Azerbaijan, Baku, Oct.11 / Trend, S.Dadashova /
JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") announces the share and global depositary receipt buy back procedure during the close period which precedes the Company's 3rd quarter 2011 financial results announcement expected on Nov. 14, 2011, the company's press release says.
The close period is expected to begin on Oct.11, 2011 and end on Nov.14, 2011.
The Company announced about commencing its Share Buy Back Programme yesterday, which was supposed to end on Dec.31, 2012.
During the close period the Buy Back will be managed by the two independent brokers appointed to execute the Buy Back Programme within pre-set parameters which will be established by the Company prior to the start of the close period. The brokers will make trading decisions independently of, and uninfluenced by, the Company but otherwise in accordance with the Buy Back Programme approved by the Board of Directors on Sept.15, 2011.
The Company hereby confirms that it is not aware of any unpublished price sensitive information relevant to the Company at the time of making of this announcement.
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 2.2 bn 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.