Azerbaijan, Baku, Oct.11 / Trend, S.Dadashova /
JSC KazMunaiGas Exploration Production ("the Company" or "KMG EP") announces that pursuant to the Share Buy Back Programme commenced on Oct.11, 2011, on Tuesday the Company acquired 34,196 of its global depositary receipts (GDRs) on the London Stock Exchange ("LSE") at an average price of $15.0865 each, KMG EP press release says.
Under the Buy Back Programme the Company has the option to purchase its common shares listed on the KASE and global depositary receipts listed on the LSE up to an aggregate value of US $300 million. The programme will be executed subject to the applicable requirements of the stock exchanges and will end before 31 December 2012.
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.