5 january 2004 г.
" Zhaikmunai" LLP and SC "Uralskneftegazgeologia" celebrate significant milestone in Chinarev Exploration

Two member-companies of the Group have reached a significant milestone at the start of 2004.

"Zhaikmunai" LLP has been developing the Chinarev oil-gas condensate field and SC "Uralskneftegazgeologia" has played a major role in drilling the wells in Chinarev. On December 28, 2003, the well # 12, drilled to 4785 meters, yielded a positive oil inflow. Similarly to the Chinarev well #13, # 12 was drilled using a deviated drilling method. The use of such method, as opposed to the traditional vertical drilling method, was used in Kazakhstan for the first time. Upon completion of all necessary testing, the work will proceed to the actual production.
This achievement has marked a major step for the economic success of both companies as it will further stabilize the work of other service-based members of the Consortium. According to a number of project managers responsible for the Chinarev field exploration, other projects are proceeding as planned. Specifically, the drilling of the well # 24 has reached the Tournaisian horizon at the 4333 meters and the drilling of the well # 20 will commence in the near future.