KMG EP reserves update as at 31 December 2017
February 1, 2018
RNS Number : 4570D
JSC KazMunaiGas Exploration Prod
31 January 2018
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PRESS-RELEASE
Astana, 31�January 2018. JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) announces the results of an independent audit of liquid hydrocarbon reserves at the Ozenmunaigas JSC, Embamunaigas JSC and the Ural Oil and Gas LLP (KMG EP’s share – 50%) fields as at 31 December 2017. The audit was 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 2017 were 145 million tonnes (1,065 million barrels), equal to the level at the end of 2016. The reserve replacement ratio (the ratio of increase in reserves to annual production) was 100%.
Proved (1P) reserves of liquid hydrocarbons at 31 December 2017 were 102 million tonnes (754 million barrels), and proved, probable and possible (3P) reserves amounted to 193 million tonnes (1,418 million barrels).
Liquid hydrocarbon reserves as of 31 December 2017
(See Article link for tables)
The report does not include KMG EP’s share in reserves of JV Kazgermunai LLP, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc.
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)
Saken Shoshanov
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.
This information is provided by RNS, The company news service from the London Stock Exchange
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