Lancrenan Investments: Sues KMG EP Over Failure of Alexander Gladyshev’s Nomination to the Board
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) notes recent media reports about proceedings against the Company by Lancrenan Investments Limited filed with the Specialized Interdistrict Economic Court of Astana. In its claim Lancrenan Investments Limited challenges the decision of the Nominations Committee and the Board of Directors of …
KMG EP: 2017 Q1 Results – Revenues Up 76% yoy As Oil Price Rebounds
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its consolidated interim financial results for the first three months ended 31 March 2017. Revenue for the first quarter of 2017 was up 76% year on year and amounted to 214bn Tenge (US$663m[1]). This was largely a result of a …
KazMunaiGas Exploration Production: CAPEX Up 12% in 2017
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its regular Board of Directors (“the Board”) meeting. During the meeting, the Board recommended a dividend payment on 2016 earnings, approved the revision of the 2017 capital expenditure plan and approved increase of processing fees starting from 1 April 2017. …
KMG EP: 2016 Results – Total Production Down 2%
JSC KazMunaiGas Exploration Production announces its operating results for the year 2016. Production Overall, KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 12,154 thousand tonnes of crude oil (245 kbopd) for 2016, a 2% decrease on 2015. Ozenmunaigas JSC (“OMG”) produced 5,555 thousand …
KMG EP: 2017 Budget Sees 15% CAPEX Spend Increase
SC KazMunaiGas Exploration Production (‘KMG EP’ or the ‘Company’) announces that its Board of Directors (‘the Board’) has approved the Company’s 2017 budget and 2017-2021 business plan. The budget for 2017 assumes a Brent price of US$45 per barrel and an exchange rate of 360 Tenge per US dollar. The …
KMG EP: Rozhkovskoye Field has Positive Test Flows at U25
JSC KazMunaiGas Exploration Production announces the results of an exploratory appraisal well at the Rozhkovskoye field, located in the Fedorovsky block. During testing of the lower formation of Tournaisian reservoir in the exploration well U-25, drilled in 2016, inflow of gas and condensate was obtained at the interval of 4,418-4,430 …
KMG EP: Additional 66 Wells Drilled for Ozenmunaigas Increases 2016 CAPEX Spend by 17%
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its regular Board of Directors (“the Board”) meeting, where the Board approved a revision of the 2016 capital expenditures plan. Consequently, capital expenditures in 2016 are expected to be around 103 billion Tenge (US$286m1), which is 14.7 billion Tenge or 17% more than …
KazMunaiGas Exploration Production: Wins VAT Recovery Application
JSC KazMunaiGas Exploration Production (“KMG EP” or the Company”) is pleased to announce that following extensive work by the Company, facilitated and significantly aided by JSC National Company KazMunayGas (“NC KMG”), the Ministry of Energy and the Ministry of Finance of the Republic of Kazakhstan, a positive decision was made regarding the Company’s …
KazMunaiGas Exploration Production: Q1 Financial Results – Revenues Up 4%
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its consolidated interim financial results for the three months ended 31 March 2016. · KMG EP’s first quarter revenue was 121bn Tenge (US$341m)[1], up 4% year on year. The decline in the average Brent price from US$54 per barrel in …
KMG EP: Q1 2016 Results – 2P Reservers Up 15%
JSC KazMunaiGas Exploration Production announces its operating results for the first quarter of 2016. KMG EP produced a total of 3,043 thousand tonnes of crude oil (247 kbopd), which includes the Company’s stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), almost at the level of the same period of 2015. Ozenmunaigas …