BMB MUNAI Inc. (OTC:BMBM)
Industry: Basic Materials

OFF LIST - 2469 consecutive market days: OFF LIST as of 08/15/2006 Through 11/14/2016

BMB Munai, Inc. (BMB), incorporated in July 1981, is an independent oil and natural gas company engaged in the exploration, development, acquisition and production of crude oil and natural gas properties in the Republic of Kazakhstan. The Company holds a contract that allows it to explore and develop approximately 460 square kilometers in western Republic of Kazakhstan. BMB's contract grants it the right to explore and develop the Aksaz, Dolinnoe and Emir oil and gas fields (the ADE Block), as well as an area adjacent to the ADE Block referred as the Extended Territory. The Company generates revenue, income and cash flow by producing and marketing crude oil from production from its oil properties. The Company engaged Chapman Petroleum Engineering, Ltd. (Chapman), to estimate its net proved reserves, projected future production, estimated net revenue attributable to its proved reserves, and the present value of such estimated future net revenue as of March 31, 2006. All of BMB's six wells (Aksaz-1, Aksaz-4, Dolinnoe-1, Dolinnoe-2, Dolinnoe-3 and Emir-1) are in workover, testing or test production. Based on the testing the Company has completed, which represents production from only one interval per well at a time, the overall daily production rate from its six wells ranges from 575 barrels per day (bpd) to 885 bpd, depending on choke sizes and well bore conditions. During the fiscal year ended March 31, 2006 (fiscal 2006), BMB realized total daily production ranging as high as 2,100 bpd. Aksaz-1 Aksaz-1 is under workover and is not producing. Prior to workover, four producing intervals were tested. The single interval test production rates in Aksaz-1 using a 10-millimeter diameter choke was 140 bpd. Aksaz-4 Drilling of this well was completed in August 2005. Two producing intervals have been tested. Current production rates from single interval testing using an eight-millimeter diameter choke ranges from 115 to 180 bpd. Dolinnoe-1 This well is producing. The Company completed acid treatment of this well. Current production rates from single interval testing using a six-millimeter diameter choke ranges from 115 to 200 bpd. Dolinnoe-2 This well is producing, although workover operations, including acid treatment, are ongoing in an effort to increase production from this well. Prior to workover, BMB had tested six producing intervals. Current production rates from single interval testing using an eight-millimeter diameter choke ranges from 125 to 190 bpd. Dolinnoe-3 This well is producing. The Company has tested two producing intervals. Current production from single interval testing using a two-millimeter diameter choke ranges from 220 to 315 bpd. Emir-1 This well is not producing. BMB has completed workover operation on this well, and the well is under inflow stimulation. Prior to the workover four producing intervals were tested. Single interval production from this well prior to workover was 40 to 50 bpd. During fiscal 2006, the Company's net proved reserves were 13.7 million barrels of oil. Reserves quoted in barrel of oil equivalent (BOE) were calculated using a conversion of six million standard cubic feet/ barrel (Mscf/bbl). Crude oil accounted for 100% of those proved reserves. Approximately 80% of proved total reserves were developed, as of March 31, 2006, and they were all located onshore in western Republic of Kazakhstan. During fiscal 2006, the Company drilled to deepen the Aksaz-4 well. In February 2006, BMB re-entered the existing Kariman-1 wellbore. Drilling operations were conducted by Oil and Gas Exploration Cracow, Poland. In January 2006, it retained Great Wall Ltd., a Chinese drilling company to deliver two drilling rigs with derrick load capacity of 450 tons and 150 tons respectively. The ADE Block is located onshore in the Republic of Kazakhstan in the Mangistau Oblast, approximately 50 kilometers from the Republic of Kazakhstan city of Aktau, a seaport on the Caspian Sea. The ADE Block is comprised of three fields, the Aksaz, Dolinnoe and Emir fields. Duri

Current Quote*
Last: $0.078
Change: -0.001
Book: $Unk
Volume: 336,656

As Of: 08/16 13:13 ET
*Quotes delayed by 20min.

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