OREANDA-NEWS. May 26, 2009. KazMunaiGas Exploration Production (Astana), shares of which are present in Kazakhstan Stock Exchange (KASE) official list, provided to KASE the press release on the following, reported the press-centre of KASE:

JSC KazMunaiGas Exploration Production ("KMG EP" or "the Company"), released its unaudited, consolidated interim financial results for the three months ended 31 March 2009.

- Profit for the period of 108.0bn Tenge (US777.9m)  and earnings per share   of 1,464 Tenge (US1.76 per GDR), including a significant foreign exchange gain.

- Operating profit declined by 79% to 20.0bn Tenge (US143.8m) compared to   the first three months of 2008 on lower oil prices.

- The Company has entered into an oil price hedge on 1.5 million bbl per month through the end of 2009.

Commenting on the financial results for the first three months of 2009, Askar Balzhanov, CEO of KMG EP, said: "Besides the movements of the exchange rate, the 1Q 2009 results were driven by the adverse market conditions with lower oil prices. However, we are pleased that, despite this challenging environment, KMG EP's operations remain profitable and the Company continues to deliver upon its strategic objectives as planned".