22 April, 2009
ABIndex: OJSC “Kyrgyzneftegaz” will pay dividends to its shareholders at the rate of 1,11 soms per share
ABIndex: OJSC “Kyrgyzneftegaz” will pay dividends to its shareholders at the rate of 1,11 soms per share
On the 21st of April 2009 yearly general meeting of OJSC “Kyrgyzneftegaz’s” shareholders took place. All the issues included in the agenda were reviewed.
AGENDA:
On returning board membership
On board of directors’ report about financial and economic activity of the company for 2008 totals.
On independent auditor report.
On inspection commission report.
On performance of estimate of expenditures for board of directors and inspection commission maintenance for 2008.
On report of the management of the company budget execution for 2008.
On balance sheet, income statement for 2008.
On income distribution order, dividends’ size and payment order for 2008.
On directions to the development of enterprise production, dividends added for Kyrgyz Republic State Property Comittee share holding.
On board of directors’ report for 2008 on work done.
On budget of expenditures for board of directors members maintenance.
On budget of expenditures for inspection commission members maintenance.
On annual budget for 2009.
On board of directors structure.
On inspection commission structure.
On OJSC “Kyrgyzneftegazs” article of association in new edition within the law of Kyrgyz Republic “About Joint Stock Companies” with the following rewrite in Ministry of justice of Kyrgyz Republic.
On regulations “On OJSC “Kyrgyzneftegaz” board of directors”, “On OJSC “Kyrgyzneftegaz”executive comittee”, “On OJSC “Kyrgyzneftegaz inspection commission”, “On OJSC “Kyrgyzneftegaz secretary”
Gas-and-oil producing industry of the republic is represented by only enterprise - OJSC “Kyrgyzneftegaz” which at the same time performs following types of activities – oil and gas production, well-boring and exploration works, mineral oil & gas refining and selling. Further development of the field has an important meaning in the country’s economy and becomes more prior in terms of supplying regional need for fuel-energy resources. Structure of extractive oil in our country is sweet crude, resinous, low paraffin, structure of gas – nonsulfurous without detrimental impurities and heavy hydrocarbons.
There are nearly 70 fields and coal deposits on the republic territory. Main oil and gas fields are situated In Fergana cavity (7 oil, 4 oil & gas, 2 gas, 1 oil-gas condensate). Oil commercial significance fields are concentrated in sandstones and palaeogene limestones, gas fields – in clumpy sandstones, sometimes in arenaceous limestones and conglomerates of the beginning and end of Cretaceous.
For 2008 oil production amounted 71 080 tons plan was fulfilled on 91,1%. In comparison with 2007 oil production has increased by 2 950 tons, growth speed amounted 104,3%. 66 438 tons of separator oil has been sent for refining.
Natural gas production for 2008 totaled 17 469 thousand cubic meters, plan was fulfilled on 87,3%. As compared to 2007 natural gas production has increased by 2 459 thousand cubic meters. Supply of natural gas to consumers for 2008 has formed 13 640 thousand cubic meters, 1 356,5 thousand from which has been made by selling to population and commercial structures.
For 2008 7 553,7 liters of gasoline, 21 074,2 liters of diesel oil and 34 729,3 tons of black oil have been sold to consumers. Mineral oil sales volume increase has taken place because of prices rise. As compared to 2007 in average sale prices for mineral oil have increased: for gasoline – by 4,3 soms per liter, for diesel oil – 5,62 soms per liter, and for black oil – 4,7 soms per liter.
For 2008 the company has concluded treaties with 6 foreign companies, total sum of investments has formed 16,2 mil. U.S. dollars.
The main production objective for 2009 is to stop decrease in oil & gas production, to stabilize and to increase oil & gas production volumes. For the last years level of oil & gas production has been kept on the level of 68-70 thousand tons and 15-20 mil. cubic meters because of drilling production wells, fulfillment of technical-organizational activities and mutual activities with foreign companies. So in 2009 the company is planning to produce 75 thousand tons of oil and 17 mil. cubic meters of natural gas. There is a plan to supply 72 thousand tons of oil to refining plant of Jalalabat town and to sell 13 mil. cubic meters of natural gas to consumers during the year.
By experts’ accounts total volume of oil production from all the fields will amount 75 thousand tons of oil in 2009. 69 700 thousand tons of oil taking in consideration natural decrease will be produced from transitory fields including 4 400 thousand tons which will be produced additionally due to geotechnical activities on oil production intensification, putting wells in operations from inactivity, major repairs of wells, etc. From the wells put in operations of drilling it is planned to produce 5300 thousand tons of oil.
The problem with oil & gas production lies in that most of resource is hard to extract which requires special expensive equipment and new technology. Thus “Kyrgyzneftegaz” can essentially increase production only in case of considerable investment.
The operating well stock has 510 oil wells, 295 of which are operated mechanically, 15 - by fountain, and 11 are being developed. All the other wells are under major repairs. There are 35 gas wells in total, 27 of which are active.
Net income of the accounting period has amounted 107,8 mil. soms, 26,9 mil. soms (25% of net income) were directed to dividend payment. By 2008 totals dividends per share have made up 1,1140 soms, decrease has formed 6,1% in comparison with 2007. (altogether 24 202 862 shares are in circulation)
Receivables on the 1st of January 2009 amounted 108,2 million soms. The main debtors are OJSC “Electric stations” – 62,15 million soms, SE “Kyrgyzzhilkommunsoyuz” – 42,66 million soms and OJSC “Mailysuu ELF” – 10,77 million soms. Payables on the 1st of January has amounted 42,2 million soms.
Company shares’ prices fluctuate in 10-13 soms range. Recently the prices have set at 14 soms per share. Accordingly company capitalization at this price amounts nearly 360 mil. soms. At the same time equity capital of the company makes up almost 1,8 bil. soms.
Stock price change dynamics and trade volume of OJSC “Kyrgyzneftegaz” for the priod of 01.01.2007 - 20.04.2009
Main shareholder of the company is state represented by State Property Fund which holds 85,16% and Kyrgyz Republic Social Fund with 3,92%, left 10,92% are distributed among minor shareholders. OJSC “Kyrgyzneftegaz” is included in privatization program but still form of privatization has not been defined yet. Several years ago state holding transfer to Russian “Gazprom” issue however this initiative was not finally realized. After “Gazprom’s” purchase of “NK Alliance’s” filling stations network in Kyrgyzstan some analysts expected Russian monopolist to buy “Kyrgyzneftegaz“ also, but this question is still open.
The information has been prepared by BNC Finance within the limits of ABIndex - valuation of the events taking place on Kyrgyz Republic stock market through national stock index creation, mutual project with AKIpress.
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