BMB Munai to Commence Seismic Study of Expanded Territory

BMB Munai has coordinated and completed technical design of a geophysical research program of its expanded territory with State authorities. The Company has retained TatArka, LLP., to provide geophysical testing services of the expanded territory and anticipates seismic testing and interpretation to be completed during the second half of 2005.

"Our geophysical research program, calls for the use of modern 3-D seismic techniques and equipment," said Company co-CEO, Boris Cherdabayev. "We look forward to the results of the research program. We anticipate the information gathered will enhance our understanding of the oil reserves located within the expanded territory and will help us more effectively select drilling sites." Mr. Cherdabayev indicated that the Company plans to commence drilling activities in the expanded territory following completion of the 3-D seismic study program.