KMG EP completes acquisition of four contracts for exploration of hydrocarbons

abarrelfullabarrelfull wrote on 24 Aug 2011 09:07
Tags: kazakhstan kazmunaigas upstream

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JSC KazMunaiGas Exploration Production (‘KMG EP’, or ‘the Company’) announces the closing of the deal to acquire 100% of subsoil use rights under the four contracts for exploration of hydrocarbons in Kazakhstan at JSC National company KMG (NC KMG).

As announced earlier, KMG EP has acquired the following four contracts: blocks Temir, Teresken, Karaton Sarkamys and the territory adjacent to the Uzen and Karamandybas.

The total acquisition price is USD$43.8m, which includes USD$40m for the cost of the acquisition of four contracts and USD$3.8m for the cost adjustment caused by the incurred expenses of the NC KMG on financing the Teresken block work programme prior the closing date of the transaction in 2011.

The deal has already been approved by the Board of Directors of KMG EP and NC KMG's Board of Directors. All necessary regulatory approvals have also been obtained.

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