KazMunaiGas Finalizes Transaction for Ural Stake

KazMunaiGas Finalizes Transaction for Ural Stake

Tuesday, April 19, 2011

JSC KazMunaiGas Exploration Production

KazMunaiGas announced the closing of the transaction to acquire a 50% stake in Ural Group Limited (UGL) from Exploration Venture Limited (EVL). UGL owns the exploration license for the block Fedorovskiy through 100% stake in LLP "Ural Oil and Gas" (UOG).

As previously announced, the deal price was subject to adjustment for EVL's work program financing obligations until the deal close. The final acquisition price is US $164.4m, including US $61.3m for shares and US $87.8m of shareholder loans (as of January 1, 2010) and US $15.3m - adjustment for EVL's work program financing until the deal close (2010 and 1Q11).

Earlier the acquisition was approved by the Board of Directors of KMG EP and the Board of Directors of EVL. All regulatory approvals have also been received.

Drilling Commences at Urals' Petrosakh Field

Drilling Commences at Urals' Petrosakh Field

Friday, April 01, 2011

Urals Energy Public Co. Ltd.

Urals announced that Well #51 on the Petrosakh field, in Russia, has been successfully spudded.
As part of the Company's updated drilling strategy to capture the full potential of the Petrosakh field, Well #51 is a large diameter vertical well designed to maximize flow rates.
The Directors expect production to begin before the end of May and further announcements will be made at the appropriate time.