Kazakhstan, Astana, Aug.3 / Trend K. Konyrova /
The KazMunayGaz Exploration Production (KMG EP) announces share buy-back procedure, the company told Trend .
The KMG EP announces procedures of share buy-back and state debt payment into so called "closed period", which precedes the announcement of financial results for the first half of 2009, expected on Sept.4 2009, the company said.
It is supposed that the "closed period" will be launched Aug. 3, 2009 and last until Sept.4 2009. During the" closed period", shares buy-back (as announced on Nov. 20, 2008) will be carried out by two independent brokers, which will operate within the limited parameters set by the company prior to the" closed period ", the company said.
The brokers will make decisions independently, but in accordance with the program on shares buy-back approved by the management board on 8 Oct., 2008.
The company confirms that does not have substantial information unknown to market, relating to the company's activities.
The KMG EP is the second for the volume of oil production in Kazakhstan. The company's mining amounted to 11.95 million tons (240,000 barrels per a day) in 2008. The company's proved and probable reserves amounted to 241 million tons (1.8 billion barrels) as of 2008, with its shares in affiliated companies, more than 2 billion barrels (the data on stocks of affiliated companies as of 2007). In 2007, KMG EP owned 50 percent of shares of Kazgermunay and the CCEL holding company, which is the owner of "Karajanbasmunay. The company listed on the Kazakhstan Stock Exchange and global depositary receipts on the London Stock Exchange. The company has drawn more than $2 billion during the IPO in September 2006. The International Rating Agency Standard & Poors (S & P) raised the rating of corporate management of the KMG EP in November 2008