BMB Munai Spuds Kariman-2 Well

BMB Munai, Inc.

BMB Munai, Inc. said that its contractor, Oil and Gas Exploration Crakow has relocated its drilling rig to a site on the Kariman oil field and spudded a new well designated Kariman-2. The well is located 500 meters to the south of the Kariman-1 well that was completed in July and is currently in test production. The planned depth of the new well is 3,800 meters which will allow the well to penetrate the full Triassic formation.

Gamal Kulumbetov, BMB Munai's Chief Operating Officer, confirmed:

"The Company is currently re-entering an existing well on the Borly structure, drilling a new well on Kariman structure, both in the extended territory, and drilling one well on the Dolinnoe field in the ADE block. We are also looking forward to announcing the commencement of a fourth well in the ADE block in the near future. This will mark the first time in the history of the Company that it will have four drilling projects in progress at the same time. Although, our drilling contractors experienced substantial delays in delivering rigs to the field and completing local inspections, it appears that the Company is now set to execute the active drilling program required to complete the Company's exploration and appraisal phase of its license agreement with the government."

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. Company maintains administrative offices in Salt Lake City, Utah and Almaty, Kazakhstan.