UPDATE 1-Kazakhstan's ZhaikMunai sets range for London IPO

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ALMATY, Nov 19 (Reuters) - ZhaikMunai, an independent Kazakh oil and gas company, set an indicative price range of $13-$16 per global depositary receipt (GDR) for its planned listing on the London Stock Exchange, it said on Monday.

ZhaikMunai, which estimated the float at $760 million at the mid-point of the price range, will join the growing ranks of Kazakh firms seeking foreign listings and more exposure to the international business community.

"The listing will help ZhaikMunai to achieve its goals of increasing oil production, improving the existing reserve base, exploiting our gas reserves and improving transport links," Frank Monstrey, ZhaikMunai chairman, said in a statement.

The company did not say how much it planned to float and when the initial public offering (IPO) might take place. Analysts expect the float to take place later this year.

ZhaikMunai, which explores, produces and sells oil and gas from northwestern Kazakhstan, has appointed ING as lead manager and bookrunner for the offering. Mirabaud Securities and Unicredit Markets & Investment Banking are co-lead managers.

ZhaikMunai owns a licence in the Chinarevskoye field in the northern part of the prospective Pre-Caspian Basin, one of the largest oil-producing regions in Central Asia. It has held a production sharing agreement with the Kazakh government there since 1997.

It has said its estimated gross proved plus probable hydrocarbon reserves as of July 1 were 397 million barrels of oil equivalent. ZhaikMunai began production in 2000 and produced just over 1 million barrels of crude oil in 2006. (Writing by Maria Golovnina)