JSC KazMunaiGas Exp (KMG) - Closing of Karpovskiy deal RNS Number : 3012R JSC KazMunaiGas Exploration Prod 16 November 2012 PRESS RELEASE JSC KazMunaiGas Exploration Production announces the closing of transaction on sale of 49% of shares in KS EP Investments BV Astana, November 16, 2012. JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") announces the closing of transaction on sale of 49% of shares in KS EP Investments BV to subsidiary of MOL Hungarian Oil and Gas Plc. ("MOL"). KS EP Investments BV owns 100% interest in the LLP Karpovskiy Severniy which is a subsoil use right holder under the Contract for Exploration of Oil, Gas and Condensate at Karpovskiy Severniy contract area in the Western Kazakhstan region. Estimate of prospective recoverable resources of hydrocarbons (P50) of the Karpovskiy Severniy block is 240 MMboe. The final selling price of the 49% share in KS EP Investments BV exceeds the purchase price. NOTES TO EDITORS KMG EP is among the top three Kazakh oil and gas producers. Its overall production in 2011 was 12.3mt (an average of 250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as at the end of 2011, was 226mt (1.7bn bbl), including shares in the associates of about 2.1 bn barrels. 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. The international rating agency Standard & Poor's (S&P) confirmed KMG EP's "BBB-" corporate credit rating in December 2011. The Karpovskiy Severniy block is located approximately 40 km northwest of Uralsk, in the vicinity of Fedorovskiy block and existing discoveries, at the northern edge of the Caspian Depression. The license area is 1,670 sqkm. As a result of previous exploration activities, the area is extensively covered by seismic data and information gathered from numerous wells proves the presence of a working hydrocarbon system. Remaining, planned work programme includes the drilling of two deep pre-salt exploration wells along with minor seismic acquisition. For further details please contact: KMG EP. Investor Relations (+7 7172 97 54 33) Asel Kaliyeva E-mail: firstname.lastname@example.org KMG EP. Public Relations (+7 7172 97 79 15) Zhuldyz Dzhumadilova E-mail: email@example.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. This information is provided by RNS The company news service from the London Stock Exchange END DOCQQLBFLFFZFBQ -0- Nov/16/2012 07:00 GMT
JSC KazMunaiGas Exp KMG Closing of Karpovskiy deal
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