KazMunayGas Exploration Production Board of Directors revises 2016 capex plan
21.10.16 15:10
/KASE, October 21, 2016/ – KazMunayGas Exploration Production (Astana),
whose shares are officially listed on Kazakhstan Stock Exchange (KASE), has
provided KASE with the following press release:
quote
JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its
regular Board of Directors (“the Board”) meeting, where the Board approved a
revision of the 2016 capital expenditures plan. Consequently, capital
expenditures in 2016 are expected to be around 103 billion Tenge (US$286m1),
which is 14.7 billion Tenge or 17% more than the previous guidance. Increase in
capital expenditures is driven by the additional drilling of 66 wells at JSC
“Ozenmunaigas” (“OMG”), which will improve production in 2017 and the
following years. These expenditures were approved after the full evaluation of
the economic feasibility of additional well drilling. Therefore, it is now
planned to drill 249 wells in total at both OMG and JSC “Embamunaigas”.
* Amounts shown in US dollars (“USD” or “$”) have been translated solely for the
convenience of the reader at the budget rate of 360 KZT/USD
unquote
[2016-10-21]