JSC KazMunaiGas Exploration Production Board of Directors recommends a dividend for the year 2009 and calls the Annual General Meeting of Shareholders

In addition, the Board of Directors of KMG EP has approved the annual consolidated financial statements and the Company's Annual Report for 2009, which will be submitted for consideration at the AGM. The agenda of the AGM also includes: the net income allocation for the year 2009 and the dividend per ordinary and preferred share of the Company, evaluation of the work of the Board of Directors of KMG EP in 2009, changes and additions to the Company’s Charter, and the nomination of a candidate to the Board of Directors of KMG EP for the election as an independent director.
The Board of Directors has recommended a dividend payment per one ordinary and one preferred share of KMG EP for 2009 to be 704 Tenge (including taxes to be withheld in accordance with the legislation of Kazakhstan). This will be voted upon at the AGM. The total dividend for 2009 will be about 50.9 billion tenge (approx. US$ 346.4 million)1.
Should the AGM approve the recommended rate, the payment of the annual dividend for 2009 will be made to shareholders of the Company on record as at June 7, 2010.
KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company’s share in Kazgermunai and CCEL. The volume of proved and probable reserves (2P) of KMG EP as at the end of 2009 was 234mmt (1.7bn barrels); while including the share of reserves from associates and joint ventures, preliminary about 2.2 bn barrels. The Company’s shares are listed on 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. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP’s “BB+” corporate credit rating and assigned the Company “GAMMA-6” level.