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30.06.2010 KMG EP continues to circulate pay increase notices in its production units Astana, 30 June 2010. JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company") continues handing out notices of amendments to the pay structure to employees of the Company’s production units, Uzenmunaigas and Embamunaigas, stipulating salary increases. In compliance with Kazakhstan Labour Code, the Company started issuing notices to each employee a month prior to any changes to the pay structure to have effect from 1 July 2010. Such notices are for information only. The amendments take effect as soon as an employee signs an appendix to their employment contract. Should an employee disagree with any of the amendments and refuse to sign the appendix, such employee will be paid according to the existing employment contract. So far there are 80% of Ozenmunaigas workers and about 83% of Embamunaigas workers who have signed the appendices. When the appendix is signed the salary for operating personnel of the units will be raised with the industry ratio to be increased by 1.8 and the territorial ratio of 1, 7 to be kept in addition to the existing social package and salary scale. During the awareness campaign the Company informed the employees that on submission of the signed appendix to the HR departments, the salary increase will be backdated to 1 June 2010. Notes to Editors KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company’s share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234mmt (1.7bn barrels); while including the share of reserves from associates and joint ventures the preliminary total is about 2.2bn 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. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP’s “BB+” corporate credit rating and assigned the Company a “GAMMA-6” level. For further details please contact us at: KMG EP. Public Relations (+7 7172 97 7600) Daulet Zhumadil e-mail: pr@kmgep.kz KMG EP. Investor Relations (+7 7172 97 5433) Asel Kaliyeva e-mail: ir@kmgep.kz Pelham PR (+44 207 861 3147) 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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