BMB Munai Inks Deal for Sale of Oil from Emir-1 Well

BMB Munai, Inc. reports that the first oil sale contract has been signed for the oil produced during the test production on the Emir-1 well in Kazakhstan. A prepayment for first 100 tons of oil has been received.

During the first quarter of 2004 the company finished construction of the ground facilities for oil collection and pre-sale processing at Emir-1 well with capacity to connect additional seven wells for combined collection and processing. The facilities present a complete technological system and provide full cycle of processing, including oil separation from gas and water, oil heating, oil flow measurements, oil storage reservoir, drain reservoir, operator system and anti-flare system. Due to unstable oil flow at Emir-1 well the company also conducted a geophysical research at the well, which showed with high probability that the producing horizon and borehole are blocked with impurities and sand. Subsequently the underground repair has been started for the well clean-up. The well underground repair is anticipated to be completed within 30 days.

In the course of well work over at Dolinnoe-1 oil well the perforating tape abandoned by MangistauMunaiGas during geophysical works in 1994-1996 has been found at a depth of 3529 meters. The company considers different resolutions for the situation, including possibility of conducting a well test at the depths of 3518 to 3529 meters.

BMB Munai contracted a drilling company Saipem to drill a new well at Dolinnoe oil field.

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