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20 Nov 2008 08:12
Press Release
JSC KazMunaiGas Exploration Production commences share buy back programme
Astana, 20 November 2008. JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") in accordance with the decision made by the Board of Directors on 8 October 2008 further announces that the Company will commence its Share Buy Back Programme on 24 November 2008. The programme will be executed subject to the applicable requirements of the stock exchanges and will end before 31 October 2009.
The decision by the Board to buy back a portion of KMG EP common shares and GDRs demonstrates the confidence that management has in the fundamental value of the Company. Furthermore, the Board believes that this step is an effective use of existing cash resources for the benefit of all shareholders.
Under the Buy Back Programme the Company has the option to purchase its common shares (KASE:RDGZ) listed on the Kazakhstan Stock Exchange ("KASE") and GDRs (LSE:KMG) listed on the London Stock Exchange ("LSE") up to an aggregate value of $350 million.
The Company has appointed two brokers to execute the Buy Back Programme, one for each exchange.
The Company will be making daily announcements summarizing the results of each day's trading prior to the opening of LSE for trading on the following business day.
Notes to Editors
KMG EP is one of top three oil producers in Kazakhstan with over 10.6 mmt (215 kbopd) 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 the Kazakh Stock Exchange and the GDRs are listed on the London Stock Exchange. The Company raised over US$2bn as a result of its IPO in September of 2006.
For additional information please contact: KMG EP Public Relations (+7 7172 977600, +7 7172 977908) Mr Mikhail Dorofeyev e-mail: pr@kmgep.kzInvestor Relations (+7 7172 97 7971)
Ms Asel Kalieva
e-mail: ir@kmgep.kz Pelham PR (+44 203 178 44 18) Mrs 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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