KMG EP declined proved, probable plus possible (3P) reserves by 0.4% in 2013

Date: 09:16, 11-04-2014.

Almaty. April 11. KazTAG - "KazMunaiGas" Exploration and Production" (KMG EP)  has declined proved, probable plus possible (3P) reserves by 0.4% to 182.7 mln tons in 2013, the company said.

"JSC KаzМunaiGas Exploration Production  announces the results of the reserves audit as at 31 December 2013 performed by the independent consultant Miller and Lents, Ltd. (“MLL”) at Ozenmunaigas JSC (“OMG”), Embamunaigas JSC (“EMG”) and Ural Oil and Gas LLP (“UOG” where KMG EP holds a 50% stake) fields," reads the message.

According to the MLL report there were no significant changes in hydrocarbon reserves as at the end of 2013 compared to the reserves as at the end of 2012.

Proved (1P) reserves increased by 4.6% or 5.4 million tonnes to 122.1 million tonnes (902 million barrels); Proved plus probable (2P) reserves increased by 0.6% or 0.9 million tonnes to 148.8 million tonnes (1,101 million barrels); Proved, probable plus possible (3P) reserves declined by 0.4% or 0.7 million tonnes to 182.7 million tonnes (1,349 million barrels).

Assessment of 2P reserves of joint ventures were made separately by independent auditors. "KMG EP’s share in overall 2P reserves of Kazgermunai (KGM) (50% stake), CCEL (CCEL) (50% stake) and Petrokazakhstan Inc. (PKI) (33% stake) as at the end of 2013 amounted to 51 million tonnes (365 million barrels). Therefore, consolidated 2P reserves of KMG EP including its stakes in KGM, CCEL, and PKI as at the end of 2013 amounted to 200 million tonnes (1,466 million barrels)," reads the message.

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