ALMATY, July 25, 2012: KazMunaiGas Exploration Production JSC (KMG EP), one of Kazakhstan's leading oil companies, has announced the signing of a Share Purchase Agreement to sell a 49% equity stake in the Karpovskiy Severniy project to MOL Hungarian Oil and Gas plc (MOL), one of Central and Eastern Europe's key integrated energy businesses.
The deal will see MOL and KMG EP form a joint venture to explore the Karpovskiy Severniy block in western Kazakhstan. Historic exploration of the 1,670 sq km block has indicated proven hydrocarbon reserves.
MOL is publicly listed on the Budapest, Luxembourg and Warsaw stock exchanges and KMG EP is an LSE-listed subsidiary of state-owned JSC National Company KazMunaiGas.
Morgan Lewis served as legal advisor to MOL on the transaction. The Morgan Lewis deal team was led by Business & Finance partner and MOL relationship partner Aset Shyngyssov and Business & Finance partner Amy Comer, with Business & Finance associates Jayne McGlynn and Bauyrzhan Adirbekov and trainee Timothy Slind. Antitrust partner Izzet Sinan and Antitrust of counsel Jonathan Uphoff provided advice on EU merger clearance.