industrial action the oil production at "Ozenmunaigaz" continues; engineering and technical personnel that provide continuous output are working.
As provisionally estimated on 10 March 2010, the loss of daily production at OMG has reached 700 tonnes per day compared to estimated losses of 200-400 tonnes per day in the earlier days of the industrial action. The impact on the Company's full year production will depend on how quickly the production at OMG is stabilized.
KMG EP's management continues its efforts to build a constructive dialogue with the protesters and bring the situation back to normal. Some strikers have already returned to work.
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, as at the end of 2008, was 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 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" rating.
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
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