JSC KazMunaiGas Exploration Production (KMG EP) has completed the transaction to acquire a 50% stake in Ural Group Limited (UGL) from Exploration Venture Limited (EVL) for $164.4m.

UGL owns the exploration license for the block Fedorovskiy through 100% stake in LLP Ural Oil and Gas (UOG).

The final acquisition includes $61.3m for shares and $87.8m of shareholder loans (as of 1 January 2010) and $15.3m – adjustment for EVL’s work program financing until the deal closes (2010 and first quarter of 2011).

The deal price was subject to adjustment for EVL’s work program financing obligations until the deal closes.

Earlier, the acquisition was approved by the board of directors of KMG EP and the board of directors of EVL.