JPMorgan - KASE

The following tables set forth our estimated proved plus probable and proved oil and natural gas
reserves and the present worth value of estimated future net pre-tax cash flows of those reserves
for each of our oil and gas fields as of January 1, 2002, on an escalating price assumption basis.
Name of Field
Our
Interest
Proved
Plus
Probable
Crude oil
Reserves
Proved Plus
Probable
Natural Gas
Reserves
Estimated Present
Worth Value
(Discounted at
10%) of Future
Net Pre-tax
Cash Flow
Field Operator
(%) (MMbbls) (1) (Bcf) (1) ($000’s) (2)
Kumkol South .......... 100 134.8 29.4 707,227 HKM
KumkolNorth.......... 50 111.2 16.2 641,343 Turgai Petroleum
South Kumkol .......... 100 42.5 3.1 256,400 HKM
Akshabulak ............ 50 108.1 — 627,959 Kazgermunai
Qyzylkiya .............. 100 37.7 — 201,361 HKM
Aryskum .............. 100 28.4 — 139,560 HKM
Maybulak ............. 100 20.8 — 94,874 HKM
Nurali................. 50 10.5 — 43,533 Kazgermunai
Aksai ................. 50 7.5 — 25,767 Kazgermunai
EastKumkol ........... n/a (3) 10.8 — 59,144 HKM/Turgai
Petroleum
NorthNurali ........... 100 (3) — — — HKM
Total ................. 512.3 48.7 2,797,168
Name of Field
Our
Interest
Proved
Crude oil
Reserves
Proved
Natural Gas
Reserves
Estimated Present
Worth Value
(Discounted at
10%) of Future
Net Pre-tax
Cash Flow
Field Operator
(%) (MMbbls) (1) (Bcf) (1) ($000’s) (1)
Kumkol South .......... 100 110.2 19.5 565,157 HKM
KumkolNorth.......... 50 78.7 11.1 457,436 Turgai Petroleum
South Kumkol .......... 100 32.2 2.2 184,784 HKM
Akshabulak ............ 50 73.2 — 445,931 Kazgermunai
Qyzylkiya .............. 100 20.6 — 99,128 HKM
Aryskum .............. 100 9.9 — 40,299 HKM
Maybulak ............. 100 11.9 — 45,103 HKM
Nurali................. 50 4.0 — 14,389 Kazgermunai
Aksai ................. 50 2.1 — 4,685 Kazgermunai
EastKumkol ........... n/a (3) 5.3 — 25,674 HKM/Turgai
Petroleum
NorthNurali ........... 100 (3) — — — HKM
Total ................. 348.1 32.8 1,882,586
(1) Estimates of our crude oil and natural gas reserves in the Kumkol South, Kumkol North and South Kumkol fields were
prepared by McDaniel. In addition, McDaniel consolidated data prepared by others relating to estimates of crude oil reserves
in the other fields in order to produce estimates of our crude oil reserves. See “Business and Properties — Oil and Gas
Exploration and Development Operations — Estimates of Proved and Proved Plus Probable Reserves and Present Worth
Values”.
(2) Probable reserves have been reduced by us by 50% to account for risk. McDaniel, in the McDaniel Reports, did not risk-adjust
the probable reserve, but reduced the estimated present value of the future cash flows on an escalating price basis by 50% to
account for risk. See “Business and Properties — Oil and Gas Exploration and Development Operations — Estimates of Proved
and Proved Plus Probable Reserves and Present Worth Values”.
(3) Production license and hydrocarbon contract are in the initial stage of negotiation.
Kumkol Field. The Kumkol field, which was discovered in 1984 and has been producing since
1990, is our principal producing property. We are producing from eight horizons, in the
Cretaceous and Jurassic formations, located at depths shallower than 4,500 feet. The field is
divided into two operating areas, Kumkol South and Kumkol North.
Kumkol South. We own and operate 100% of Kumkol South, which has been fully developed.
In 2001, Kumkol South produced an average of approximately 59,200 BOPD from 152 producing
wells. In the nine months ended September 30, 2002, Kumkol South produced an average of
approximately 65,502 BOPD. As of January 1, 2002, estimated proved reserves for Kumkol South
were 110.2 MMbbls of crude oil and 19.5 Bcf of natural gas.
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