KazMunaiGas Exploration Production increases value of shares
Astana, Kazakhstan, July 28
By Daniyar Mukhtarov - Trend:
Kazakhstan`s "KazMunaiGas Exploration Production" JSC (KMG EP) has reported on a recent increase in the value of securities and confirmed that the National Company " KazMunaiGas "(" NC KMG "), the majority shareholder of KMG EP, had a preliminary discussion with the independent directors of the KMG EP on the possible acquisition of the company's ordinary shares in free circulation.
"This decision is in the early stages of consideration, and there is no guarantee that a formal offer will be made in the end. At present, independent directors of the KMG EP carry out the appointment of consultants and will consider any offers from NC KMG in the prescribed manner. But, in the meantime shareholders are strongly advised not to take any action," the press-service of the company said.
Any offer for KMG EP would not be subject to the British City Code on Takeovers and Mergers.
KMG EP will make subsequent statements as deemed necessary in accordance with their obligations.
KMG EP is among the top three oil producers in Kazakhstan. The company's production volume including shares in the Kazgermunai joint venture with CCEL (Karazhanbasmunay) and PetroKazakhstan Inc. amounted to 12.4 million tons (251,000 bpd) in 2013. As of 2013, the company's total consolidated volume of proved and probable reserves including shares in the associates was 200 million tons (1.5 billion barrels), out of which 148.8 million tons (1.1 billion barrels) accounts for Ozenmunaigas JSC, Embamunaigas JSC, and "Ural Oil and Gas" LLP (Rozhkovsky field, Fedorov block).
Edited by CN