Independent Non-Executive Director Paul Manduca will leave
the KMG EP Board of Directors
Astana, June 8, 2012 Paul Manduca, Independent Non-Executive Director, has notified KazMunaiGas Exploration Production ("KMG EP" or the "Company") that he will be stepping down from the Board of Directors and Audit Committee at the end of September this year. This decision follows his recent appointment as Chairman of Prudential.
Lyazzat Kiinov, Chairman of KazMunaiGas Exploration & Production, thanked Mr. Manduca for his invaluable contribution to the Board and the Company since the IPO, particularly for his role as Chair of Audit Committee, and wished him success in his new position. Alik Aidarbayev, Chief Executive Officer, noted that Paul Manduca was an integral part of the Company's success in establishing financial reporting and internal control systems and improving corporate governance and would always be a welcome guest in Kazakhstan.
"I have much enjoyed my five and a half years on the Board. We have created a first class financial reporting system supported by a strong internal control environment. The company has consistently held the highest rating for good governance in Kazakhstan," said Mr. Manduca.
Mr. Manduca has been an Independent Non-Executive Director since 2006, when KMG EP floated its shares on the London Stock Exchange and Kazakhstan Stock Exchange. Mr. Manduca also has served as a member on Nominations and Remunerations Committees and has participated in the activities of Strategy Planning Committee.
At its next meeting in June 2012 the Board will vote on appointment of Philip Dayer, also Independent Non-Executive Director, as Chairman of Audit Committee. KMG EP will be initiating a search, led by the two remaining Independent Directors Philip Dayer and Edward Walshe, for a new independent non-executive director.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2011 was 12.3mt (an average of 250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The total volume of proved and probable reserves, as at the end of 2010 was 226mt (1.7bn bbl), including shares in the associates - about 2.1 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. The international rating agency, Standard & Poor's (S&P), confirmed KMG EP's "BBB-" corporate credit rating in December 2011 and "GAMMA-6" rating in September 2011.
For further details please contact us at:
«KMG EP». Public Relations (+7 7172 97 7887)
«KMG EP». Investor Relations (+7 7172 97 5433)
Pelham Bell Pottinger (+44207 861 31 47)
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