CALGARY, Alberta, Canada, Oct. 16, 2003 (PRIMEZONE) -- PetroKazakhstan Inc. ("PetroKazakhstan" or the "Company") (NYSE:PKZ) (TSE:PKN) incorporated in Canada, announces that it has been approved for listing on the London Stock Exchange with the trading symbol of "PKZ", effective today.
PetroKazakhstan, already listed on the New York, Toronto and Frankfurt Stock Exchanges, is an integrated, international oil company with operations solely in the Republic of Kazakhstan.
The Company will become the fourth largest oil company listed on the London Stock Exchange, in terms of market capitalisation (US $1.7 billion on October 15, 2003).
For the full year 2002 and for the first half year to June 30, 2003, the Company recorded (in accordance with Canadian GAAP) operating profits of US $272.3 million and US $200.0 million and net earnings of US $162.6 million and US $136.4 million respectively.
The Company's upstream activities consist of exploration, development and production in the South Turgai basin in south central Kazakhstan. The Company operates 7 licenses (100% owned) and has a 50% interest in 4 other licenses through joint ventures. Its current production is approximately 165,000 barrels of light crude oil per day. PetroKazakhstan's reserves were independently assessed at 518 million barrels of oil and 25 billion cubic feet of gas, at year end 2002.
Its downstream activities consist of refining in its Shymkent refinery, and marketing of refined products.
The Company exports approximately 50% of its crude oil production and refines the balance in its Shymkent refinery.
Bernard Isautier, President and Chief Executive Officer, commented: "We are delighted and honored to start trading our shares on the prestigious London Stock Exchange. As our current shareholders are predominantly constituted of North American Oil and Gas investors, we expect through the London listing to broaden our shareholder base among Emerging Markets and European investors, who are looking for investment opportunities in the fast growing oil industry in the Former Soviet Union. We also expect a much broader coverage by London-based Energy and Emerging Markets investment analysts."
Copies of the listing particulars issued in connection with the listing are available at the Document Viewing Facility, 25 The North Colonnade, Canary Wharf, London E14 5 HS , at Nabarro Wells, Saddlers House, Gutter Lane, London EC2V 6HS and at Denton Wilde Sapte, One Fleet Place, London EC4M 7WS. Nabarro Wells is Sponsor of the listing.
Director's dealing notification: On 15 October 2003, Robert Kaplan disposed of 20,000 common shares of PetroKazakhstan and 20,000 call options. The common shares were sold at C $29.38 per share and the call options were sold at US $4.40 per option. Robert Kaplan's remaining interest in PetroKazakhstan shares is 213,230 common shares.
Effective today, PetroKazakhstan's shares will trade under the common symbol PKZ on the New York Stock Exchange, The Toronto Stock Exchange, the London Stock Exchange and the Frankfurt Stock Exchange.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
This information is provided by RNS
The company news service from the London Stock Exchange