JPMorgan - KASE

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Recompletion ................. reserve life .................... Recompletion refers to extensive maintenance operations conducted on existing wells which often include the reperforation of well bores and which are designed to restore production from wells closer to their original productive potential. The proved reserves divided by the average annualized production volumes based on year end production rates. Reservoir ...................... A porous and permeable underground formation containing a natural accumulation of producible oil and/or gas that is confined by impermeable rock or water barriers and is individual and separate from other reservoirs. royalty interest ................ Aninterestinanoilandgasproperty entitling the owner to a share of oil or gas production free of costs of production. Seismic ....................... Theuseofshockwaves generated by controlled explosions of dynamite or other means to ascertain the nature and contour of underground geological structures. 3-D seismic survey ............. Seismicthatisrun,acquiredandprocessedtoyieldathreedimensional picture of the subsurface. Three dimensional seismic is relatively expensive because it takes a considerable amount of computer time to process the data. shell capacity .................. Undeveloped acreage .......... working interest .............. Workover ..................... Designcapacity. Acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas regardless of whether such acreage contains proved reserves. The operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and to a share of production, subject to all royalties, overriding royalties and other burdens, and to all costs of exploration, development and operations and all risks in connection therewith. Routine maintenance operations on a producing well in order to maintain, restore or increase production. A-3
APPENDIX B: The Republic of Kazakhstan The following statistics and information relating to Kazakhstan have been extracted from certain publicly available information and are provided for background purposes only. Introduction Kazakhstan is a sovereign democratic republic and, after Russia, is the largest in terms of land mass of the nations formed upon the dissolution of the Soviet Union in 1991. The country is rich in natural resources, including oil, gas and minerals. Kazakhstan is a leading producer of copper, zinc, manganese, coal, uranium, lead and, to a lesser extent, gold and silver. The country is also a significant exporter of oil, grain, wool and meat. Kazakhstan has relatively high levels of foreign direct investment, particularly in the oil and gas sector. Economic and structural reforms undertaken since 1991, including the most significant privatization effort in the region, have helped to revive Kazakhstan’s economy after the decline experienced upon the dissolution of the Soviet Union. Following several years of falling GDP after the Soviet Union was disbanded, real GDP in Kazakhstan grew by 0.5 per cent. in 1996 and by 1.7 per cent. in 1997. While it fell by 1.9 per cent. in 1998, in 1999 Kazakhstan’s GDP increased by 2.7 per cent. and in 2000, it grew by 9.6 per cent. Through 1 January 2002, real GDP growth was 13.2 per cent. The year-on-year rate of consumer price inflation in Kazakhstan decreased from 1,158.3 per cent. at the end of 1994 to 1.9 per cent. at the end of 1998, although it rose in 1999 and at the end of the year stood at 17.8 per cent. At year end 2000, the year-on-year rate of consumer price inflation was 9.8 per cent. and at January 2002, it was 6.4 per cent. By the end of June 2002, the period-on-period inflation rate had fallen to 5.8 per cent. An extensive legal framework has been put in place to continue the development of a market oriented economy, including tax, securities, bankruptcy, joint-stock company and auditing laws. In 2002 Kazakhstan was deemed a “Market Economy Country” by the United States and European Union. In January 1998 a pension reform program, the first of its type in the former Soviet Union, was commenced with the aim of transforming the current “pay as you go” system into a “fully funded” private system, regulated by the State. To date the pension reform program is one of the most successful in the CIS. Price liberalization has occurred in most sectors of the economy, although certain state monopolies such as utility companies still provide services at below cost which nevertheless are being adjusted toward cost recovery levels. In November 2002 Moody’s Credit Rating Agency assigned an investment grade credit rating. Area and Population Kazakhstan is located in Central Asia and it is bordered by Russia to the north, China’s Xinjiang- Uigur Autonomous Region to the east, The Kyrgyz Republic, Uzbekistan and Turkmenistan to the south and the Caspian Sea in the west. In December 1997, the capital moved from Almaty to Astana (formerly known as Akmola), which is located in central Kazakhstan, and the President, the Parliament and most ministries have relocated to Astana. Reasons for this move include the strategic desire to move the capital closer to Kazakhstan’s industrial center. Almaty remains, however, the financial and scientific capital of the country and is by far the largest city in Kazakhstan. The country covers an area of 2,725 million square kilometers, approximately the same size as Western Europe, and spans two time zones from the Caspian Sea in the west to the Altai mountains in the east. In terms of land mass, Kazakhstan is the ninth largest country in the world and the second largest country, after Russia, belonging to the CIS. B-1
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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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Restricted Subsidiary sell, assign,
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(2) reduce the rate of interest on
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Issuer may, at its option and at an
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(g) waive a redemption payment with
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issue date of the Notes within the
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Exchange of Global Notes for Defini
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Luxembourg or their respective dire
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the Company or to a Guarantor, (e)
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“Consolidated Net Income” means
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excluded, and (iii) the Fixed Charg
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shall be deemed to make an “Inves
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or is liquidated into, the Company
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Value, as appropriate, of such prop
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“Wholly Owned Restricted Subsidia
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Sale, Redemption or Retirement of t
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Tax on Income and Capital Gains A h
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Plan of Distribution Subject to the
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Pre-Issue Trades Settlement It is e
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Regulation S Notes By purchasing no
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The issuer’s principal activities
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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 and 174: 3 months ended September 30, 2001 U
Page 175 and 176: 9 months ended September 30, 2001 T
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
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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: Non-FCA sales ................ Oil
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
Page 225 and 226: Oil and Gas For Oil and Gas see Ann
Page 227 and 228: Public Finance Introduction Fiscal
Page 229 and 230: The exchange rate regime adopted in
Page 231 and 232: The following table sets forth data
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Page 235 and 236: Exports General In 2001, the export
Page 237 and 238: ‰ preparing and implementing new
Page 239: THE ISSUER Hurricane Finance B.V. S
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JPMorgan - KASE

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