BMB Munai Inc. A0BK50
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BMB Munai, Inc. Secures Export Tax Exemption
ALMATY, Kazakhstan, March 21 /PRNewswire-FirstCall/ -- BMB Munai, (Nachrichten/Aktienkurs) Inc. (BULLETIN BOARD: BMBM) announced today that it has received written confirmation from the Ministry of Finance of the Republic of Kazakhstan that its subsidiary, Emir Oil LLP, will not be subject to payment of Export Rent Tax on exported oil sales during the exploration stage of its subsoil users license agreement. The exploration stage under the current agreement will continue through July 2007, unless extended for an additional period of two years.
BMB Munai, Inc. received its initial authorization to begin monthly export quotas in January 2006. The authorized quantity of the export quota is re-negotiated monthly with the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan and is expected to increase as the Company's oil production grows.
BMB Munai, Inc. company analyst, Askar Tashtitov, stated, "The Export Rent Tax is scaled on the basis of the Brent oil price. At present the tax rate for non-exempt export sales is equal to 33% of revenue net of transportation expenses. Export Rent Tax is scaled against the Brent oil price and is set at the maximum level of 33% when Brent oil prices exceed $40 USD per barrel). Authorization to make export sales coupled with the exemption from Export Rent Tax will allow BMB Munai, Inc. to increase its profitability and take maximum advantage of prevailing international price of oil during the remainder of the exploration stage."
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
http://www.russia4u.de/16BMBM_Feb06__d_.pdf
Ein aktualisierter Überblick über kleine und mittlere kaspische Ölförderer
http://www.russia4u.de/kaspi/body_kaspi.html
BMB Munai, Inc. Announces Completion of 3D Seismic Interpretation
ALMATY, Kazakhstan, March 28 /PRNewswire-FirstCall/ -- BMB Munai, (Nachrichten/Aktienkurs) Inc. (BULLETIN BOARD: BMBM) announced today that it had received an interpretation report from PGS-GIS, of Oslo, Norway, interpreting the 3D seismic study conducted by the Company on its extended license territory. The interpretation confirms the presence of six perspective structures in Triassic formations and three perspective structures in Jurassic formations in the territory.
"The results of the 3D seismic interpretation surpassed our preliminary estimates and will guide our exploration activities in the coming year," said Gamal Kulumbetov, the Company's Chief Operating Officer. "The PGS-GIS interpretation has also confirmed three Jurassic formations on the ADE block. Our Jurassic formations have a structure similar to adjacent oil fields, producing from Jurassic formations in Northwestern Zhetybai," he observed.
The results of the 3D seismic interpretation were evaluated also by Chapman Petroleum Engineering Ltd., an independent petroleum engineering firm from Calgary, Canada. The Chapman Petroleum Engineering resource evaluation indicates prospective resources totaling 207.6 million barrels of oil equivalent (BOE) are estimated on the extended territory. The resource evaluation converts gas to BOE at a ratio of 6 mscf gas/1 bbl oil. The Chapman resource evaluation assigns the total prospective resources as follows: Triassic formations of 153 million barrels of oil and Jurassic formations of 25.8 million of barrels of oil (on both ADE block and extended territory), and 28.8 million BOE for the overall gas reserves.
Mr. Kulumbetov noted, "The evaluation report designates these new discoveries as "resources" rather than "reserves" because under applicable reserve reporting rules a structure must be penetrated by a wellbore before any evaluations may designate either proved, probable or possible reserves with required certainty in any structure on the territory. We have previously announced that we are currently drilling our first well in the Kariman structure on the extended license territory. The drilling will be completed within the next month after which we will complete and begin testing of each interval of the well. We are also scheduled to drill one well in the Borly structure and one well on the Yessen structure. We expect that success in any of these wells will further increase our reportable reserves."
Cautionary Note to U.S. Investors -- The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only "proved reserves" that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release to refer to oil and gas "resources" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Estimates of "resources" are by their nature more speculative than estimates of "reserves" and accordingly are subject to substantially greater risk of not being realized by the Company. U.S. investors are advised of the fact that our annual report on Form 10-KSB filed for the year ended March 31, 2005 estimate of proved reserves has undergone review by the SEC and is expected to be revised to approximately 13.1 million barrels "proved" reserves in compliance with SEC disclosure standards. Also, U.S. investors are cautioned that future filings with the SEC will only contain proved reserve estimates that according to the standards established by the SEC. Interested investors can obtain a copy of an SEC filing from us upon request by writing to BMB Munai, Inc. at 324 South 400 West, Suite 250 Salt Lake City, Utah 84101. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in Western Kazakhstan. The Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
Contacts: In the US: Adam R. Cook, Corporate Secretary (801) 355-2227, E-mail: USoffice@bmbmunai.com In Kazakhstan: Daniyar Uteulin, Vice President for Investor Relations +7 (3272) 375-125, E-mail: KZoffice@bmbmunai.com
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
BMB Munai, Inc. Announces Gas Utilization Project Commencement
ALMATY, Kazakhstan, April 17 /PRNewswire-FirstCall/ -- BMB Munai, (Nachrichten/Aktienkurs) Inc. (BULLETIN BOARD: BMBM) announced today that the Company's subsidiary Emir Oil Company has executed an agreement with Ecotechnic Chemical AG to have Ecotechnic Chemical AG construct a natural gas utilization facility employing Ecotechnic Chemical's proprietary processing technology. Ecotechnic Chemical AG has completed approximately forty similar projects in the Russian Federation.
The facility will be constructed on the exploration license territory held by Emir Oil LLP. The project is scheduled to be completed by the end of the current calendar year at a cost to Emir Oil, LLP of approximately $3,000,000. The processing facility will have initial capacity to process 3,532 mcf per day. The processing capacity can be enlarged at substantially lower incremental cost to meet the requirements of increased field production. The current price range for natural gas in region during the past 12 months has been between $.60 and $.90 per mcf.
Upon completion of construction, the gas utilization plant will be operated as an equal joint venture between Emir Oil LLP and Ecotechnic Chemical AG. In exchange for providing financing for the facility, Emir Oil, LLP will be paid 25% of the operating income of the joint venture and will also receive 50% of the net income as owner of one-half interest in the joint venture.
The Company stated that the decision to commence the gas utilization project at the current time is a further step toward transitioning BMB Munai from the exploration stage to the production stage under its license agreement. The Company has received written confirmation from the deputy governor of the Mangistau region that there is a ready market for natural gas in the region.
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in Western Kazakhstan. Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
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