National Company KazMunaiGaz Withdraws the Proposal to Acquire KMG EP

The Independent Directors of JSC KazMunaiGas Exploration Production note the announcement by National Company KazMunaiGaz that it is withdrawing its proposal to acquire the shares in KMG EP that it does not already own at a price of US$18.50 per GDR.

Since the announcement on 25th July, 2014 of KMG NC’s preliminary approach, the Independent Directors have sought to engage with KMG NC and its advisers to achieve a satisfactory transaction.

In December the Independent Directors of KMG EP had indicated to KMG NC that they would recommend an offer of US$ 18.50 per GDR. Given the period of time that had elapsed the Independent Directors were however discussing with KMG NC the payment and level of a dividend in respect of the year ended 31st December 2014.