23.12.2011 KMG EP
KMG EP appoints a new Chief Executive Officer
Astana, 22 December 2011. JSC "KMG EP" ("KMG EP" or the "Company") has announced that as of 22 December 2011 the Chairman of the Management Board (CEO) Askar Balzhanov has resigned from his position. Alik Aidarbayev, the current Chairman of the Board of directors has been appointed the Chairman of the Management Board (CEO). Mr Sisengali Utegaliyev will act as Chairman of the Board of directors until the election of a new chairman.
Alik Aidarbayev was elected Chairman of the Board of Directors of KMG EP at a regular meeting of the Board of Directors on 6 May 2011. Mr Aidarbayev graduated from Kazakh Polytechnic Institute named after V.Lenin, has been working in oil and gas industry since 1985 and passed through all stages of professional development in the sphere of oil and gas production. He was a senior geologist, worked as a technologist and oil and gas production foreman at “Zhetybayneft" field office, the division of “Mangyshlakneft”. Over the years, he held senior positions in the production association "Yuzhkazneftegaz”; served as General Director of JSC “Turgai-Petroleum” and JSC “Mangistaumunaigaz”. Since April 2011 – Managing Director on Exploration and Production of National Company KazMunayGas.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2010 was 13.3mt (an average of 270kbopd) of crude oil, including the Company’s share in Kazgermunai, CCEL, PKI and NBK. The total volume of proved and probable reserves, as at the end of 2010 was 232mt (1.7bn bbl), including shares in the associates - 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. The International rating agency Standard & Poor's (S&P) confirmed KMG EP’s “BBB-” corporate credit rating in December 2011 and “GAMMA-6” rating in September 2011.
For further details please contact us at:
KMG EP. Public Relations (+7 7172 97 7600)
KMG EP. Investor Relations (+7 7172 97 5433)
Pelham Bell Pottinger (+44 207 861 3147)
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, objective, 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.