The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Checking the backgrounds of KMG board directors, we have found a discrepancy with this director. The KMG website states "15 years senior management roles in sovereign wealth funds, oil industry, and banking." We cannot find any evidence of any prior work in a SWF or any oil-related company. As for banking, there is some evidence of research-related work within a bank. We are concerned about possible liability so could KMG please clarify the situation?
KMG EP completes the sale of its interest in the LLP «Kazakhstan Petrochemical Industries Inc.» Astana, 19 April 2012. JSC KazMunaiGas Exploration Production («KMG EP» or «the Company») announces the closing of the transaction to sell a 51% stake in the LLP «Kazakhstan Petrochemical Industries Inc.» («KPI») that operates the construction of the first integrated petrochemical complex in Atyrau region to the LLP «United Chemical Company», which has managed the KMG EP's stake in the project since 2009. The deal was approved by the Board of Directors of KMG EP on 2 March 2012. The value of the transaction is 4.86bn tenge (USD 33.5m (based on the exchange rate on the day of payment). As investments were previously fully impaired , KMG EP will receive net gain of 4.86bn tenge as a result of this transaction. No tax consequences as initial investment was equal to the amount of sale. The sale of the stake in KPI is a part of the Company's Strategy 2020, which includes divestment of non-core assets, including those related to petrochemicals.
http://www.investegate.co.uk/Article.aspx?id=201204190910416550B
KMG EP reiterates that these requirements are unlawful and unreasonable, and will not be satisfied. The Company stresses that this protest is not a lawful strike. This is confirmed by the decision of the judiciary, and the employer has the right to dismiss the participants of such protests in accordance with the Labour Code for absence from work without good cause. Currently, for this reason, 310 employees of UMG have been made redundant. Some of those dismissed have filed a lawsuit asking for reinstatement. However the city court of Zhanaozen denied the claims to reinstate the workers at the former place of work and of paying for time absent from work, thereby confirming the legitimacy of KMG EP's actions. The Company is taking all necessary measures to restore the normal regime of operations at UMG. The workers are being addressed by the management, and the Company has organized alternative means of transporting work teams to the field. As a result of ongoing retraining the number of specialized technical units involved in the underground repair of wells has increased. KMG EP intends to return to the daily production at the level prior the beginning of the strike by the end of September 2011. This will depend on restoring the number of personnel as soon as possible at UMG either by encouraging workers to return to work or as a result of hiring in their place new employees from the region. The Company is currently considering applications submitted for work at UMG.
Update on the situation at Uzenmunaigas Astana, 13 July 2011.JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") provides the following update on thesituation regarding the illegal protest action which is taking place at the production facility Uzenmunaigas (UMG) in the city of Zhanaozen (Mangystau region). Currently, about 1225 UMG employees are abstaining from work. The number of working employees has diminished due to the fact that last Saturday, some employees of transportation units refused to go to work. They have formally addressed the Company's management and the city authorities of Zhanaozen requesting that the situation is dealt with: either by satisfying the demands of protesters, should they be valid, or by stopping the protest in accordance with the law. Concerns were also voiced over the safety of those who go to work, as well as their families. Some of the workers who refused to join the illeagal strike said to have received anonymous threats. Following court decisions, law enforcement agencies have taken the necessary measures to restore order. Despite this, the protestors gathered in the main city square where an illegal rally took place, and continued to make demands for higher wages and reinstatement of all dismissed for absenteeism.
http://investegate.co.uk/Article.aspx?id=201107131039383118K
KMG EP announces operating results for the 1H 2011 Astana, July 7, 2011. JSC KazMunaiGas Exploration Production (KMG EP or the Company), announces that according to preliminary data in the first six months of 2011 it produced 6,311 thousand tonnes of crude oil (258 kbopd) including the Company's stakes in Kazgermunai (KGM), CCEL, PetroKazakhstan Inc. (PKI) and NBK LLP (NBK), which is 216 thousand tonnes or 3% less than in the same period of 2010. Uzenmunaigas (UMG) produced 2,733 thousand tonnes (111 kbopd), which is 218 thousand tonnes less than in the same period of 2010. Embamunaigas (EMG) produced 1,382 thousand tonnes (56 kbopd), which is 17 thousand tonnes more than in the same period of last year, thereby the total volume of the oil produced at production facilities of UMG and EMG in the first six months of 2011 is 4,115 thousand tonnes of oil (167 kbopd), which is 201 thousand tonnes or 5% less than in the same period of last year. The results of the first six months were negatively affected by a number of emergency power cuts in the fields, caused by severe weather conditions in March and April 2011. As a result of the industrial action that commenced on 26 May 2011 the total loss of oil production to date amounts to 174 thousand tonnes. The Company's share in the production volumes from KGM, CCEL, PKI and NBK for the six months of 2011 amounted to 2,196 thousand tonnes of crude oil (91 kbopd) which is 15 thousand tonnes or 1% less than in the same period last year.
http://www.investegate.co.uk/Article.aspx?id=201107070800019435J
http://www.investegate.co.uk/Article.aspx?id=201101110800012404Z
http://www.investegate.co.uk/Article.aspx?id=201011120730030830W
http://www.investegate.co.uk/Article.aspx?id=201006151200016413N
Well, I understand you point and I accept that. I leave it to the Kazakhs to solve any problems in their country. Good luck to you and your country.
i was just calling on you not to judge people. rothschilds were ripping people too not so long ago. it will take time before we achieve same degree of freedom, no doubt. if things are not working properly in this country, doesnt mean we are all jackasses or borats. actually if you think that way - fine, it is just unfortunate how your compatriots presented us to the world. not fair i think. anyways good luck. i sold the stock btw,wont be back soon
No, I have never visited Kazakhstan not the immediate area. I do know that many companies and people, including many Kazakh government officials and businessmen, are robbing the country, and, like the Russians, they take the money and put it in London or Swiss, and so that country can not develop properly. The same goes with the Middle East like the Emirates, who invest so much of thier money in Europe and the USA and not in Arab countries As long as this goes on, there is always a lot of risk. You need protection from powerful people to run a good business there. - Now, if you feel I offended you or your country, well, it is not my purpose. But I don't like people to insult me either. I was just using short hand 'jargon' language o explain that these companies in these countries need the protection of powerful people. This is a fact. And maybe there are ot many Kazakhs here in the UK, but you can be absolutely sure that billions and billlions of dollars of kazakh money is here in the UK instead of being invested in Kazakhstan. This was my point.
and yes i m referring to ethnic kazakhs, cuz russian got kinda european mentality in that sense.
i mean cultures are different. kazakhs are very devoted to their homeland. thats why you dont get to see lots of them in the uk, europe. they go there only temporarily, very few actually settle. thats a unique side of ours. of course westerns migrate a lot, australia, europe, us, latam, asia - u dont care much where to live, cuz you feel safe anywhere. it doesnt work that way for kazakhs. come see the country, many pricks like you change their minds after they see it. however, from what i read i understand you actually been here. bad for you if u didnt like it.
I am double your age, 10 days old.
what age are u? 35? 40? shame you are still such a clueless jerk.
Your country IS a banana republic, and clearly you have the mind of a rotten backward banana. I am loyal to no land and look for opportunity and truth, however bitter it may be. You, on the other hand, are the banana type of loser that would happily rot in the sewer of a banana replublic while that same banana republic would **** on you without a second thought. Bananas clearly belong together. Schmuck!
why on earth do you think i d be interested in an advice from you? u just called my country a banana republic and u think i am dying to persuade u to buy the stock? if u didnt comprehend what i said, i dont give a monkey, english not my first language, if you think you should sell the stock, sell it already and quit checking back this screen. my advice for you quit insulting people, mr wisdom.
I didn't quite comprehend what you said. No matter. But if you want some advice, if you want to trade, always look at hard facts, not what you want to see. - That has damaged me in the past, and I won't let that happen again. If I see any promise in this stock, I will buy. I may be wrong,and am missing a great opportunity, but I prefer hard facts over anything else. Good luck to you.
мне больше нечего добавить. sumary for you: ur douche
This company looks good on paper, but it is based in a banana republic with militant workers who, justifiably, want more of the pie for themselves and their families. Look at this stock in relation to where you think the oil price will go. It will be driven and moved around by events, not by company fundamentals per se.
I think KMG is gonna make a big leap this week, as they start actively their buy-back campaign. Notwithstanding oil prices, real target price is $23.80
I think the shares wiil fall due to strike of field workers and following increase in salary expenses, in addition new tax code changes will also damage future profits of the company.