KMG EP EGM Result
JSC National Company KazMunayGas (“NC KMG”) has issued the following statement following the result of the vote on the proposals contained in the Revised Circular (the “Circular”) published by NC KMG on 14 July at the general meeting of shareholders ("EGM") of JSC KazMunaiGas Exploration Production ("KMG EP” or “the Company”) in Astana, Kazakhstan earlier today:
“We are disappointed that although our proposals to improve the performance of KMG EP did have significant support among minority shareholders, our proposals were ultimately not carried at the EGM today.”
As the Approval Condition (as defined in the Circular) was not satisfied, the Purchase Offer (as defined in the Circular) will not be made.
NC KMG, Central Asia's largest oil and gas company, is Kazakhstan's national operator for exploration, production, refining and transportation of hydrocarbons. The Company accounts for 28.6% of oil and 16% of gas production in Kazakhstan and is one of the country's largest employers, with over 76,000 employees. The consolidated oil and gas condensate output in 2015 amounted to 22,670 thousand tons, gas production - 7,255 MMcm, 16,317 thousand tons of oil were sent to the refineries for processing; the proven oil and gas condensate reserves are 801.2 mn tons. The Company represents the Government in the oil and gas sector, 90% of it is owned by the "Samruk-Kazyna" JSC, Kazakhstan's sovereign wealth fund, and 10% by the National Bank of the Republic of Kazakhstan. NC KMG has participatory interests in 38 oil & gas businesses in Kazakhstan and abroad.
Oliver Pauley +44 (0)207 554 1608
This announcement does not constitute an offer or invitation to purchase any securities.
This announcement, including information included in the documentation referred to in this announcement, may contain "forward-looking statements" concerning NC KMG. All statements other than statements of historical facts included in this document may be forward looking statements. Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof, are forward looking statements. Such forward looking statements involve risks and uncertainties that could significantly affect expected results or outcomes and are based on certain key assumptions. Many factors could cause actual results or outcomes to differ materially from those projected or implied in any forward looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward looking statements, which speak only as of the date hereof. NC KMG assumes no obligation and does not intend to update these forward-looking statements, except as required pursuant to applicable law.