Kazakhstan, Astana, Jan. 12 / Trend corr K. Konirova / The open stock company "Exploration and Production KazMunayGaz (EP KMG)" announced the procedure for reverse stock purchase in the "closed period", which precedes the publication of the company's fiscal results for 2008, expected on Mar. 12, 2009, Department Director on Public Relations Michael Dorofeyev said.
Dorofeyev said that the 'closed period' is expected to last from Jan. 12 to Mar. 12, 2009. In this period, two independent brokers will make reverse stock purchase in the way it was announced on Nov. 20, 2008, which will operate within the parameters that the company approved before the 'closed period'.
According to the director, during the 'closed period', the brokers will make decisions independently on the company and without any outside influence, but only in line with a reverse stock purchase program, approved by the board of directors on Dec.8, 2008.
"Our company confirms that it does not possess essential data unknown to market in terms of its activity," Dorofeyev said.
The "closed period" is the period preceding the reveal of the data, essential for the market (for instance, annual financial report), during which the company and its workers have no right to conclude deals with securities.
The EP KMG enters top-three of oil producers in Kazakhstan. The company manufactured 10.6 million tons, or 215,000 barrels per day in 2007 and holds shares in the companies Kazgermunay and CCEL (Karajanbasmunay). As of 2007, the company spared 240 million tons of recoverable oil, or 1.8 billion barrels, while it topped 2 billion barrels with the consideration of its shares in dependent companies. The company's stock has data-sheet at the Kazakh Fund Exchange and global depositary receipts at the London Fund Exchange. During IPO in September 2006, the company attracted more than $2 billion. The international rating agency Standard & Poor's(S&P) upped the corporative management rate of the company from 5 to 6 and approved the credit rate in BB+ in 2008.
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