Resolutions of the Meeting of the Board of Directors
Astana, 12 April 2018. JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") held its regular Board of Directors (“the Board”) meeting. During this meeting, the Board of Directors has recommended not to pay dividends on common shares on 2017 results.
In accordance with KMG EP’s Charter, an annual minimum guaranteed dividend in an amount of 25 Tenge per share will be paid on preferred shares. This decision is subject to approval by the shareholders at the Annual General Meeting of Shareholders set for 22 May 2018.
As previously announced, the Tender Offer by the Company to purchase its global depositary receipts (“GDRs”) and of the Share Offer by the Company to purchase its common shares expired in March 2018. As a result, KMG EP and JSC “National Company “KazMunaiGas” together now hold 99.5% of common shares (including common shares represented by GDRs) in issue. On 11 April 2018, the Company submitted applications for the delisting of GDRs and common shares from the London Stock Exchange and the Kazakhstan Stock Exchange.
Notes to Editors
KMG EP is among the top three Kazakh oil producers based on the 2017 results. The overall production in 2017 was 11.9 million tonnes (240 kbopd) of crude oil, including the Company’s share in Kazgermunai, CCEL and PKI. The Company’s volume of proved and probable reserves excluding shares in the associates, at the end of 2016 was 182 million tonnes (1,327 mmbbl). The Company’s shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on the London Stock Exchange and Kazakhstan Stock Exchange. The Company raised over US$2bn at its IPO in September 2006.
For further details please contact us at:
KMG EP. Investor Relations (+7 7172 97 5433)
e-mail: ir@kmgep.kz
KMG EP. Public Relations (+7 7172 97 7887)
Bakdaulet Tolegen
e-mail: pr@kmgep.kz
Finsbury (+44 (0)20 7251 3801)
Dorothy Burwell
e-mail: KMGEP@finsbury.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.