Kazmunaigaz Exploration Regulatory News (KMG)

PRESS RELEASE

Operating results for the first nine months of 2015

Astana, 23 October 2015. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company") announces its operating results for the first nine months of 2015. KMG EP produced 9,245 thousand tonnes of crude oil (251kbopd), including the Company's stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), which is 0.3% more than in the same period of 2014.

Ozenmunaigas JSC (OMG) produced 4,115 thousand tonnes (111 kbopd), an increase of 123 thousand tonnes (3 kbopd) or 3% over the same period of 2014. Embamunaigas JSC (EMG) produced 2,104 thousand tonnes (57 kbopd), which is 6 thousand tonnes (0.2 kbopd) less than in the same period of 2014. The total volume of oil produced at OMG and EMG is 6,219 thousand tonnes (168 kbopd), which is a 2% increase over the same period of 2014.

The Company's share in production from CCEL, KGM and PKI for the nine months of 2015 amounted to 3,026 thousand tonnes of crude oil (83 kbopd), which is 3% less than in the same period of 2014 which primarily relates to the planned reduction of production in PKI.

In the first nine months of 2015, OMG and EMG sold 6,117 thousand tonnes (162 kbopd) of crude oil, including 3,303 thousand tonnes (87 kbopd) to export, 1,898 thousand tonnes (50kbopd) of crude oil and oil products to domestic market and 916 thousand tonnes of crude oil to Russia1.

Out of 1,898 thousand tonnes (50 kbopd) of crude oil and oil products supplied to domestic market, 1,715 thousand tonnes (45 kbopd) of crude oil were supplied to Atyrau Refinery from OMG and EMG; 140 thousand tonnes (4 kbopd) of crude oil were also supplied to Pavlodar Petrochemical Plant from EMG. Additionally, 43 thousand tonnes (1.2 kbopd) of oil products were sold in the domestic market.

The Company's share in the sales from CCEL, KGM, and PKI was 2,974 thousand tonnes of crude oil (81 kbopd), including 1,285 thousand tonnes (34 kbopd) supplied to export, or 43% of total sales volume. The domestic sales volume was 1,620 thousand tonnes (45 kbopd) of crude oil of which 1,097 thousand tonnes (31 kbopd) were supplied to Pavlodar Petrochemical Plant; 363 thousand tonnes (10 kbopd) were supplied to Shymkent Refinery; 44 thousand tonnes (1 kbopd) were supplied to Atyrau Refinery; and 116 thousand tonnes (3 kbopd) were supplied to Aktau Bitumen Plant. 70 thousand tonnes of crude oil (2 kbopd) were shipped to Russia.

Notes to editors

KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million tonnes (250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The Company's total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2014 was 177 million tonnes (1,303 mmbbl), out of which 132 million tonnes (981 mmbbl) relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block). The Company's shares are listed on the 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.

For further details please contact us at:

KMG EP Investor Relations (+7 7172 97 5433)

Asel Kaliyeva

e-mail: ir@kmgep.kz

KMG EP Public Relations (+7 7172 97 79 08)

Elena Pak

e-mail: pr@kmgep.kz

Brunswick Group (+44 207 404 5959)

Carole Cable

e-mail: KMGEP@brunswickgroup.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.