BMB Munai Receives Reserve Data on Kazakhstan Fields

BMB Munai has received a preliminary report on the results on 3D seismic data processing and interpretation from PGS-GIS Data Processing. The Company commissioned PGS-GIS in December 2003 after completing 3D seismic survey of the Company's Aksaz, Dolinnoe and Emir Fields (ADE Block) located in western Kazakhstan.

The preliminary report contains oil reserve estimates for the Company's Dolinnoe and Emir Fields. Reserves figures for the company's Aksaz field will be released at a later date. According to the PGS-GIS 3D preliminary report, Dolinnoe and Emir Oil field reserves are estimated as follows:

 PGS-GIS Dolinnoe and Emir Oil Reserves Evaluation, 000' Bbl

                P1            P2                        P1+P2
              (Proven)    (Probable)               Proven + Probable

Dolinnoe      26,655        42,454                     69,109

Emir          15,847        19,257                     35,104

Total         42,502        61,711                    104,213

Dr. Alexandre Agaian, President and CEO of BMB Munai, Inc. stated, "The data obtained during 3D seismic is of a very high quality and resolution. The full detailed report will augment the information previously obtained from incomplete 2D seismic and geological data obtained from former Soviet geologists, which the Company used as the basis for engineering reports for ADE Block previously prepared by PGS, Gubkin Institute of Russia and McDaniel and Associates of Canada."

The full report is due to be released to the Company at the end of June, 2004. The complete report will cover more geological, technical and financial issues and will also contain Aksaz field reserves evaluation and ADE Block gas reserves evaluation. Dr. Agaian also said, "The report is expected to improve the Company's understanding of ADE Block geology for both Jurassic and Triassic formations and define more precisely pay zones and reservoir sizes and structures. The results of the data processing are expected to significantly improve location of drilling sites and reduce drilling risks."