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18 Jul 2008 08:07
PRESS - RELEASE
JSC "KazMunaiGas Exploration Production" announces Operating Results for the first six months of 2008
Astana, July 18, 2008. JSC "KazMunaiGas Exploration Production" announces that its total crude oil production in the first half of 2008 was 5,899 thousand tonnes (238 kbopd). This is an increase by 960 thousand tonnes (19.4%) compared to the figures for the same period last year. The main reason for this increase is the acquisition of 50% shares in Kazgermunai and CCEL (Karazhanbasmunai) in April and December of 2007 respectively.
According to preliminary estimates, in the first half of 2008 the Company supplied 5,731 thousand tonnes of crude oil (231kbopd) including its share in Kazgermunai and CCEL. Exports in the first half of 2008 amounted to 4,389 thousand tonnes (177kbopd).
JSC "KMG EP" also announces its plans to increase the wages of selected employee categories at the production sites (excluding the head office staff) in the second half of 2008. It is expected that this will increase the Company's expenditure for such purposes in the second half of 2008 by 4.8 bln Tenge including the Income Tax and Pensions Fund deductions. The average monthly wage increase of over 20% is aimed at compensating the Company field employees taking into account inflation in the past few years, and will help the Company to retain experienced staff.
Crude oil production, '000 tonnes
|
Q2 2008 |
Q2 2007 |
Change |
1st half 2008 |
1st half 2007 |
Change |
|
|
Core assets (UzenMunaiGas, EmbaMunaiGas) |
2,389 |
2,372 |
0.72% |
4,693 |
4,661 |
0.69% |
|
50% Kazgermunai(1) |
389 |
278(1) |
39.9% |
776 |
278(1) |
179.1% |
|
50% ССЕL |
229 |
- |
- |
430 |
- |
- |
|
Total including the share in Kazgermunai and ССЕL |
3,006 |
2,650 |
13.4% |
5,899 |
4,939 |
19.4% |
Crude oil sales, '000 tonnes
|
Q2 2008 |
Q2 2007 |
Change |
1st half 2008 |
1st half 2007 |
Change |
|
|
UzenMunaiGas EmbaMunaiGas |
2,379 |
2,373 |
0,25% |
4,535 |
4,764 |
-9,8% |
|
Export share |
74.1 % |
75.5% |
74.9% |
78.2% |
||
|
50% Kazgermunai(1) |
421 |
276(1) |
52,5% |
780 |
276(1) |
182.6% |
|
Export share |
83.6% |
87.4% |
81.6% |
83.5% |
||
|
50% CCEL |
217 |
- |
417 |
- |
- |
|
|
Export share |
85.3% |
- |
85.2% |
- |
(1) Oil production and sales of Kazgermunai are indicated as a 50 % stake owned by KMG EP from the date of acquisition in April of 2007. Sales of Kazgermunai includes royalty tax in kind of 26,000 tonnes, 18,000 tonnes, 54,000 tonnes and 18,000 tonnes for Q208, Q207, 1H08 and 1H07 respectovely
Notes to Editors
КMG EP is the 2nd largest Kazakh oil producer with over 10.6 mmt (215kbopd) of crude oil production in 2007 including shares in production of Kazgermunai and CCEL, and 240 mmt (1.8bn bbl) of proved and probable reserves at the end of 2007 (over 2 bn bbl including interests in Kazgermunai and CCEL). The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on London Stock Exchange. The Company raised approximately US$2bn in its IPO in September of 2006
For additional information please contact:
KMG EP, Public Relations (+7 717 297 7600, +7 717 297 7924)
Zukhra Sultanova
E-mail: pr@kmgep.kz
KMG EP, Investor Relations (+7 717 297 5433)
Alexander Gladyshev
E-mail: ir@kmgep.kz
Pelham PR (+44 20 3178 4418)
Elena Dobson
E-mail: Elena.dobson@pelhampr.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 identified by the use of forward-looking terminology, including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.
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