Kazakhstan Extends BMB's Exploration Contract
BMB Munai, Inc. said that Kazakhstan's Ministry of Energy and Mineral Resources (MEMR) has executed an extension to the exploration contract held by the company's subsidiary, Emir Oil LLP.
Under the terms of the contract extension, the exploration period will extend to July 2009 over the entire exploration contract territory.
BMB Munai's President Askar Tashtitov stated, "Extension of the exploration stage will allow our company to continue our scheduled exploration and appraisal activities on the ADE Block and the extended territory, preparatory to commencing the process to make application for a commercial production contract with the government of Kazakhstan at the end of the 2008 calendar year."
Tashtitov continued, "Due to a grandfathering clause, the company will continue to benefit from an exemption from the Rent Export Tax through the period of the exploration contract extension."
BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in Western Kazakhstan. The company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.
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