CALGARY, June 10 /PRNewswire-FirstCall/ - PetroKazakhstan Inc. ("PetroKazakhstan" or the "Company") will be participating in the Canadian Association of Petroleum Producers ("CAPP") investment conference being held in Calgary, Alberta from June 13th to 15th. The Company will also be meeting with institutional investors after the conference.
Mr. Ihor P. Wasylkiw, Vice President Investor Relations of PetroKazakhstan, will be the Company presenter.
The Company invites you to either review a copy of the presentation which will be made, or alternatively, listen to a live webcast of the presentation which will begin at 6:00 p.m. Eastern time (4:00 p.m. Mountain time) on Monday, June 13th. Please visit the Company's website at www.petrokazakhstan.com and from the home page either click on "Presentations" to download a copy of the presentation or click on "Webcast" to listen to the live webcast. The webcast will be archived for 30 days.
current production is down about 46% to about 85,000 Bbls/day from the 158,000 Bbbls/day in March 2005
about 22,000 Bbls/day will return in Aug2005 from 50/50 JV Kazgermunai
so that by end of AUG2005 TOTAL PRODUCTION should be back to about 85K + 22K = 107,000 Bbls /day or about 68% of "normal" production
CHINA-KAZ pipeline should be OPERATIONAL by the end of the 1stQTR 2006 with PKZ as the ONLY series of fields INITIALLY TIED TO CHINA-KAZ pipeline
NEGOTIATIONS are now ONGOING to sign CONTRACTS with the CHINESE-- about $7 /bbl REDUCTION in transportation costs are expected (in other words, about $7 / bbl MORE for PKZs light sweet crude)
negotiations ongoing with government to reinstate PRODUCTION and TAX-PAYING related to PRODUCTION before the JULY2006 time when gas-utilization is fully activated-- news about GOVERNMENT negotiations can be expected in the "next few months" if it yields any changes to current situation
Poltical climate dificult because of crucial ELECTIONS in 2006 (Prez & Parliment)
High courts in KAZ are fair & rational (lower courts more problematic)
Lukoil conflict may take YEARS to resolve especially with regards to INTERNATIONAL ARBITRATION in Europe
not much new. Share repurchases are continuing. Based on a slide showing 74.0 million shares outstanding as of May 31, it leads to me beleive that an additional 590,000 shares have been repurchased since the Q1 earnings release.
I expected the repurchase to be measured just due to uncertainty.