BMB Munai Announces Completion of Aksaz-4 Well

BMB Munai, Inc. announced today that drilling of the Aksaz-4 well was successfully completed on August 12, 2005. The Aksaz-4 well was spudded on May 13, 2005, following the completion of drilling the Dolinnoe-3 well, and was drilled from an initial depth of 4,080 meters to 4,907 meters by general drilling subcontractor, Siapem. The Aksaz-4 well had previously been drilled to a depth of 4,080 meters by the Republic of Kazakhstan in 1994.

During the drilling process about 50 meters of core was sampled and a full spectrum of geophysical and technical surveys were carried out by Schlumberger. As a result of the core sampling and surveys the Company has discovered several potential productive intervals within Triassic formations.

Toleush Tolmakov, general director of Emir Oil, a wholly-owned subsidiary of BMB Munai, Inc., said, 'We continue to steadily increase our wellstock through drilling of new wells and drilling-in of existing wells. We plan to concentrate efforts on increasing production through optimizing production rates and implementing a program aimed at intensification of production.'

Perforation of newly-discovered intervals, testing and testing production on the Aksaz-4 well will commence when the drilling rig has been dismantled.

BMB Munai, Inc. 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.