5 Mar 2010 13:33
Update on the situation at Ozenmunaigas
Astana, 05 March 2010. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company"), reports a violation of work discipline and a disruption of operational activities at its Ozenmunaigas production unit ("OMG").
The management of KMG EP is taking measures to stabilise the situation at OMG and resolving the issues as quickly as possible within their competency and the law. The management considers the unauthorised leave from work as an illegal strike.
At this stage the Company deems it prudent to report that the resulting losses in production at OMG are currently estimated to be within 1% of KMG EP's consolidated output. The extent of the impact on the Company's annual production ultimately depends on how promptly the situation is resolved and production is restored to the planned level. The full impact will be evaluated at a later date.
Please refer to the Company's website for further details.
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" rate.
For further details please contact us at:
«KMG EP». Public Relations (+7 7172 97 7600) Daulet ZhumadilE-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
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