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Razvedka Dobycha KazMunayGaz AO (KMGq.L)

KMGq.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

S&P affirms Razvedka Dobycha KazMunayGaz rating
Monday, 5 Dec 2016 12:37pm EST 

Razvedka Dobycha KazMunayGaz AO : Says that Standard and Poor's has maintained the long-term credit rating of the company from at "ВВ", with negative outlook Further company coverage: [RDGZ.KZ] (Gdynia Newsroom) ((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;)) Keywords: (URGENT).  Full Article

KazMunaiGas Exploration Production updates on VAT recoverability
Tuesday, 18 Oct 2016 12:36pm EDT 

KazMunaiGas Exploration Production (KMG EP) : Said on Monday that a positive decision was made regarding its recent application for recovery of a value added tax (VAT) . It filed an application for the VAT recoverability in the amount of 57.4 billion tenge ($174 million), of which the VAT confirmed to be recoverable at this time, amounts to around 24.5 billion tenge ($74 million) . This amount has already been received by KMG EP . This VAT claim is related to the accumulated excess for the period of 2012-2015, including the formation of JSC Ozenmunaigas and JSC Embamunaigas in 2012 .KMG EP intends to further engage with the relevant parties to work on the recoverability of the remaining amount.  Full Article

Razvedka Dobycha KazMunayGaz AO proposes no dividend for 2015 - Reuters
Wednesday, 30 Mar 2016 10:16pm EDT 

Razvedka Dobycha KazMunayGaz AO:State-controlled Kazakh oil firm Kazmunaigas Exploration and Production (KMG EP) says its board has recommended paying no dividend for 2015 - Reuters."The decision not to pay dividends is caused by sharp decline in oil prices since end of 2014, as a result of which the company's cash flow and operating profit turned negative," it said in a statement.  Full Article

S&P downgrades Razvedka Dobycha KazMunayGaz AO rating
Tuesday, 23 Feb 2016 11:32pm EST 

Razvedka Dobycha KazMunayGaz AO:Says Standard and Poor's downgraded the long-term credit rating of the company from "BB+" to "ВВ".Outlook is "Negative".Rating actions regarding the company were taken as a result of the downgrading of the sovereign credit rating of the Republic of Kazakhstan on Feb. 19.  Full Article

Razvedka Dobycha KazMunayGaz AO approves 2016 budget and 2016-2020 business plan
Thursday, 3 Dec 2015 03:41am EST 

Razvedka Dobycha KazMunayGaz AO:Says planned production in 2016 is expected to be 5,612 thousand tonnes (113 kbopd) from JCS OzenMunaiGas (OMG) and 2,822 thousand tonnes (57 kbpod) from JSC EmbaMunaiGas (EMG).Thus, the total planned production volume in 2016 from OMG and EMG is expected to be 8,434 thousand tonnes (170 kbopd) or 1% more than planned production in 2015 due to improving the efficiency of geological and technical measures.The total combined production of the company, including its stakes in KGM, CCEL and PKI, in 2020 is expected to be 3 pct lower than planned production in 2015.Capital expenditure in 2016 is planned at 85 billion tenge, 21 pct lower than the approved capital expenditure plan for 2015.Reduction is mainly due to the decrease of production drilling from 274 wells in 2015 to 171 wells in 2016.Cumulative capital expenditure in 2016-2020 is expected to be 414 billion tenge.Based on the assumptions used in the current business-plan for 2016-2020 it is expected that the company’s free cash flows in 2016-2020 will be negative.Thus, the business plan assumes a decrease in net cash position of the company from 938 billion tenge as of Sept. 30 to about 600 billion tenge at the end of 2020 before payment of dividends and acquisitions.  Full Article

S&P affirms Razvedka Dobycha KazMunayGaz AO rating
Monday, 16 Nov 2015 12:37am EST 

Razvedka Dobycha KazMunayGaz AO:Says Standard & Poor's Ratings Services (S&P) affirmed its long-term corporate credit rating on Razvedka Dobycha KazMunayGaz AO at BB+.The outlook on rating is negative.  Full Article

Razvedka Dobycha KazMunayGaz AO names Kurmangazy Iskaziev general director
Sunday, 27 Sep 2015 08:00pm EDT 

Razvedka Dobycha KazMunayGaz AO:Names Kurmangazy Iskaziev new general director and Chairman of management board.  Full Article

Razvedka Dobycha KazMunayGaz AO receives tax claim for the period between 2009 and 2012
Tuesday, 8 Sep 2015 10:09pm EDT 

Razvedka Dobycha KazMunayGaz AO:Announces that the Kazakhstan tax authority has completed their desk audit of KMG EP which commenced in Sept. 2014 for the period between 2009 and 2012.Following the audit, the tax authority has charged an additional 18.2 billion tenge, imposed a penalty of 9.7 billion tenge for late payment and a fine of 10.2 billion tenge.The company is going to appeal the claim in the near future.KMG EP made a tax provision of 16.7 billion tenge in the financial statements for the period ended June 30 mostly related to tax audit of the company for the period between 2009 and 2012.The provision has been made following discussions with Tax authorities in respect to this tax audit, as it is more probable than not that the company will ultimately be unsuccessful in defending previously established tax positions.16.7 billion tenge of a tax provision relate to Corporate Income Tax and Excess Profit Tax in addition to fines and penalties.The company is currently preparing its appeal to the claims and will further evaluate the adequacy of its provisions as the case progresses through the court system as well as during the preparation of its quarterly and annual accounts.  Full Article

Razvedka Dobycha KazMunayGaz AO announces resignation of CEO
Monday, 7 Sep 2015 10:01pm EDT 

Razvedka Dobycha KazMunayGaz AO:Announces that the Abat Nurseitov, company's CEO, has tendered his resignation as the company's CEO (Chairman of the Management Board) and member of the board of directors due to his transfer to another job, which was accepted by the board of directors.The decision on the appointment of a new CEO will be made by the KMG EP Board of Directors in the near future, with announcement following.The duties of the CEO (Chairman of the Management Board) of the Company were entrusted to the Chief Financial Officer Dastan Abdulgafarov starting from Sept. 8 until the election of a new CEO in due course.  Full Article

Razvedka Dobycha KazMunayGaz AO announces contract extension
Friday, 24 Jul 2015 02:30am EDT 

Razvedka Dobycha KazMunayGaz AO:Announces that addendum No.5 to contract No.40, dated May 31, 1996, has been signed to extend the contract for development of Uzen and Karamandybas oil fields of Mangystau Province between the Kazakh Ministry of Energy and Ozenmunaigas, where KMG EP holds 100 percent stake.Says the contract was previously valid until 2021 and has been extended to May 31, 2036.  Full Article

UPDATE 1-Kazakhstan says awaiting answers from oil firms in Karachaganak dispute

ASTANA, Sept 14 Kazakhstan's government and energy companies developing the Karachaganak gas condensate field are still in talks about the Central Asian nation's financial claim against the consortium, Kazakhstan's deputy energy minister said on Wednesday.