BMB Munai to Re-Evaluate Seismic Study on ADE Block

BMB Munai has retained PGS-GIS, of Almaty, Kazakhstan to evaluate the 2D seismic data covering license territory adjoining the Company's ADE block in western Kazakhstan. The subsoil use rights to the expanded territory, comprising 64,247 acres, were recently acquired through the agreement between the Company's Kazakhstan subsidiary, Emir Oil, LLC and the Republic of Kazakhstan.

As part of the agreement, the Company purchased old 2D seismic data which had been acquired on this territory during the Soviet period. The 2D seismic studies formed the basis of Soviet period exploratory drilling and were primarily focused on Jurassic period formations.

During reinterpretation of 2D seismic data, performed by PGS-GIS, four oil-and-gas bearing structures of deeper Triassic formations that have geologic composition similar to the ADE block where discovered. As a result of work conducted by PGS-GIS, the Company plans to obtain preliminary resource assessment on expanded territory during the second half of February 2005.

BMB Munai intends to conduct 3D seismic in 2005 to obtain more precise information regarding structure, volume of potential resources and to lower risks encountered during future drilling. The Company will then use the results of both studies as a basis for further testing and exploratory activities on the license territory.