JPMorgan - KASE

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3 Joint Ventures The Corporation has the following interests in two joint ventures: a) 50% equity shareholding with equivalent voting power in CJSC Turgai Petroleum (“Turgai”), formerly Kumkol Lukoil CJSC, which operates the northern part of the Kumkol field in Kazakhstan. b) 50% equity shareholding with equivalent voting power in LLP Kazgermunai (“Kazgermunai”), which operates three oil fields in Kazakhstan: Akshabulak, Nurali and Aksai. The following amounts are included in the Corporation’s financial statements as a result of the proportionate consolidation of its joint ventures: 9 months ended September 30, 2002 Turgai Kazgermunai Total Cash............................................................. 3,863 17,465 21,328 Currentassets,excludingcash ...................................... 11,620 14,942 26,562 Capitalassets,net ................................................. 24,583 57,021 81,604 Current liabilities .................................................. 13,069 5,167 18,236 Long term debt ................................................... — 62,684 62,684 Revenue ......................................................... 52,795 33,022 85,817 Expenses ......................................................... 31,303 26,473 57,776 Netincome....................................................... 21,492 6,549 28,041 Cash flow from operating activities .................................. 9,766 11,616 21,382 Cash flow from financing activities .................................. — 1,617 1,617 Cash flow used in investing activities ................................ (7,402) (7,284) (14,686) 3 months ended September 30, 2002 Turgai Kazgermunai Total Revenue .......................................................... 22,209 17,767 39,976 Expenses ......................................................... 13,160 12,687 25,847 Netincome ....................................................... 9,049 5,080 14,129 Cash flow from operating activities .................................. 5,383 12,713 18,096 Cash flow from financing activities ................................... — 243 243 Cash flow used in investing activities ................................. (3,132) (4,395) (7,527) The crude oil sales for the nine months ended September 30, 2002 includes $15.5 million and $21.6 million of crude oil sales made by Turgai Petroleum to HOP & HKM respectively and $5.8 million of crude oil sales made by Kazgermunai to HOP. The crude oil sales for the three months ended September 30, 2002 includes $14.5 million of crude oil sales made by Turgai to HKM. F-9
9 months ended September 30, 2001 Turgai Kazgermunai Total Cash............................................................. 5,320 11,516 16,836 Currentassets,excludingcash ...................................... 41,853 12,193 54,046 Capitalassets,net ................................................. 12,086 56,017 68,103 Current liabilities ................................................. 7,143 8,782 15,925 Long term debt ................................................... — 61,729 61,729 Revenue ......................................................... 52,618 37,751 90,369 Expenses ......................................................... 19,963 30,313 50,276 Netincome....................................................... 32,655 7,438 40,093 Cash flow from operating activities .................................. 7,384 15,818 23,202 Cash flow used in financing activities ................................ (18,000) (20,318) (38,318) Cash flow used in investing activities ................................ (5,145) (2,639) (7,784) 3 months ended September 30, 2001 Turgai Kazgermunai Total Revenue .......................................................... 19,729 14,167 33,896 Expenses ......................................................... 9,404 11,239 20,643 Netincome ....................................................... 10,325 2,928 13,253 Cash flow from operating activities .................................. 4,502 8,729 13,231 Cash flow (used in) from financing activities ........................... (7,500) 1,086 (6,414) Cash flow used in investing activities ................................. (3,041) (1,623) (4,664) The crude oil sales for the nine months ended September 30, 2001 includes $41.2 million of crude oil sales made by Turgai to HOP and $1.2 million of crude oil sales made by Kazgermunai to HOP The crude oil sales for the three months ended September 30, 2001 includes $15.4 million of crude oil sales made by Turgai to HOP and $1.2 million of crude oil sales made by Kazgermunai to HOP. 4 Accounts Receivable September 30, December 31, 2002 2001 Trade accounts receivable ............................................... 65,903 25,930 Value added tax recoverable ............................................ 384 10,153 Withholding tax recoverable ............................................ 5,000 5,000 Other receivables ...................................................... 10,620 11,204 81,907 52,287 5 Prepaids September 30, December 31, 2002 2001 Advances for services and equipment .................................... 18,971 14,788 Prepayment of transportation for FOB sales ............................... 29,313 1,104 Prepayment for pipeline tariff ........................................... 3,890 1,427 52,174 17,319 F-10
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Offering Circular Hurricane Finance
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Moscow RUSSIA SAMARA Ufa OMSK RUSSI
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Š Š you have made certain acknowl
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Unless otherwise indicated, all ref
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Notice to New Hampshire Residents N
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Offering Memorandum Summary This su
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have a network of sales, storage an
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Š our QAM pipeline construction pr
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a senior intercompany loan to HKM.
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Organizational Structure The follow
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Nine Months Ended Year Ended Decemb
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Year Ended December 31, 2001 Nine M
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construction of the plant, anticipa
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Inadequate infrastructure could adv
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fully prohibit us from doing so. In
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Kazakhstan’s foreign investment,
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subsoil user and the Kazakhstani go
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In general, estimates of economical
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thereon and any other amounts owed
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Selected Historical Consolidated Fi
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Management’s Discussion and Analy
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(11,642 tonnes per day) in Septembe
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Adoption of Certain Accounting Stan
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The following table sets out the so
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The total royalty and tax expense f
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perform a quarterly ceiling test. T
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The increase in FCA differentials p
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In addition, we incurred production
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plan. The CCAA plan was implemented
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Royalties Royalties increased from
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Cash is managed centrally through t
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Š completion of the gas utilizatio
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Competitive Strengths We believe th
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Š refurbishing and recommissioning
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The daily business of Kazgermunai i
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Kumkol North. We have a 50% interes
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are currently five producing wells.
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Estimated Reserves and Present Wort
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The following table sets forth a re
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The following tables show our avera
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amended in April 1999, required Kaz
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price we paid for the shares of HKM
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expenditures or investments. The ag
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Several investments with high profi
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In addition, we have opened new rou
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On January 8, 2003, the President o
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As a result of these discussions, H
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Management Directors and Senior Man
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and managerial positions. In 1992,
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approved by our shareholders in Nov
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Related Party Transactions Set fort
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Indebtedness of Directors and Senio
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Prepayments HKM may voluntarily pre
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guarantees any Indebtedness of an O
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will also (i) make such withholding
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The Change of Control Offer will re
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shown on the most recent balance sh
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(a) no Default or Event of Default
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Disqualified Stock and will not per
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transaction are at least equal to t
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in HKM or HOP respectively, from th
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Page 125 and 126: (2) reduce the rate of interest on
Page 127 and 128: Issuer may, at its option and at an
Page 129 and 130: (g) waive a redemption payment with
Page 131 and 132: issue date of the Notes within the
Page 133 and 134: Exchange of Global Notes for Defini
Page 135 and 136: Luxembourg or their respective dire
Page 137 and 138: the Company or to a Guarantor, (e)
Page 139 and 140: “Consolidated Net Income” means
Page 141 and 142: excluded, and (iii) the Fixed Charg
Page 143 and 144: shall be deemed to make an “Inves
Page 145 and 146: or is liquidated into, the Company
Page 147 and 148: Value, as appropriate, of such prop
Page 149 and 150: “Wholly Owned Restricted Subsidia
Page 151 and 152: Sale, Redemption or Retirement of t
Page 153 and 154: Tax on Income and Capital Gains A h
Page 155 and 156: Plan of Distribution Subject to the
Page 157 and 158: Pre-Issue Trades Settlement It is e
Page 159 and 160: Regulation S Notes By purchasing no
Page 161 and 162: The issuer’s principal activities
Page 163 and 164: Lengesskoe Shosse, Shymkent, Yuzhna
Page 165 and 166: 4 The issue of the notes was author
Page 167 and 168: Hurricane Hydrocarbons Ltd. Interim
Page 169 and 170: Hurricane Hydrocarbons Ltd. Interim
Page 171 and 172: 3 months ended September 30, 2002 U
Page 173: 3 months ended September 30, 2001 U
Page 177 and 178: Repayment Long term debt principal
Page 179 and 180: 14 Net Income Per Share The income
Page 181 and 182: accordingly no compensation cost ha
Page 183 and 184: Management’s Report All informati
Page 185 and 186: Comments by auditor for U.S. reader
Page 187 and 188: Hurricane Hydrocarbons Ltd. Consoli
Page 189 and 190: Hurricane Hydrocarbons Ltd. Notes t
Page 191 and 192: accordance with current legislation
Page 193 and 194: In addition the Corporation has now
Page 195 and 196: Upstream Downstream Eliminations Co
Page 197 and 198: The crude oil sales elimination of
Page 199 and 200: The Canadian Notes contained certai
Page 201 and 202: Interest expense Interest expense f
Page 203 and 204: 14 Income Taxes The Corporation and
Page 205 and 206: investments or other items that may
Page 207 and 208: 19 Related Party Transactions Durin
Page 209 and 210: Consolidated Balance Sheets The app
Page 211 and 212: Legal Proceedings The Corporation h
Page 213 and 214: Non-FCA sales ................ Oil
Page 215 and 216: APPENDIX B: The Republic of Kazakhs
Page 217 and 218: Under the Constitution, the Preside
Page 219 and 220: International Organizations and Int
Page 221 and 222: The Kazakhstan Economy Overview Kaz
Page 223 and 224: Principal Sectors of the Economy Hi
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Oil and Gas For Oil and Gas see Ann
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Public Finance Introduction Fiscal
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The exchange rate regime adopted in
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The following table sets forth data
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(This page has been left blank inte
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Exports General In 2001, the export
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‰ preparing and implementing new
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THE ISSUER Hurricane Finance B.V. S
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JPMorgan - KASE

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