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 …
KMG EP: Elects New Board
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held an extraordinary general meeting of its shareholders (“EGM”), where the new Board was elected for a term to May 25th, 2017 inclusive. The EGM appointed Mr Gustave Louis Eugene van Meerbeke, representative from the National Company KazMunayGas (“NC KMG”) to …
KMG EP: Board Recommends Not to Pay a Dividend on Ordinary Shares
KMG EP Board of Directors revised the 2016 budget and recommend dividend for 2015 JSC KazMunaiGas Exploration Production held its regular Board of Directors meeting. During this meeting, the Board approved the revised budget for 2016, recommended a dividend payment on 2015 earnings and approved the agenda items for the …
KMG EP: 2015 Results – Profit Up Nearly 4 Fold – On Exchange Rates and Write Offs
JSC KazMunaiGas Exploration Production announces its consolidated financial statements for the year ended 31 December 2015. Net profit in 2015 was 244bn Tenge (US$1,096m[1]) compared with 47bn Tenge (US$263m) in 2014. The increase in net profit in 2015 was largely due to devaluation of the Tenge in the year, write-down …
KMG EP: Reserve Audit for 2015 Shows a 15% Increase in 2P Reserves
JSC KаzМunaiGas Exploration Production (“KМG EP” or the “Company”) announces the results of the estimates of liquid hydrocarbon reserves as at 31 December 2015 performed by independent consultant DeGolyer and MacNaughton (“D&M”). According to the D&M report proved plus probable (2P) reserves of liquid hydrocarbons as at 31 December 2015 …
KazMunaiGas Exploration Production: To Increase Domestic Pricing Policy
JSC KazMunaiGas Exploration Production updates on domestic pricing for 2015 and 2016. Until 2015, the Company supplied oil to the domestic market in line with the volumes outlined in the IPO Prospectus (2006-2010: up to 1.9 million tonnes; 2011-2015: in line with volumes outlined in the Company’s business plan, which …
KMG EP: Well Tests Show Positive Results at S. Nurzhanov, Liman and Akkuduk
JSC KazMunaiGas Exploration Production announces the results of exploration activities at the north-eastern flank of S. Nurzhanov field, Liman and Akkuduk blocks. While testing the productive Triassic reservoir of the directional well drilled in 2015 at the north-eastern flank of S. Nurzhanov field, the well flowed at a rate …
Ozenmunaigas: Fails to Secure MET Relief for the Uzen and Karamandybas Fields
KazMunaiGas Exploration & Production announces that Ozenmunaigas’ (“OMG”) request to temporarily have Mineral Extraction Tax (MET) relief for 2015, approved for the Uzen and Karamandybas fields in Mangystau Province, has not been approved by the Kazakh Government. In a low oil price environment, the Kazakh Government has the ability to …
KMG EP Approves 2016 Budget and 2016-2020 Business Plan
JSC KazMunaiGas Exploration Production announces the approval by the Board of Directors (“the Board”) of the Company’s 2016 budget and 2016-2020 business plan which assume the average annual Brent price of US$40.1 per barrel in 2016-2017, US$50.1 per barrel in 2018-2020 and an average annual exchange rate of 300 Tenge …
KMG EP: Appoints Igor Goncharov and Kurmangazy Iskaziyev to the Board
KazMunaiGas Exploration & Production held an extraordinary general meeting of its shareholders on November 26, 2015, where new members were elected to the Board of Directors. The EGM appointed Mr. Igor Goncharov, the Managing Director for Operational Production Assets – Chief Engineer at National Company KazMunaiGas and Mr. Kurmangazy Iskaziyev, …