Kazmunaigaz Exploration Regulatory News (KMG)

8 Nov 2007 13:18

JSC KazMunaiGas Exploration Prod08 November 2007 Press release JSC KazMunaiGas Exploration Production has signed a Sale and Purchase Agreement to Acquire a 50% stake in CITIC Canada Energy Limited Astana, November 8, 2007. JSC KazMunaiGas Exploration Production ("KMG EP" orthe "Company") announced today that it has signed the sale and purchaseagreement to acquire a 50% stake in CITIC Canada Energy Limited ("CCEL") fromCITIC Group. The sale and purchase agreement was signed at a meeting ofKazakhstan and China intergovernmental commission held in Astana on November 8,2007 other documents related to this transaction have also been signed on thesame day. Earlier, on October 3, 2007 the Board of Directors of KMG EP has approved aseries of transactions to acquire a 50% stake in CCEL. The acquisition issubject to certain regulatory approvals and is expected to be completed in earlyDecember this year. - ENDS - Notes to Editors: KMG EP is the 3d 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 approximately US$2 billion in its IPO in September of 2006. National Company KazMunaiGas represents the state's interests in the Kazakh oiland gas industry and is involved, through its subsidiaries, in various aspectsof the oil and gas business from exploration and production to transportation,refining, marketing and services. NC KMG owns approximately 61% of the ordinaryshares of KMG EP. CITIC Canada Petroleum Limited (formerly Nations Energy Company Ltd) was formedin 1996 as a private Canadian company to pursue international oil and gas E&Pprojects around the world. In 1997, Nations Energy acquired 94.6% of the sharecapital representing 100% of voting control of JSC 'Karazhanbasmunai from theGovernment of Kazakhstan. JSC Karazhanbasmunai holds 100% of the mineral rightsuntil June 2020 to develop the Karazhanbas oil and gas field in the western partof Kazakhstan which, according to the company, has proved reserves of about 55mmt (364 million barrels ) as of the end of 2006. In 2006 JSC Karazhanbasmunaiproduced approximately 2.3 mmt (42 kbopd) of crude oil. For further details please contact us at: KMG EP, Public Relations (+7 717 2 977 908, +7 7172 977 924)Lyazzat KokkozovaE-mail: pr@kmgep.kz KMG EP, Investor Relations (+7 7172 975433)Alexander GladyshevE-mail: ir@kmgep.kz WMC Communications Ltd (+44 207 930 9030)Elena DobsonE-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