BMB Munai: Kariman-2 Drilling Finished

BMB Munai, Inc. said that drilling of the Kariman-2 well was finished on December 25, 2006, by its drilling contractor. Drilling operations were concluded at the depth of 3,535 meters, upon reaching the end of the targeted Middle Triassic horizons. The well was spudded on August 15, 2006, and is the first well drilled from the surface by the Company in the Kariman oil field.

Well completion activities will be conducted by another contractor, utilizing a drilling rig specifically employed for workover and completion operations. BMB Munai's Chief Operating Officer, Gamal Kulumbetov stated, "We expect the completion operations will be finished before the end of January. Then an extensive period of production testing and evaluation will be commenced to study the well characteristics and formulate a model of the long-term stable production potential of the well."

The Company's drilling contractor, Oil and Gas Exploration Crakow, is in the process of removing the rig from the Kariman-2 well and relocating the rig to the Kariman-1 well where it will be used to deepen the Kariman-1 well approximately 250 meters into the Middle Triassic formation.

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