Zhitong Financial APP learned that Kazakhstan Petroleum Group submitted a listing application to the main board of the Hong Kong Stock Exchange, with Western Securities International as the exclusive sponsor, according to the disclosure of the Hong Kong Stock Exchange on June 30.

As of April 30, 2022, the company had about 530 million barrels of total proven reserves. According to Frost Sullivan, the littoral Caspian basin in 2021 ranks fourth in proven reserves, with about 2.8% of the total proven reserves in the Caspian basin. In terms of confirmed reserves, the company is among the top five oil companies in Kazakhstan, accounting for about 1.8% of Kazakhstan's total proven reserves in 2021.

The company has exclusive control of more than 10000 square kilometers in the Caspian Basin in western Kazakhstan. As of April 30, 2022, 14 oilfields (2 oilfields in area An and 12 oilfields in area E) have been controlled and operated, of which the oilfields are in the whole oilfield development stage, two oilfields are in the pilot production stage, and the remaining seven oilfields are in the evaluation stage. As of April 30, 2022, the company has a total of 50 production wells and 11 injection wells.

The company acquired oil and gas exploration and production rights in areas An and E under the exploration and production contract from Manash in September 2020. Since then, it has mainly focused on increasing the crude oil production of five oilfields in the fully developed oilfields, and carried out extensive exploration and drilling in two pilot production stages and seven evaluation stages. At present, there are seven oil fields in the evaluation stage, namely, DossorSE oil field, KyzylzharII oil field, Zharshik oil field, ZhylayaKossa oil field, Akatkol oil field, Kyzylkala oil field and Karasay oil field, all of which cover about 39.3 hectares of land in the coastal Caspian basin.

According to the report of qualified persons, as of April 30, 2022, the seven oilfields were reasonably developed, with cumulative total proven reserves of 521 million barrels, total proven plus estimated reserves of 760 million barrels, and total proven plus estimated plus possible reserves of 770 million barrels. As part of the company's three-year development plan, the proposed focus is on the proven plus estimated reserves for the development of seven oilfields, involving drilling a total of 169production and injection wells, building well site groups, building oil processing facilities, and building ancillary infrastructure, and upgrading Makat transfer stations between 2023 and 2025.

The company estimates that the initial capital investment required to implement the three-year development plan is about $1.301 billion, and about $787 million will be provided by operating cash inflows and ╱ or available bank financing provisions. On a smaller scale, the existing oilfields in the whole oil field development and trial production stage will also continue to be developed.

During the track record period, the company sold crude oil to customer B and to customer A both domestically and internationally. For the period from September 25 to December 31, 2020 and for the year ended December 31, 2021, sales to customer B were approximately $1.1 million and $3 million, respectively, accounting for approximately 42.3% and 9.3% of the total revenue for the same period, respectively. During the period from September 25 to December 31, 2020 and the year ended December 31, 2021, sales to customer A were about $1.5 million and $29 million, respectively, accounting for about 57.7% and 90.7% of the company's total revenue for the same period, respectively.

On the financial side, the total revenue of Kazakhstan Petroleum Group was about US $2.552 million and US $32.798 million in fiscal year 2020 and fiscal year 2021, respectively. Of this total, the gross profit was 1.225 million US dollars and 25.29 million US dollars respectively.