evaluation of reserves and prospective resources oil and gas

– I-1 –

APPENDIX I COMPETENT PERSON'S REPORT

The following is the text of the Competent Person’s Report issued by the Competent Person, Chapman Petroleum

Engineering Ltd., for the purpose of inclusion in this circular.

EVALUATION OF RESERVES AND PROSPECTIVE RESOURCES OIL AND GAS PROPERTIES

ADEK BLOCK (LICENCE AREA) MANGISTAU OBLAST

REPUBLIC OF KAZAKHSTAN

(CONDENSED VERSION)

Owned By

EMIR OIL LLP a wholly owned subsidiary of

MIE HOLDINGS CORPORATION

December 31,2015 (January 1, 2016)

2

CfliiJIIDiiD Petroleum Engineering Ltd. 1 122- 4th Street S.W., Suite 700, Calgary, Alberta T2R 1M 1 • Phone: 1403) 266-4141 • Fax: 1403)266-4259 • www .chapeng .ab .ca

April 1, 2016

MIE Holdings Corporation Suite 1501, Block C, Grand Place 5 Hui Zhong Road Chaoyang District Beijing, 100101 P.R. China

Attention: Mr. Tian Hongtao

Dear Sir:

Re: Evaluation of Reserves and Prospective Resources Emir Oil LLP, Republic of Kazakhstan - December 31, 2015

In accordance with your authorization we have performed a reserve and economic evaluation of oil and

gas properties in the ADEK Block {Licence Area) including an assessment of prospective resource

volumes, owned by Emir Oil LLP, a wholly owned subsidiary of MIE Holdings Corporation, {the

"Company") for an effective date of December 31, 2015 {January 1, 2016). This report contains all the

results of the Report dated March 23, 2016, in a condensed format.

This evaluation has been carried out in accordance with standards set out in the Canadian Oil and Gas

Evaluation Handbook {"COGEH") and standards of SPE-PRMS {2007) and satisfies requirements of

Chapter 18 and Appendix 25. The report has been prepared and/or supervised by a "Qualified Reserves

Evaluator" as demonstrated on the accompanying Certificate of Qualification of the author{s), and who

are qualified "Competent Persons" under rules 18.21 and 18.22 under the Rules Governing the Listing of

Securities on the Stock Exchange of Hong Kong Limited.

The INTRODUCTION includes the authorization, purpose and use of the report and describes the

methodology and economic parameters used in the preparation of this report and the evaluation standard

to which the report has been prepared.

The SUMMARY OF RESERVES AND ECONOMICS includes values at the property level and the

consolidated cash flows for each accumulating reserve category. The net present values presented in

this report do not necessarily represent the fair market value of the reserves evaluated in this report. All

monetary values presented in this report are expressed in terms of US dollars.

The DISCUSSION of reserves contains a description of the interests and burdens, reserves and geology,

production forecasts, product prices, capital and operating costs and a map of each major property. The

economic results and cash flow forecasts {before and after income tax) are also presented.

– I-2 –


3

The Prospective Resources contained on the ADEK Block are presented in Appendix A to this report.

The Appendix contains a brief discussion, a summary of resource volumes and maps demonstrating the

prospective resource structures.

A REPRESENT AT ION LETTER from the Company confirming that to the best of their knowledge all the

information they provided for our use in the preparation of this report was complete and accurate as of the

effective date, is enclosed following the Glossary.

Because the reserves and resource data are based on judgments regarding future events, actual results

will vary and the variations may be significant. We have no responsibility to update our report for events

and circumstances which may have occurred since the preparation date of this report.

Prior to public disclosure of any information contained in this report, or our name as author, our written

consent must be obtained, as to the information being disclosed and the manner in which it is presented.

This report may not be reproduced, distributed or made available for use by any other party without our

written consent and may not be reproduced for distribution at any time without the complete context of the

report, unless otherwise reviewed and approved by us.

We consent to the submission of this report, in its entirety, to securities regulatory agencies and stock

exchanges, by the Companies, including by MIE Holdings Corporation to the Hong Kong Stock Exchange

in accordance with its regulations and also for MIE Holdings Corporation in support of current and new

financing activities.

It has been a pleasure to prepare this report and the opportunity to have been of service is appreciated .

Yours very truly,

Chapman Petroleum Engineering Ltd.

[Original Signed By:]

C. W. Chapman

C. W. Chapman, P. Eng., President


Konstantin Zaitsev

Konstantin Zaitsev, C.Tech. Oil and Gas Reserves Evaluator

kvz/lml/6144 attachments

PERMIT TO PRACTICE CHAPMAN PETROLEUM ENGINEERING lTD.

[Original Signed By:] Signature ____ C._W_._C_'h..J.ap_m_a..;..n __ _

Date April 1, 2016

PERMIT NUMBER: P 4201 The Association of Professional Engineers

and Geoscientists of Alberta

'--------------------------CIIiJJI.iiD Petroleum Engineering Ltd.

– I-3 –


4

CERTIFICATE OF QUALIFICATION

I, C. W. CHAPMAN, P. Eng., Professional Engineer of the City of Calgary, Alberta, Canada, officing at Suite 700, 1122- 41

h Street S.W ., hereby certify:

1. THAT I am a registered Professional Engineer in the Province of Alberta and a member of the Australasian Institute of Mining and Metallurgy.

2. THAT I graduated from the University of Alberta with a Bachelor of Science degree in Mechanical Engineering in 1971.

3. THAT I have been employed in the petroleum industry since graduation by various companies and have been directly involved in reservoir engineering, petrophysics, operations, and evaluations during that time.

4. THAT I have in excess of 25 years in the conduct of evaluation and engineering studies relating to oil & gas fields in Canada and around the world.

5. THAT I participated directly in the evaluation of these assets and properties and preparation of this report for MIE Holdings Corporation, dated April 1, 2016 and the parameters and conditions employed in this evaluation were examined by me and adopted as representative and appropriate in establishing the value of these oil and gas properties according to the information available to date.

6. THAT I have not, nor do I expect to receive, any direct or indirect interest in the properties or securities of MIE Holdings Corporation, its participants or any affiliate thereof.

7. THAT I have not examined all of the documents pertaining to the ownership and agreements referred to In this report, or the chain of Title for the oil and gas properties discussed.

B. A personal field examination of these properties was considered to be unnecessary because the data available from the Company's records and public sources was satisfactory for our purposes.


C. W. Chapman

C.W. Chapman, P.Eng. President

PERMIT TO PRACTICE CHAPMAN PETROLEUM ENGINEERING LTD.

[Original Signed By:] Signature ___ ..;;;;C..;..;. W..;..·:....;C::..:'h.;.:;a:c:'P.:..:.m.:..=a:.;.;n __ _

Date April 1, 2016

PERMIT NUMBER: P 4201 The Association of Professional Engineers

and Geoscientists of Alberta

1--------------------------CIJaflmaD Petroleum Engineering Ud.

– I-4 –


5


I, KONSTANTIN ZAITSEV, of the City of Calgary, Alberta, Canada, officing at Suite 700, 1122- 4th

Street S.W., hereby certify:

1. THAT I am a Certified Technician in the Province of Alberta.

2. THAT I graduated from the Kazak National Technical University, Kazakhstan, Almaty with a Bachelor of Science degree in Mechanical Engineering in 1996.

3. THAT I graduated from the South Alberta Institute of Technology, Calgary, Canada with a Bachelor of Applied Petroleum Engineering Technology degree in 2010.

4. THAT I participated directly in the evaluation of these assets and properties and preparation of this report for MIE Holdings Corporation, dated April1, 2016 and the parameters and conditions employed in this evaluation were examined by me and adopted as representative and appropriate in establishing the value of these oil and gas properties according to the information available to date.


6. THAT I have not examined all of the documents pertaining to the ownership and agreements referred to in this report, or the chain of Title for the oil and gas properties discussed.

7. A personal field examination of these properties was considered to be unnecessary because the data available from the Company's records and public sources was satisfactory for our purposes.


Konstantin Zaitsev

Konstantin Zaitsev, C.Tech. Oil and Gas Reserves Evaluator

'--------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-5 –


6


I, D. J. BRIERE, P. Eng., Professional Engineer of the City of Calgary, Alberta, Canada, officin~ at Suite 700, 1122 - 41

h Street S.W ., hereby certify:

1. THAT I am a registered Professional Engineer in the Province of Alberta.

2. THAT I graduated from the University of Calgary with a Bachelor of Science degree in Electrical Engineering in 1978.

3. THAT I have been employed in the petroleum industry since graduation by various companies and have been directly involved in reservoir engineering, petrophysics, operations, and evaluations during that time.

4. THAT I have over 30 years of experience in engineering studies relating to oil & gas fields in Canada and around the world .






D.J. Briere

D.J. Briere, P.Eng. General Manager International

..... _________________________ £1J•fl••• Petroleum Engineering Ltd.

– I-6 –


7


I, WEI GUO WANG, P.Eng., CGA, Professional Engineer and Certified General Accountant of the City of Calgary, Alberta, Canada, office at Suite 700, 1122- 41

h Street S.W. , hereby certify:

1. THAT I am a Registered Professional Engineer in the Province of Alberta.

2. THAT I am a Certified General Accountant in the Province of Alberta.

3. THAT I graduated from the University of Calgary with a Master of Arts degree in Economics in 2005 and a Bachelor of Science degree in Chemical Engineering from Hefei University of Technology of China in 1985.

4. THAT I have been employed in the petroleum industry since 2002.






Wei Guo Wang

Wei Guo Wang, P.Eng., CPA, CGA, MA, MBA, B.Sc Petroleum Economist (Economics Coordinator)

L---------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-7 –


8

EVALUATION OF RESERVES AND PROSPECTIVE RESOURCES OIL AND GAS PROPERTIES

ADEK BLOCK (LICENCE AREA) MANGISTAU OBLAST


(CONDENSED VERSION)

Owned By

EMIR OIL LLP a wholly owned subsidiary of

MIE HOLDINGS CORPORATION

December 31, 2015 (January 1, 2016)

.__ ________________ £1J•JI••• Petroleum Engineering Ltd.

– I-8 –


9

Introduction

Authorization Purpose of Report Use of Report Scope of Report Basis of Report Evaluation Standard Used Site Visit

Executive Summary

TABLE OF CONTENTS

Summary of Company Reserves and Economics

Discussion

Orientation Map

ADEK BLOCK, REPUBLIC OF KAZAKHSTAN Aksaz Field Dolinnoe Field Emir Field Kariman Field

EXPLORATION Barley Field North Kariman Field Yessen Field

Appendix A- ADEK and NW Block Resources

Appendix B - Price Sensitivity Report

Glossary

Company Representation Letter

L...-------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-9 –


10

1.

2.

3.

4.

5.

6.

7.

Authorization

Purpose of Report

Use of Report

Scope of Report

4.1 Methodology

4.2 Economics

4.3 Barrels of Oil Equivalent

4.4 Environmental Liabilities

Basis of Report

5.1 Source of Information

5.2 Product Prices

5.3 Product Sales Arrangement

5.4 Fiscal Regime

INTRODUCTION

INDEX

5.5 Capital Expenditures and Operating Costs

5.6 Income Tax Parameters

5.7 Abandonment and Restoration

Evaluation Standard Used

6.1. General

6.2. Definition of Resources

6.3. Definition of Reserves

Site Visit


– I-10 –


11

INTRODUCTION

1. AUTHORIZATION

This evaluation has been authorized by Mr. Tian Hongtao, on behalf of MIE Holdings Corporation.

The engineering analysis has been performed during the months of October 2015 through February

2016.

2. PURPOSE OF THE REPORT

The purpose of this report was to prepare a third party independent appraisal of the oil and gas

reserves owned by Emir Oil LLP, a wholly owned subsidiary of MIE Holdings Corporation, for the

Company's financial planning and to determine the magnitude of the Company's resources other than

reserves and their economic value, before and after risk.

3. USE OF THE REPORT

This report is intended in support of the Company's annual filing on the Hong Kong Stock Exchange

and inclusion in the Company's Circular to its shareholders being presented for approval of the

proposed major disposal transaction.

4. SCOPE OF THE REPORT

4.1 Methodology

The evaluation of the reserves of these properties included in the report has been conducted

under a discounted cash flow (DCF) analysis of estimated future net revenue, which is the

principal tool for estimating oil and gas property values and supporting capital investment

decisions. In the case of the resources other than reserves, the volumes assigned were further

subjected to a risk analysis for determining the after risk volumes.

4.2 Economics

For handling the economics analysis including the unique criteria for this property, a

spreadsheet approach has been utilized.

a.....-------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-11 –


12

Page one of the results demonstrates the gross production and capital forecasts.

Page two shows the Export and Domestic Sales Revenue, Expense, ERT and MET.

Page three shows the Company operating costs and net cash flows .

Page four shows the Corporate Income Tax and Excess Profit Tax.

4.3 Barrels of Oil Equivalent

If at any time in this report reference is made to "Barrels of Oil Equivalent" (BOE), the

conversion used is 6 Mscf : 1 STB (6 Mcf : 1 bbl).

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1

bbl is based on an energy equivalency conversion method primarily applicable at the burner tip

and does not represent value equivalency at the well head.

4.4 Environmental Liabilities

We have been advised by the Company that they are in material compliance with all

Environmental Laws and do not have any Environmental Claims pending, as demonstrated in

the Representation Letter attached.

5. BASIS OF REPORT

5.1 Sources of Information

Source of the data used in the preparation of this report are as follows:

i) Ownership and Burdens have been derived from information from the Company's records

and our correspondence with the Company;

ii) Production data is acquired from the Company's field reports directly;

iii) Well data is accessed from the Company's well files;

iv) Operating Costs are based on information provided by the Company based on their

financial records;

v) Product prices are derived by the Company regarding transportation tariffs, point of sales

and domestic requirements and government legislation;

.__ _________________________ CIJafl••• Petroleum Engineering Ltd.

– I-12 –


13

vi) Timing of Development Plans and Capital estimates are determined by discussions with the

Company together with our experience and judgment.

5.2 Product Prices

Under the terms of the contract, a portion of production is required to satisfy the domestic

market and the remaining is allowed to be exported. We have utilized an exporUdomestic sales

split of 89% /11% for the purposes of this report based on the company's previous year's actual

result.

The exported oil price is equivalent to Brent oil price, which has been estimated to be

$46.25/STB in 2016 for this project. The forecast Brent price has been based on the average

forecast of two prominent consulting firms, Sproule and McDaniel.

The domestic price is legislated by the government, reduced by the Value Added Tax (VAT) of

12%, resulting in $9.39/STB in 2016. This price is forecast to gradually increase related to Brent

price.

A natural gas price of $0.85/Mscf has been utilized for solution gas sales and assumed to be

constant throughout the report

5.3 Product Sales Arrangement

The Company does not have any "hedge" contracts in place at this time.

5.4 Fiscal Regime

The fiscal scheme of Kazakhstan has been incorporated into this evaluation as discussed in the

body of this report.

5.5 Capital Expenditures and Operating Costs

Capital expenditures and operating costs presented in the discussion are expressed in current

year dollars, but are escalated at 2%/yr in the economic analysis for 2017 through 2031.

Capital expenditures have been based on historical information provided by the Company.

1.--------------------------CIJafl••• Petroleum Engineering Ltd.

– I-13 –


14

Operating costs have been based on actual revenue statements provided by the Company.

5.6 Income Tax Parameters

Net cash flows after consideration of CIT (Corporate Income Tax) and EPT (Excess Profit Tax)

have been included in this report. The CIT and EPT are applied in the following five contract

areas; Aksaz, Dolinnoe, Emir, Kariman and Exploration Areas (Borly, North Kariman, Yessen).

CIT is applied to all companies at the rate of 20% of taxable income. Taxable income is

calculated as the difference between aggregate annual income (after certain adjustments) and

statutory deductions.

EPT is calculated annually. The taxable object is the portion of net income (if any) that exceeds

25% of 'deductions'. The net income is calculated as aggregate annual income less 'deductions'

less 'CIT' and branch profits tax, if any.

For tax depreciation purpose, fixed assets including oil and gas wells, transmission devices,

machinery and equipments of oil and gas production are depreciated at 15% maximum

depreciation rate The double depreciation rate 30% for new capital in the first tax year per

article 120 (6.A) of Tax Code of The Republic of Kazakhstan.

As of December 31, 2015 the tax pools are:

Block US Dollars

Aksaz field 7,032,014 Dolinnoe 21,070,590 Emir 9,457,868 Karim an 51,305,257 Exploration 36,317,790

Total 125,183,519

5.7 Abandonment and Restoration

Abandonment and restoration costs, net of salvage, have been included in the cash flows for

the final event of any particular well. The abandonment cost does not impact the economic limit

and is included in the final year of production.

L--------------------------CII•fl••• Petroleum Engineering Ltd.

– I-14 –


15

6. EVALUATION STANDARD USED

6.1 General

This evaluation and report preparation have been carried out in accordance with standards set

out in the "Canadian Oil and Gas Evaluation Handbook" ("COGEH"), the professional practice

standard adopted by APEGA and specified by Canada Securities Administrators Nl 51-101.

The following definitions have been extracted from Sections 5.2 and 5.4 of COGEH, Vol. 1 -

Second Edition (COGEH-1 ). These definitions are essentially compliant and relate to the

resource classification framework, Figure 1 which follows, and use the primary nomenclature

and concepts in the 2007 SPR-PRMS.

Resources Other Than Reserves have been evaluated according to COGEH, Vol. 2

Section 1 - ROTR.

_, < 0 . a:: .

[ w ::E 1P

ii: ::E - c.. 0 w ii: 0 0 Proved ~

0 w .

c.. a:: I w z > _, ;:: 0 < .

0 . ...J 0 .

In ...J 0 a:: < w

E :::E . ~ ::E 1C 0 :::IE 0 . ::I cD . w . _, ::I 0 In a:: ..... w c.. . _, . ~

0 w . 0 a:: . . ..... w 9::

. > Low 0 ii: 0 Estimate In 0 : z ::I

(

PRODUCTION

. RESERVES .

2P . . . Possible Probable . . . .

CONTINGENT

RESOURCES . . 2C . . .

UNRECOVERABLE

PROSPECTIVE

RESOURCES . . Best

Estimate . UNRECOVERABLE

Range of Uncertainty

. . : . .

3P : . . . . . . . . . . .

3C . . .

. . . . . . High

Estimate . .

l ~ Ill

"j;! Ql

E E 0 0 0 Ql (J 1: Ill J: 0 Cl 1: ·;; Ill

!!! (J

.E

(Not to scale)

.__ ________ _________________ CIJafl••• Petroleum Engineering Ltd.

– I-15 –


16

6.2 Definitions of Resources

Total Petroleum Initially-In-Place (PIIP) is that quantity of petroleum that is estimated to exist

originally in naturally occurring accumulations. It includes that quantity of petroleum that is

estimated, as of a given date, to be contained in known accumulations, prior to production, plus

those estimated quantities in accumulations yet to be discovered (equivalent to "total

resources").

Discovered Petroleum Initially-In-Place (equivalent to "discovered resources") is that quantity of

petroleum that is estimated, as of a given date, to be contained in known accumulations prior to

production. The recoverable portion of discovered petroleum initially in place includes

production, reserves, and contingent resources; the remainder is unrecoverable.

a) Production

Production is the cumulative quantity of petroleum that has been recovered at a given date.

b) Reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances

anticipated to be recoverable from known accumulations, as of a given date, based on the

analysis of drilling, geological, geophysical, and engineering data; the use of established

technology; and specified economic conditions, which are generally accepted as being

reasonable. Reserves are further classified according to the level of certainty associated

with the estimates and may be subclassified based on development and production status.

c) Contingent Resources

Contingent resources are those quantities of petroleum estimated, as of a given date, to be

potentially recoverable from known accumulations using established technology or

technology under development, but which are not currently considered to be commercially

recoverable due to one or more contingencies. Contingencies may include factors such as

economic, legal , environmental, political, and regulatory matters, or a lack of markets. It is

also appropriate to classify as contingent resources the estimated discovered recoverable

quantities associated with a project in the early evaluation stage. Contingent Resources are

further classified in accordance with the level of certainty associated with the estimates and

.._ _________________________ [IJafl••• Petroleum Engineering Ltd.

– I-16 –


17

may be subclassified based on project maturity and/or characterized by their economic

status.

d) Unrecoverable

Unrecoverable is that portion of Discovered or Undiscovered PIIP quantities which is

estimated, as of a given date, not to be recoverable by future development projects. A

portion of these quantities may become recoverable in the future as commercial

circumstances change or technological developments occur: the remaining portion may

never be recovered due to the physical/chemical constraints represented by subsurface

interaction of fluids and reservoir rocks .

Undiscovered Petroleum Initially In Place (equivalent to "undiscovered resources") is that

quantity of petroleum that is estimated, on a given date, to be contained in accumulations yet to

be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to

as "prospective resources", the remainder as "unrecoverable".

e) Prospective Resources

Prospective resources are those quantities of petroleum estimated, as of a given date, to be

potentially recoverable from undiscovered accumulations by application of future

development projects. Prospective resources have both an associated chance of discovery

and a chance of development. Prospective resources are further subdivided in accordance

with the level of certainty associated with recoverable estimates assuming their discovery

and development and may be subclassified based on project maturity.

There is no certainty that any portion of the resources will be discovered. If discovered,

there is no certainty that it will be commercially viable to produce any portion of the

resources.

6.3 Definitions Of Reserves

The following definitions and guidelines are designed to assist evaluators in making reserves

estimates on a reasonably consistent basis, and assist users of evaluation reports in

understanding what such reports contain and, if necessary, in judging whether evaluators have

followed generally accepted standards .

...._ _________________________ £1Jap•a• Petroleum Engineering Ltd.

– I-17 –


18

The guidelines outline

• General criteria for classifying reserves,

• Procedures and methods for estimating reserves,

• Confidence levels of individual entity and aggregate reserves estimates,

• Verification and testing of reserves estimates.

The determination of oil and gas reserves involves the preparation of estimates that have an

inherent degree of associated uncertainty. Categories of proved, probable, and possible

reserves have been established to reflect the level of these uncertainties and to provide an

indication of the probability of recovery.

The estimation and classification of reserves requires the application of professional judgement

combined with geological and engineering knowledge to assess whether or not specific

reserves classification criteria have been satisfied. Knowledge of concepts including uncertainty

and risk, probability and statistics, and deterministic and probabilistic estimation methods is

required to properly use and apply reserves definitions. The concepts are presented and

discussed in greater detail within the guidelines of Section 5.5 of the COGEH, Vol. 1 -Second

Edition (COGEH-1 ).

The following definitions apply to both estimates of individual Reserves Entities and the

aggregate of reserves for multiple entities.

RESERVES CATEGORIES

Reserves are estimated remaining quantities of oil and natural gas and related substances

anticipated to be recoverable from known accumulations, as of a given date, based on

• Analysis of drilling, geological, geophysical, and engineering data;

• The use of established technology;

• Specified economic conditions, which are generally accepted as being reasonable, and

shall be disclosed.

Reserves are classified according to the degree of certainty associated with the estimates.

a. Proved Reserves are those reserves that can be estimated with a high degree of certainty

to be recoverable. It is likely that the actual remaining quantities recovered will exceed the

estimated proved reserves .

._ _________________________ [IJaJI••• Petroleum Engineering Ltd.

– I-18 –


19

b. Probable Reserves are those additional reserves that are less certain to be recovered than

proved reserves. It is equally likely that the actual remaining quantities recovered will be

greater or less than the sum of the estimated proved + probable reserves.

c. Possible Reserves are those additional reserves that are less certain to be recovered than

probable reserves. It is unlikely that the actual remaining quantities recovered will exceed

the sum of the estimated proved+ probable+ possible reserves .

Other criteria that must also be met for the categorization of reserves are provided in Section

5.5.4 of the COGEH, Vol. 1 -Second Edition (COGEH-1 ).

DEVELOPMENT AND PRODUCTION STATUS

Each of the reserves categories (proved, probable and possible) may be divided into developed

and undeveloped categories.

a. Developed Reserves are those reserves that are expected to be recovered from existing

wells and installed facilities or, if facilities have not been installed, that would involve a low

expenditure (e.g. , when compared to the cost of drilling a well) to put the reserves on

production. The developed category may be subdivided into producing and non-producing.

Developed Producing Reserves are those reserves that are expected to be recovered from

completion intervals open at the time of the estimate. These reserves may be currently

producing or, if shut-in, they must have previously been on production, and the date of

resumption of production must be known with reasonable certainty.

Developed Non-Producing Reserves are those reserves that either have not been on

production, or have previously been on production, but are shut-in and the date of

resumption of production is unknown.

b. Undeveloped Reserves are those reserves expected to be recovered from known

accumulations where a significant expenditure (e.g., when compared to the cost of drilling a

well) is required to render them capable of production. They must fully meet the

requirements of the reserves classification (proved, probable, possible) to which they are

assigned .

.._ _________________________ (llafl••• Petroleum Engineering Ltd.

– I-19 –


20

In multi-well pools, it may be appropriate to allocate total pool reserves between the developed

and undeveloped categories or to sub-divide the developed reserves for the pool between

developed producing and developed non-producing. This allocation should be based on the

estimator's assessment as to the reserves that will be recovered from specific wells, facilities

and completion intervals in the pool and their respective development and production status.

LEVELS OF CERTAINTY FOR REPORTED RESERVES

The qualitative certainty levels contained in the definitions in Section 5.4.1 are applicable to

"individual reserves entities," which refers to the lowest level at which reserves calculations are

performed, and to "reported reserves," which refers to the highest level sum of individual entity

estimates for which reserves estimates are presented. Reported reserves should target the

following levels of certainty under a specific set of economic conditions:

• At least a 90 percent probability that the quantities actually recovered will equal or exceed

the estimated proved reserves,

• At least a 50 percent probability that the quantities actually recovered will equal or exceed

the sum of the estimated proved + probable reserves,

• At least a 1 0 percent probability that the quantities actually recovered will equal or exceed

the sum of the estimated proved + probable + possible reserves.

A quantitative measure of the certainty levels pertaining to estimates prepared for the various

reserves categories is desirable to provide a clearer understanding of the associated risks and

uncertainties. However, the majority of reserves estimates are prepared using deterministic

methods that do not provide a mathematically derived quantitative measure of probability. In

principle, there should be no difference between estimates prepared using probabilistic or

deterministic methods.

Additional clarification of certainty levels associated with reserves estimates and the effect of

aggregation is provided in Section 5.5.3 of the COGEH, Vol. 1 -Second Edition (COGEH-1 ).

7. SITE VISIT

A personal field examination of these properties was not considered to be necessary because the

data available from the Company's records and public sources was satisfactory for our purposes.

Secondarily, we have a long history evaluating these properties.


– I-20 –


21

Constant Prices and Costs

Introduction

EXECUTIVE SUMMARY

INDEX

Table 1: Summary of Oil & Gas Reserves

Table 2: Summary of Net Present Values

Table 3: Total Future Net Revenue (Undiscounted)

Table 4: Future Net Revenue- By Production Group

Table 4A: Reserves and Net Present Values- By Production Group

Table 5: Product Prices

.._ _________________________ [IJ•fl••• Petroleum Engineering Ltd.

– I-21 –


22

ADEK BLOCK (LICENSE AREA)


EXECUTIVE SUMMARY

INTRODUCTION

The Company owns a 100 percent working interest in a "Licence", "Production" and "Exploration"

Contracts referred to as the ADEK Block which is located onshore in Kazakhstan in the Mangistau

Oblast, approximately 50 kilometers from Aktau in the Republic of Kazakhstan (ROK).

Initially, the exploration contract granted the right to engage in exploration and development

activities in an area of approximately 200 square kilometers referred to herein as the "ADE

Block."

The ADE Block was comprised of three fields, the Aksaz, Dolinnoe and Emir fields. During the

2006 fiscal year the exploration contract was expanded to include an additional 260 square

kilometers of land adjacent to the ADE Block, which we refer to herein as the "Southeast Block",

which includes the Kariman, Borly and Yessen fields. In 2011, an additional 390 square

kilometers of land adjacent to the ADE Block have been added to the License (Northwest Block).

Today the ADE Block and Southeast Block are combined and known as ADEK block, which is

comprised of four fields operating under a Production Licence (Aksaz, Dolinnoe, Emir and

Kariman) and three fields holding an Exploration Licence (Borly, North Kariman and Yessen).

The following table summarizes the Target Company's gross and net developed and

undeveloped land by block as of December 31, 2015:

As at December 31, 2015

Developed Undeveloped Total

Gross Net Gross Net Gross Net

(in Acres)

ADEK Block 3,110 3,110 110,558 110,558 113,668 113,668

Northwest Block 80 80 96,292 96,292 96,372 96,372

Totals: 3,190 3,190 206,850 206,850 210,040 210,040

To date, there are 47 existing wells, 20 of which are currently producing at total rate of 4,459

STB/day .

.__ _________________________ [IJafl••• Petroleum Engineering Ltd.

– I-22 –


23

The ADEK Block is located at the edge of the Mangistau Ustyrt Central High which contains

several producing oilfields in the area. The main producing horizon is the Middle Triassic

carbonate.

The Jurassic is a secondary opportunity for hydrocarbon potential as indicated by log analysis.

Resource potential has been identified, but reserves have not been assigned or evaluated in this

report.

A summary of the reserves evaluation results follows on the attached tables.

!.--------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-23 –


24

Table 1

MIE HODLINGS CORPORATION

Summary of Oil and Gas Reserves

January 1, 2016 (as of December 31, 2015)

Forecast Prices and Costs

ComEan:r: Reserves

L 9ht and Medium Oil Heav:r: Oil Natural Gas [1)

Gross Net Gross Net Gross Net

Reserves Category MSTB MSTB MSTB MSTB MMscf MMscf

PROVED

Developed Producing 7,636 7,636 0 0 9,587 9,587

Developed Non-Producing 17,971 17,971 0 0 17,474 17,474

Undeveloped 6,919 6,919 0 0 8,946 8,946

TOTAL PROVED 32,525 32,525 0 0 36,006 36,006

PROBABLE 63,625 63 625 0 0 56,374 56,374 ----TOTAL PROVED PLUS PROBABLE 96,150 96,150 0 0 92,381 92,381

POSSIBLE 28,802 28,802 0 ---- 0 28,058 28,058

TOTAL PROVED PLUS PROBABLE 124,952 124,952 0 0 120,439 120,439

PLUS POSSIBLE

Reference: Item 2.1 (1 ) Form 51-101F1

Columns may not add precisely due to accumulative rounding of values throughout the report.

Notes: [1] Includes associated , non-associated and solution gas where applicable.

Natural Gas Liguids

Gross Net

Mbbl Mbbl

0 0

0 0

0 0

0 0

0 0

0 0

0 0

0 0

L--- - -----------------------CIJap•all Petroleum Engineering Ltd.

– I-24 –


25

Before Income Tax

Reserves Category

PROVED

Developed Producing

Developed Non-Producing

Undeveloped

TOTAL PROVED

PROBABLE

TOTAL PROVED PLUS PROBABLE

POSSIBLE

TOTAL PROVED PLUS PROBABLE PLUS POSSIBLE

After Income Tax

Reserves Cate!lo~

PROVED

Developed Producing


Undeveloped

TOTAL PROVED

PROBABLE

TOTAL PROVED PLUS PROBABLE

POSSIBLE

TOTAL PROVED PLUS PROBABLE PLUS POSSIBLE

Reference: Item 2.1 (2) Form 51-101F1

M$ means thousands of dollars

Table 2


Summary of Net Present Values January 1, 2016

(as of December 31, 2015)


Net Present Values of Future Net Revenue

Discounted at

0 %/yr. 5 %/yr. 10 %/yr. 15 %/yr.

M$ M$ M$ M$

173,299 133,371 107,189 89,041

628,317 423,197 300,622 222,744

149,421 90,314 55,643 34 364

951,037 646,882 463,455 346,149

2,481 ,684 1,184,623 637,959 373,762

3,432,721 1,831,505 1,101,414 719,911

1,237,063 522,249 247,458 128,661

4,669,784 2,353,753 1,348,872 848,572

Net Present Values of Future Net Revenue

Discounted at

0 %/yr. 5 %/yr. 10 %/yr. 15 %/yr. M$ M$ M$ M$

156,467 120,990 97,682 81,489

238,027 159,678 112,873 83,208

82,318 46,000 25,231 12,821

476,812 326,668 235,786 177,518

922,800 444,628 238,368 136,404

1,399,612 771,296 474,154 313,922

421 ,598 180,114 86,128 45,054

1,821,210 951,410 560,282 358,976


20 %/yr.

M$

75,878

170,691

20,811

267,381

232,021

499,402

72,076

571,478

20 %/yr. M$

69,715

63,417

5,143

138,275

80,551

218,827

25,305

244,132

L--------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-25 –


26

Revenue

Reserve Cate~o!::l M$

Total Proved 1,441,906

Proved Plus Probable 4,774,536

Proved Plus Probable Plus Possible 6,359,843

Reference: Item 2.1 (3)(b) NI 51-101F1


Table 3


Total Future Net Revenue (Undiscounted) January 1, 2016

(as of December 31, 2015)


Well Operating Development Abandonment

Royalties Costs Costs Costs

M$ M$ M$ M$

0 397,589 89,798 3,481

0 1,058,743 277,294 5,777

0 1,348,938 334,435 6,686

Future Net Future Net Revenues Income Revenues

BIT Taxes [1] AIT

M$ M$ M$

951,037 (474,225) 476,812

3,432,721 (2,033, 1 09) 1,399,612

4,669,784 (2,848,574) 1,821,210


– I-26 –


27

Reserve Category

Total Proved

Proved Plus Probable

Proved Plus Probable Plus Possible

Table 4


Future Net Revenue

By Product Type



Product Type

Light and Medium Oil ( including solution gas and other by-products)

Heavy Oil (including solution gas and other by-products)

Natural Gas (including by-products but not solution gas)

Light and Medium Oil ( including solution gas and other by-products)



Light and Medium Oil (including solution gas and other by-products)



Reference: Item 2.1 (3)(c) Nl 51-101 F1


Future Net Revenue Before Income Taxes Discounted at 1 0%/yr.

M$

463,455

0

0

1,101,414

0

0

1,348,872

0

0

"---------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-27 –


28

Product Type by Reserve Category

Light and Medium Oil [1]

Proved

Developed Producing


Undeveloped

Total Proved

Probable

Proved Plus Probable

Possible

Proved Plus Probable Plus Possible

Reference: Item 2.1 (3)(c) NI51-101F1


Table 4A


011 and Gas Reserves and Net Present Values by Product Type



Reserves Oil Gas

Gross Net Gross Net Gross MSTB MSTB MMscf MMscf Mbbl

7,636 7,636 9,587 9,587 0

17,971 17,971 17,474 17,474 0

6,919 6,919 8,946 8,946 0

32,525 32,525 36,006 36,006 0

63,625 63,625 56,374 56,374 0

96,150 96,150 92,381 92,381 0

28,802 28,802 28,058 28,058 0

124,952 124,952 120,439 120,439 0


Notes: [1] Includes solution gas.

Unit Net Present Values@

NGL Value lBIT) 10%/~r.

Net 10% Mbbl M$ $/STB

0 107,189 14.04

0 300,622 16.73

0 55,643 8.04

0 463,455 14.25

0 637,959 10.03

0 1,101,414 11 .46

0 247,458 8.59

0 1,348,872 10.80

L...-------------------------CIJ•P••• Petroleum Engineering Ltd.

– I-28 –


29

Table 5

CHAPMAN PETROLEUM ENGINEERING LTD.

CRUDE OIL & NATURAL GAS

HISTORICAL AND CONSTANT PRICES

January 1, 2016

Kazakhstan Kaz-Gas

Brent [1] Domestic Oil [2] Gas sales price [3]

Year $US/STB $US/STB $US/Mscf

HISTORICAL PRICES 2008 96.94 N/A N/A

2009 61.74 N/A 0.82

2010 79.61 N/A 1.40

2011 111.26 N/A 1.16

2012 111.63 51.16 1.17

2013 108.56 41.24 1.35

2014 99.43 40.86 1.13

2015 53.32 11.80 0.85

FORECAST PRICES 2016 46.25 9.39 0.85 2017 58.10 15.79 0.85 2018 67.50 20.86 0.85 2019 75.85 25.37 0.85 2020 78.50 26.80 0.85 2021 81.26 28.29 0.85 2022 84.03 29.78 0.85 2023 87.01 31.39 0.85 2024 88.49 32.19 0.85 2025 90.04 33.03 0.85 2026 91.60 33.87 0.85 2027 93.26 34.77 0.85 2028 94.89 35.65 0.85 2029 96.52 36.53 0.85 2030 98.27 37.47 0.85 2031 100.00 38.41 0.85 2032 101.76 39.36 0.85 2033 103.55 40.32 0.85 2034 105.38 41.31 0.85 2035 107.23 42.31 0.85 2036 109.13 43.33 0.85

Notes: [1) Brent price forecast is based on historical data (Source: Sproule and McDaniel) [2] Kazakhstan domestic oil price forecast is based on actually domestic sales price

per relationship with Brent and trend related year 2014 and 2015. [3

] Kazakhstan domestic Gas price is based on actually sales prices net of VAT in 2015 provided by clients.

L...-------------------------C1Ja11••• Petroleum Engineering Ltd.

– I-29 –


30

SUMMARY OF COMPANY RESERVES AND ECONOMICS

INDEX


Table 1: Summary of Company Reserves and Economics (Before Income Tax and Excess Profits Tax)

Table 1T: Summary of Company Reserves and Economics (After Income Tax and Excess Profits Tax)

Consolidated Cash Flows

Table 1a:

Table 1b:

Table 1c:

Table 1d:

Table 1e:

Table 1f:

Total Proved Developed Producing Consolidation

Total Proved Developed Consolidation

Total Proved Consolidation

Total Proved Plus Probable Developed Producing Consolidation

Total Proved Plus Probable Consolidation

Total Proved Plus Probable Plus Possible Consolidation

1---------------------------CIJ•fl••• Petroleum Engineering Ltd.

– I-30 –


31

Light and Medium Oil MSTB

Tablet

Summary of Company Reserves and Economics

Before CIT & EPT

January 1, 2016

MIE Holding• Corporation

Rc;aorvoa Safn Ga s MMacl

N ot To A pprolao d

BOE Mbbla

Forecast Prices & Costs

lnte roa t C~mu latlvo Cash Flow (Bal aro CIT & EPD - M$

Discounted at:

_,O"e"''-"'crl"'p"'t"'lo"-'n'---------- ~!!.._ Net Gross Net Grose Net Undlsc. _ S•IoJyear 10%/year 15%1vear 20-t.Jyear

Proved Developed Producing

Aksaz

Dolinnoe

Emir

Keriman

Exploration Area (Barty, NK, Yessen)

Borly

North Kariman

Yessen

Total Proved Developed Producing

Proved Developed Non-Producing

Aksaz

Oolinnoe

Emir

Kariman

Exploration Area (Barty, NK, Yessen)

Borly

North Kariman

Yes sen Total Proved Developed NonProducing

Total Proved Developed

Proved Undeveloped

AkSBZ

Dollnnoe

Emir

Karimen

Exploralion Area (Bor\y, NK, Yessen)

Borly

North Kariman

Yes sen

Total Proved Undeveloped

Total Proved

Probable

Probable Developed Producing

Aksaz

Dolinnoe

Emir

Kariman

Exploration Area (Borly, NK, Yessen)

Borly

North Kariman

Yes sen

Total Probable Developed Producing

Total Proved Plus probable Developed Producing

453

1,022

0

4,466

1,694

0

7,636

909

2,969

785

12 ,970

0

339

17,971

25,606

571

2,212

67B

2,664

453

1,022

4,466

0

1,694

7,636

909

2,969

785

12,970

0 0

339

17,971

25,606

571

2,212

678

2,664

4,661

2,461

1,B27

0

637

9,5B7

5,963

6,180

143

5,0B3

0

0

104

17,474

27,061

3,583

3,B32

131

1.126

4,661

2,461

1,B27

637

9,587

5,963

6,180

143

5,083

1,230

1,433

0

4,770

0

1,800

9,233

1,903

3,999

BOB

13,817

0

0

1,230

1,433

4,770

0

1,BOO

0

9,233

1,903

3,999

808

13,B17

0

104 __ 35_6__ 356

17,474 20,883 20,883

27,061 30,116 30,116

3,5B3

3,832

131

1,126

1,168

2,851

700

2,B52

1,16B

2,B51

700

2,852

0 0 0 0

6,299

13,062

0

108,103

0 45,835

0

173,299

30,93B

115,332

23,022

453,307

5 71B

628,317

801,$16

10,526

5B,601

10,970

64,850

5,240

10,B59

82 ,785

0

34,4B7

0

133,371

21 ,B49

72,973

16,654

307,956

0

0

3 763

423,197

556,567

6,304

33,099

6,086

44,176

4,446

9,236

0

66,162

0

27,345

0

107,189

15,97B

46,B06

12,392

220,815

0 0

2 632

300,622

407,812

3,660

19,435

3,290

30,748

3,836

8,000

54,651

0

22 ,555

89,041

12,019

34,141

9,446

165,231

0

0

3,357

7,032

46,323

0

19,167

0

75,878

9,253

24,772

7,352

127,906

1 907 ~

222,744 170,691

311,785 246,570

1,967

11 ,686

1,667

21 ,734

865

7,066

719

15,515

671 671 241 241 71 1 711 3, 791 550 (1 263) (2 .280) (2,841)

_..c1c:;23"-- ---"12o.::3:._ ___ _::3,_2 ____ ,32~- __ 1_2_8 __ ..c1c=-2B,_ __ ___:6e;Bc=-2 __ ---"9.,_9 _ __ __,(~22'-'7.._) _ (41 0) __l!U.!L

6,919 8,919 8,946 8,946 8,410 8,410 149,421 90,314 55,643 34,364 20,811

32,525

4BO

529

174

2,B61

0

970

5,014

12,649

32,525

4BO

529

174

2,B61

0

970

5,014

12,649

36,006

4,515

1,1B9

19

1,163

0

359

0

7,245

16,832

36,006

4,515

1,189

19

1,163

359

7,245

18,832

38,526

1,232

727

177

3,055

0 1,030

0

6,221

15,455

38,526

1,232

727

177

3,055

1,030

6,221

15,455

951 ,037

6 ,822

5,495

1,1BO

66,431

23,531

103,456

276,757

646,BB2

4,B4B

1,963

852

31 ,459

0

463,455

3,46B

(143)

610

13,496

0

346,149

2.471

(1,453)

427

3,307

0

267,3B1

1,731

(2,298)

287

(2,920)

9,246 3,048 (52) (1,793)

o ____ o____ __ __ o __ _

46,369 20,479 4,701 (4,992)

181,740 127,666 93,742 70,8e7

"------------------ ---- ----£1Ja11••• Petroleum Engineering Ltd.

– I-31 –


32

Probable Developed Non-Producing

Aksaz

Dolinnoe

Emir

Kariman

Exploration Area (Borly, NK, Yessan)

Borly

North Kariman

Yes sen Total Probable Developed NonProducing Probable Undeveloped

Aksaz

Dolinnoe

Emir

Kariman


Borly

North Kariman

Yessen

Total Probable Undeveloped

Total Probable

Total Provod Plus Prob~blo

Possible

Aksaz

Oolinnoe

Emir

Kariman


Borly

Norlh Karlman

Yes sen

Total Possible

ToiQI Provod Pluo Probablo Plu• Possible

640

1,463

4,359

22,464

3,887

2,486

5 154

40,454

1,228

4,715

379

4,658

3,887

1,650

1641

18,157

63,825

96,150

488

5,987

5,986

1,687

640

1,463

4,359

22,464

3,867

2,466

5154

40,454

1,226

4,715

379

4,656

3,667

1,650

1641

18,157

63,625

96,150

466

5,967

5,986

1,687

5,779

3,334

639

8,565

3,615

1,666

1600

25,216

9,179

6,169

76

1,646

3,615

592

433

23,911

56,374

92,381

4,074

10,863

787

645

5,779

3,334

639

8,565

3,615

1,686

1600

25,218

9,179

6,169

76

1,646

3,615

592

433

23,911

56,374

92,381

4,074

10,883

787

645

1,603

2,019

4,465

23,892

4,469

2,767

5 421

44,657

2,756

6,076

392

4,965

4,490

1,749

1 713

22,143

73,021

111,547

1,167

7,801

8,117

1,795

1,603

2,019

4,465

23,892

4,489

2,767

5 421

44,657

2,758

6,076

392

4,965

4,490

1,749

1 713

22,143

73,021

111 ,547

1,167

7,601

6,117

1,795

20,103

50,030

190,464

1,036,202

168,857

104,099

203 906

1,773,661

19,643

150,926

11,634

146,330

155,733

60,655

59 441

604,565

2,481,684

3,432,721

17,574

290,544

300,283

80,274

14,175

24,665

99,095

414,812

10,245

12,961

55,409

194,078

7,564

7,165

32,775

103,029

5,686

4,106

20,277

60,390

101,671 66,744 46,670 34,239

62,679 41 ,147 28,772 21,108

--'1.:.22=-77'-4'----- _6"'0"5"'9'"'8'--- _ _,56=3"'5.:._7_ ~

839,672 461,183 282,331 187,151

11,507

64,597

5,154

72,985

60,365

31,300

30,674

296,582

1,184,623

1,831,505

11,443

109,762

109,526

31,053

6,526

29,539

2,330

36,035

45,093

17,563

17 211

156,297

637,959

1,101,414

7,666

46,045

44,502

12,956

3,505

14,066

1,053

20,391

26,941

10,493

10 283

86,731

373,762

719,911

5,265

21,240

19,672

5,788

1,656

6,772

461

11,064

16,887

6,577

6,446

49,661

232,021

499,402

3,696

10,703

9,306

2,744

11,861 11,661 10,845 10,645 13,469 13,469 444,962 211,341 110,566 62 ,231 37,021

357 357 126 126 376 376 12,503 5,939 3,107 1,749 1,040

_;::_2:..:,6:::.36:.._ __ _:2:..:,6:::.38=---- __ _:6;::_96:.._ __ _.:::69:.:6'---- ____bZg_ _ _,2"'7"'5,_2 __ ;:.:90:.:;,9::2;::_3 __ _:43"'-'.:.:18;::_5 __ 2=:2::;,5:.:9:.:.7 __ .:.;12::;, 7;_1;::_6_ ~

28,802 28,802 28,058 28,058 33,479 33,479 1,237,063 522,249 247,458 128,661 72,076

124,952 124,952 120,439 120,439 145,025 145,025 4,669,784 2,353,753 1,348,872 848,572 571 ,478

M$ means thousands of United State dollar&

Gross reserves are the total of lhe Company's working and/or royalty interest share before deduction of royalties owned by others Gross and net Company's reserves are actually equivalent, however the cash flows for each properly show the net reserves reduced , es a resull of the treatment of the ERT and MET.

Columns may not add precisely due to accumulalive rounding of values throughout the report

1------------------- -------CIJ•fl••• Petroleum Engineering Ltd.

– I-32 –


33

Table1T Foracut Prices & Cosh

Summary of Company Rnarvea and Economica

After CIT & EPT

January 1, 2016

MIE Holding& Corporation

Ntl To Af!e:r•l•od ln ta r o a t Cumulot\vt Cuh Flow - M$

Sales Gaa BOE Oil MSTB MMscl Mbblo Discounted at:

Oescri(!tion ~ __ N_e_t _ ~ ____!:!!!___ ~ ____!:!!!___ Undl.5C. 5'%/X!;Ir 10%/voar 15~oar

Proved Develo~ed Producing

Total Proved Developed Producing (Before CIT & EPT) 7,636 7,636 9 ,587 9,587 9,233 9,233 173,299 133,371 107,189 89,041

Corporate Income Tax (15,603) (11,506) (8,868) (7,074)

Excess profits Tax ---- ------------ ---- (1,229) (875) (639) (478) Total Proved Developed Producing

181!§[ lOll I! ~~II 7,636 7,636 9,587 9,567 9,233 9,233 156,467 120,990 97,682 81,469

Proved OeveloE;ed Non-Ptoducl~

Total Proved Developed Non-Producing (Before CIT & EPT) 17,971 17,971 17,474 17,474 20,883 20,883 628,317 423,197 300,622 222,744


Excess profits Tax - - - - - (264,170) (178,326) (126,933) (94,256) ---- ------------ ----Total Proved Developed Non-Producing (After CIT & EPT) ~ ~ ____!Llli_ .....2Lill._ ~ ~ 238 027 159,676 112 873 83,208 Total Proved Developed (After CIT &

25,606 25,606 27,061 27,061 30,117 30,117 394,494 260,666 210,555 164,697 EPT)

Proved Undeveloeed T a tal Proved Undeveloped (Before CIT & EPT) 6,919 6,919 8,946 8,946 6,410 8,410 149,421 90,314 55,643 34,364


Excess prorils Tax ---- - . - - - (34,652) (22,508) (15,145) (10,465) ---- ------------ ----Total Proved Undeveloped (Arter CIT

8,919 6,919 8,946 6,946 6,410 6,410 82,318 46,000 25,231 12,821 & EPT) ---- ------------ ----Total Proved (Alter CIT & EPT) 32,525 32,525 36,006 36,006 36,527 38,527 476,612 326,688 235,786 177,518

Probable

Tolol Probable (Before CIT & EPT) 63,625 63,625 56,374 56,374 73,021 73,021 2,461 ,684 1,164,623 637,959 373,762


Excess profits Tax ---- - . . - - (1 ,049,201) (490,794) (260,711) (152,138) --- - ------------ ----Total Probable (Altar CIT & EPT) 83,625 63,625 56,374 56,374 73,021 73,021 922,600 444,828 236,386 136,404 ---- ----- ------- ----Total Proved Plus Probable (Arter CIT

98,150 96,150 92,381 92,381 111,548 111 ,548 1,399,812 771,296 474,154 313,922 &EPT)

Possible

Total Possible (Before CIT & EPT) 26,602 26,602 26,056 26,056 33,479 33,479 1,237,063 522,249 247,458 128,661


Excess profits Tax - - - - - (560,640) (233,441) (109,035) (55,880) ---- ------------ ----Total Possible (After CIT & EPT) 28,802 28,802 28,058 26,056 33,479 33,479 421,598 160,114 66,128 45,054

----------- ----- - - --Total Pra Yed Plua PrabDblo Plus

124,952 124,952 120,439 120,439 145,026 145,028 1,821 ,210 951 ,410 560,282 358,976 Possible (Alter CIT & EPT)

M$ means thousands of dollsrs

Gross and net Company's reserves are actually equivalent, however the cash flows for each property show the net reserves reduced, as a result of the treatment of the ERT and MET

Columns may not add precisely due to accumulative rounding of values throughout the report

20%/~oar

75,878

(5,798)

(385)

69,715

170,691

(34,864)

(72,411)

63 417

133,132

20,611

(6,238)

(7,430)

5,143

136,275

232,021

(56,167)

(95,263)

80,551

216,627

72,076

(15,696)

(30,872)

25,305

244,132

1------------ - ---- - - - ------CIJ•fl••• Petroleum Engineering Ltd.

– I-33 –


34

2016

-03-

23

Tab

le

Ia

Pag

e 1

MIE

Hol

ding

s C

orpo

rati

on

AD

EK

Blo

ck,

Kaz

akhs

tan

Com

pany

Cos

t an

d C

ash

Flo

w A

naly

sis

Tot

al P

rove

d D

evel

oped

Pro

du

cin

g C

onso

lida

tion

Aba

ndon

m

ent

oil

Gas

N

et R

even

ue

__

__

__

___:O"

'pe=:x

,;:C::

:o~st.

.;;.S:

=.ch;::e:

::d.:::ul

:::e _

__

__

_ _

Oil

+ G

as

Bef

ore

Ope

x O

il G

as

Tot

al

Wel

l O

il Fi

xed

Tot

al O

pex

Cos

t C

ount

Pr

oduc

tioo

Prod

uctio

n P

rodu

ctio

n &

Cap

ex

Var

iabl

e C

ost

Cap

ital

Esc

alcu

late

d

Ope

x, C

apex

U

ndis

caun

ted

Net

Cas

h Fl

ow

5%

Fo

reca

st P

rice

s &

Co

sts

Dis

coun

ted

[a)

10%

15

%

20

%

Cor

p-T

able

4a-

PP

.xls

x

Und

isco

unte

d N

et C

ash

Flow

Aft

er

and

AB

N

(Pro

fit)

C

IT &

EP

T

~Y~e~~~------~M

~STB

~---

-~MM

~~sc

~f __

__

~MB~

~O~E

~--~

M~$/

~y~r

. __

__

_ ~M~$

~/~~

-~~M~$~1~~

-~M~$

/~~~---~M~$~/~~

--~ ~

--~M~$~

/~~~·-----M~

$~/w

~·----~M~$~7

~L--~M~

$~/n

~---

~M~~

~v~~~--~M~$

~N~~-----M~

$/~~~----

2016

19

1,

249

1,84

5 1,

556

22,5

22

5,62

4 4,

233

923

10,7

80

0 0

10,7

80

11,7

42

11,4

59

11,1

96

10,9

50

10,7

19

11,7

42

2017

19

1,

034

1,50

1 1,

284

30,4

76

5,62

4 3,

504

751

9,87

8 0

0 10

,076

20

,401

18

,961

17

,683

16

,542

15

,519

19

,105

2018

19

86

2 1,

227

1,06

7 30

,395

5,

624

2,92

4 61

3 9,

161

0 0

9,53

1 20

,864

18

,468

16

,441

14

,711

13

,226

19

,129

2019

18

72

5 1,

003

892

29,2

53

5,32

8 2,

456

502

8,28

6 0

0 8,

793

20,4

60

17,2

48

14,6

57

12,5

45

10,8

09

18,3

83

2020

17

61

1 80

5 74

5 25

,851

5,

032

2,07

0 40

2 7,

504

0 0

8,12

3 17

,728

14

,234

11

,545

9,

452

7,80

5 15

,775

2021

16

51

3 66

5 62

4 22

,414

4,

736

1,73

9 33

2 6,

807

0 0

7,51

6 14

,898

11

,391

8,

820

6,90

7 5,

465

13,1

87

2022

16

43

8 55

3 53

0 18

,991

4,

736

1,48

6 27

6 6,

498

0 7,

318

11,6

73

8,50

0 6,

282

4,70

6 3,

569

10,4

69

2023

16

37

6 46

2 45

3 18

,030

4,

736

1,27

5 23

1 6,

241

0 7,

169

10,8

61

7,53

3 5,

314

3,80

7 2,

767

9,38

0

2024

14

31

4 35

4 37

3 15

,393

4,

144

1,06

5 17

7 5,

386

0 0

6,31

1 9,

082

5,99

9 4,

040

2,76

9 1,

928

7,85

1

2025

13

27

0 29

2 31

9 13

,119

3,

848

917

146

4,91

1 0

0 5,

869

7,25

0 4,

561

2,93

2 1,

922

1,28

3 6,

379

2026

12

23

2 24

6 27

3 11

,516

3,

552

787

123

4,46

2 0

0 5,

439

6,07

7 3,

641

2,23

4 1,

401

896

5,29

1

2027

II

19

8 19

8 23

1 10

,059

3,

256

671

99

4,02

6 0

0 5,

006

5,05

3 2,

883

1,68

9 1,

013

621

4,41

4

2028

9

164

101

180

8,45

3 2,

664

555

50

3,26

9 0

0 4,

146

4,30

7 2,

341

1,30

9 75

1 44

1 3,

804

2029

13

9 78

15

2 7,

356

2,36

8 47

2 39

2,

879

0 0

3.72

4 3,

631

1,87

9 1,

003

550

310

3,23

4

2030

12

2 69

13

4 6,

620

2,36

8 41

5 34

2,

817

0 0

3,71

7 2,

903

1,43

1 72

9 38

3 20

6 2,

594

2031

10

1 58

Il

l 5,

604

2,07

2 34

3 29

2,

444

0 3,

290

2,31

4 1,

086

528

265

137

2,07

6

2032

6

83

49

92

4,57

2 1,

776

283

25

2,08

3 2,

860

1,71

2 76

5 35

5 17

1 85

1,

551

2033

67

27

71

3,

739

1,48

0 22

6 13

1,

720

0 2,

408

1,33

1 56

7 25

1 11

5 55

1,

219

2034

5

59

24

63

3,39

0 1,

480

201

12

1,69

2 0

0 2,

417

973

394

167

73

33

903

2035

4

47

19

50

2,74

1 1,

184

159

9 1,

352

0 0

1,96

9 77

2 29

8 12

0 51

22

71

2

2036

31

12

33

75

2 88

8 10

6 1,

000

0 0

1,48

6 (7

33)

(270

) (1

04)

(42)

(1

7)

(733

)

Tot

al

7,63

6 9,

587

9,23

3 29

1,24

7 72

,520

25

,885

4,

793

103,

198

0 11

7,94

8 17

3,29

9 13

3,37

1 10

7,18

9 89

,041

75

,878

1

56

,46

7

296.

00

$3.3

9 0.

50

M$/

yr/w

ell

$/ST

B

$/M

cf

...._ ___

____

____

____

____

____

____

____

____

____

___ (

IJ•fl

••• Petro

leum

Eng

inee

ring

Ltd.

– I-34 –


35

Yea

r

20

15

20

16

2

01

7

201B

20

19

20

20

2021

20

22

20

23

2

02

4

20

25

20

26

20

27

202B

20

29

20

30

2031

2

03

2

20

33

2

03

4

20

35

20

36

To

tal

Ne

t Cas

h F

low

(a

fte

rOp

ex&

C

ap

ex)

$M

11,7

42

20

.401

2

0,8

64

20

,46

0

17

.72B

14

,89

8

11,6

73

10,8

61

9,0

82

7,2

50

6,0

77

5,0

53

4,3

07

3,63

1

2,9

03

2,3

14

1,7

12

1,33

1

97

3

77

2 (7

33)

17

3,2

99

Tot

al

Non

-N

on-

de

du

ct

de

du

ct

Cap

ital

S

ales

Co

st

Tra

nsp

,

$M

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

$M

7B

46

3B

32

27

23

20

17

14

12

10

9 7 6 5 5 4 3 3 2

36

2

0. 0

7

$M

1,4

34

8

19

6

83

57

4

48

4

40

6

34

7

29B

24

9

21

4

1B4

15

7

13

0

11

0

97

BO

66

53

47

37

25

6,49

3 1.

29

0

.05

0

,89

Esc

alcu

late

d N

on-d

edu

ct

\.;:

~nit

::tl

M$/

yr.

1,51

1 8

82

75

1

64

3

55

3

47

4

41

3

361

30

8

27

0

23

7

20

6

17

4

151

13

5

11

4

96

7B

71

57

39

7,52

3

Ta

ble

1

a

Pa

ge

2

MIE

Ho

ldin

gs

Co

rpo

rati

on

AD

EK

Blo

ck,

Ka

zakh

sta

n

Co

rpo

rate

In

com

e T

ax

(CIT

) a

nd

Exc

ess

Pro

fit T

ax

(EP

T)

De

cem

be

r 31

, 20

15

(As

of J

an

ua

ry 1

, 20

16)

To

tal

Pro

ved

De

velo

pe

d P

rod

uci

ng

Co

nso

lida

tio

n

Tax

able

In

com

e

Bef

ore

Ded

uctio

ns

$M

13

,25

4

21

,28

2

21,6

15

21

,10

4

18,2

81

15

,37

2

12

,08

6

11,2

22

9,3

90

7,5

20

6,3

14

5,2

59

4,4B

1

3,7B

2

3,03

B

2,42

B

1,B

OB

1.4

09

1

,04

3

82

9

(69

4)

18

0,8

22

Cap

ital

Ded

uctio

ns

$M

13

,25

4

14

,80

3

12

,94

0

11,2

00

9

,3B

B

7,7

93

6,2

95

5,2

74

4,3

33

3,5

53

2,7

BO

2,2

92

2,0

10

1,7

96

1.4

97

1,

23B

1,0

00

B50

69

6

531

47

10

3,5

70

Tax

able

In

com

e

$M

0 6

,48

0

8,6

75

9,9

03

B,B

93

7,5

79

5,7

9a

5,94

B

5,0

58

3,9

67

3,5

34

2,9

89

2.47

1

1,9B

6

1,5

40

1,1

90

BOB

55

9

347

29

7

0

78

,01

5

Co

rpo

rate

In

com

e

Ta

x

$M

0 1

,29

6

1,7

35

1,9B

1 1

, 77

9

1,5

16

1,15

B

1, 1

90

1,0

12

79

3

70

7

59B

49

4

39

7

30B

23B

16

2

11

2

69

59

0

15,6

03

Dis

coun

ted

@

Ne

t E

PT

5%

10

%

15%

20

%

Inco

me

R

atio

$ $

s $

$M

0 0

0 0

0 0

.00

1

,20

5

1,1

23

1,

051

98

6

5,1B

4 0

.92

1,5

36

1

,36

7

1,2

23

1

'1 0

0

6,9

40

1

.45

1

,67

0

1.4

19

1

,21

4

1,0

46

7

,92

3

2,1

4

1 ,4

2B

1 '15

B

94

8

78

3

7.1

15

2

,30

1,1

59

84

3

B25

66B

49

9

42

3

341

26

9

20

6

15

2

11

2

72

48

28

2

3

0

89

7

62

3

58

2

45

0

321

26

0

20

a

15

0

11

0

77

54

34

2

1

12

9 0

70

3

46

7

41

7

30B

21

0

16

3

12

0

B6

60

41

27

16

10

5 4 0

55

6

354

30

3

21

5

14

0

10

4

73

51

34

22

14

B

5 2 2 0

6,0

63

2

.11

4,6

32

1.

67

4,7

59

2

.01

4, 0

46

2

.02

3,1

74

1.

BB

2,B

27

1.9

9

2,39

1 2

.00

1,9

77

1

.96

1,5B

9 1

.89

1,2

32

1.

76

9

52

1,

63

64

7

1.3

4

44

7

1.1

4

27B

0.

90

23B

0

.91

0 0

.00

11,5

06

8,86

8 7

,07

4

5,79

8 6

2,4

12

EP

T

Am

ou

nt

$M

0 a a 96

174

19

5

45

291

22

0

78

80

42

9 0 0 0 0 0 0 0 0

1,22

9

5%

s 0 0 0 81

14

0

14

9

33

20

2

14

5

49

4B

24

5 0 0 0 0 0 0 0 0

87

5

For

ecas

t Pric

e &

Cos

ts

Dis

coun

ted

@

10%

15

%

$ 0 0 0 69

11

4

11

5

24

14

2

9B

31

29

14

3 0 0 0 0 0 0 0 0

639

$ 0 0 0 59

93

90

18

102

67

21

1B

B

2 0 0 0 0 0 0 0 0

478

20%

0 0 0 51

77

71

14

74

47

14

12

5 0 0 0 0 0 0 0 0

365

----

----

----

----

----

----

----

----

----

----

-£1

1•1

1••1

1 Pet

role

um E

ngin

eerin

g Lt

d.

– I-35 –


36

2016

-03-

23

Wel

l C

ount

oil

Pro

duct

ion

Gas

Pro

duct

ion

Tab

le 4

b P

age

I

MIE

Hol

ding

s C

orp

ora

tio

n

AD

EK

Blo

ck, K

azak

hsta

n

Co

mp

any

Cos

t and

Cas

h F

low

Ana

lysi

s

Toa

t1 P

rove

d D

evel

oped

Con

soli

dati

on

Net

Rev

enu

e --------~OL

p=•x~C~o~s~t~S=ch~e

~d=u

l~e _

__

__

_ _

_

Oil

+ G

as

Bef

ore

Ope

x O

il T

otal

T

otal

O

il F

ixed

G

as C

ost

Pro

duct

ion

& C

apex

V

aria

ble

Ope

x C

apit

al

Aba

ndon

m

en

t

Cos

t

Esc

alcu

late

d

Ope

x, C

apex

and

AB

N

Und

isco

unte

d

Net

Cas

h 5%

Co

rp-T

able

4b-

PD

.xls

x

Fo

reca

st P

rice

s &

Co

sts

Dis

coun

ted

(al

10%

15

%

20%

Und

isco

unte

d N

et C

ash

Flo

w

Aft

er C

IT&

F

low

(Pro

fit)

E

PT

~Y~e

=~~-

----

-~M~

S~T~

B~--

~M~M

~sc=

f __

__

~MB~

~O~E

~--~

M~$~

/n~·

----

~M~$

~ry~

r~.-

-~M~

~~y~

r.--

~M~$

~N~r

~.--~M~

$~/n~

· ~ -

-~M~$~

ry~r

. __

__

~M~$

/Lyr

~·----~M

~$=/

Lyr~·----~M

~~~~

~·----~M~$/~~~---~M~$/~~~

·--~M~$~ry~r.~--~M~$

~/~yr~·---

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

20

20

32

37

36

35

35

35

32

31

30

29

27

25

2030

24

2031

20

2032

19

2033

15

2034

15

2035

12

2036

9

Tot

al

1,36

7 1,

891

1,68

2 24

,549

5,

920

4,63

4 94

5 11

,500

40

0 0

11,9

00

12,6

49

12,3

44

12,0

60

11,7

95

11,5

47

12,3

79

1,15

7 1,

547

1,41

5 32

,459

5,

920

3,92

2 77

4 10

,615

5,

200

0 16

,132

16

,327

15

,175

14

,152

13

,239

12

,420

15

,052

2,38

8 1,

823

2,69

2 82

,860

9,

472

8,09

6 91

1 18

,480

3,

250

50

22,6

60

60,2

00

53,2

87

47,4

37

42,4

47

38,1

63

31,1

04

2,62

7 3,

146

3,15

1 10

5,67

5 10

,952

8,

906

1,57

3 21

,431

40

0 50

23

,220

82

,455

69

,511

59

,067

50

,556

43

,560

43

,817

2,23

4 2,

615

2,67

0 94

,316

10

,656

7,

573

1,30

7 19

,536

90

0 50

22

,175

72

,141

57

,920

46

,980

38

,463

31

,759

37

,836

2,04

6 2,

309

2,43

1 89

,146

10

,360

6,

937

1,15

4 18

,451

1,

300

0 21

,807

67

,339

51

,490

39

,866

31

,220

24

,704

33

,980

2,07

0 2,

211

2,43

9 94

,397

10

,360

7,

018

1,10

5 18

,483

50

0 0

21,3

78

73,0

18

53,1

74

39,2

99

29,4

37

22,3

23

34,0

96

1,84

4 2,

037

2,18

4 88

,298

I 0

,360

6,

253

1,01

9 17

,631

40

0 15

0 20

,885

67

,414

46

,755

32

,984

23

,633

17

,175

30

,684

1,73

4 1,

755

2,02

7 84

,835

9,

472

5,87

9 87

7 16

,229

0

50

19,0

73

65,7

62

43,4

37

29,2

51

20,0

47

13,9

61

29,0

30

1,47

4 1,

478

1,72

0 71

,434

9,

176

4,99

6 73

9 14

,911

0

50

17,8

80

53,5

54

33,6

89

21,6

55

14,1

96

9,47

5 23

,758

1,25

2 1,

249

1,46

1 62

,124

8,

880

4,24

5 62

5 13

,750

0

50

16,8

22

45,3

02

27,1

41

16,6

53

10,4

42

6,67

9 20

,137

1,06

3 1,

036

1,23

6 54

,006

8,

584

3,60

3 51

8 12

,705

0

100

15,9

22

38,0

84

21,7

30

12,7

27

7,63

3 4,

679

16,9

87

904

815

1,04

0 46

,955

7,

992

3,06

5 40

7 11

,464

0

100

14,6

66

32,2

89

17,5

47

9,81

0 5,

628

3,30

6 14

,400

768

685

882

40,7

88

7,40

0 2,

602

342

10,3

45

0 50

13

,446

27

,341

14

,150

7,

551

4,14

4 2,

333

12,1

74

636

581

733

34,6

20

7,10

4 2,

156

290

9,55

0 0

200

12,8

65

21,7

55

10,7

23

5,46

2 2,

867

1,54

7 9,

109

524

490

606

29,1

53

5,92

0 1,

776

245

7,94

1 0

50

10,7

55

18,3

99

8,63

7 4,

200

2,10

8 1,

090

8,11

2

447

418

517

24,6

54

5,62

4 1,

516

209

7,34

9 0

200

10,3

64

14,2

91

6,38

9 2,

965

1,42

4 70

6 6,

440

360

335

416

20,2

99

4,44

0 1,

220

167

5,82

7 0

0 8,

160

12,1

39

5,16

9 2,

290

1,05

2 49

9 5,

456

312

288

360

18,0

14

4,44

0 1,

058

144

5,64

2 0

150

8,27

3 9,

741

3,95

0 1,

671

734

334

4,41

1

253

240

293

14,9

25

3,55

2 85

7 12

0 4,

529

0 15

0 6,

816

8,10

9 3,

132

1,26

4 53

1 23

2 3,

601

145

114

164

8,75

1 2,

664

492

57

3,21

3 0

450

5,44

3 3,

308

1,21

7 46

9 18

8 79

1,

935

25,6

06

27,0

61

30,1

16

1,12

2,25

7 15

9,24

8 86

,805

13

,530

25

9,58

3 12

,350

1,

900

320,

641

801,

616

556,

567

407,

812

311,

785

246,

570

394,

494

296.

00

$3.3

9 0.

50

M$/

yr/w

ell

$/S

TB

$/

Mcf

._

----------------------------------------

CIJ

ap•a

ll Pe

trol

eum

Eng

inee

ring

Ltd.

– I-36 –


37

2016

-D3-

23

Ye

ar

20

15

20

16

2

01

7

20

18

2

01

9

20

20

2021

20

22

20

23

2

02

4

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

2

03

3

20

34

2

03

5

20

36

Tot

al

Ne

t Cas

h F

low

T

otal

(a

fter

Ope

x &

C

apex

) C

apita

l

$M

12,6

49

16

,32

7

60

,20

0

82

,45

5

72,1

41

67

,33

9

73

,01

8

67

,41

4

65

,76

2

53

,55

4

45

,30

2

38

,08

4

32

,28

9

27,3

41

21

,75

5

18

,39

9

14,2

91

12

,13

9

9,74

1 8

,10

9

3,3

08

801,

616

M$/vr

~

400

5,2

00

3

,25

0

40

0

900

1,3

00

50

0

40

0

0 0 0 0 0 0 0 0 0 0 0 0 0

12

,35

0

No

n-

No

n-

Esc

alcu

late

d T

axab

le

Ta

ble

4

b

Pag

e 2

MIE

Ho

ldin

gs

Co

rpo

rati

on

AD

EK

Blo

ck,

Ka

zakh

sta

n

Co

rpo

rate

In

com

e T

ax

(CIT

) a

nd

Exc

ess

Pro

fit

Ta

x (E

PT

)

Jan

ua

ry 1

, 20

16

(As

of

De

cem

be

r 31

, 20

15)

To

atl

Pro

ved

De

velo

pe

d C

on

solid

ati

on

Dis

coun

ted

@

de

du

ct

dedu

ct

Non

-ded

uct

Inco

me

Bef

ore

Cap

ital

Ta

xab

le

Co

rpo

rate

S

ales

Tr

ansp

. r~nitl'll

Ded

uctio

ns

Ded

uctio

ns

Inco

me

Inco

me

Tax

$M

85

51

106

117

99

91

92

82

77

66

56

47

40

34

28

2

3

20

16

14

11

6

$M

1,5

70

91

6 1

,89

2

2,08

1

1,7

69

1,62

1

1,6

40

1,46

1 1

,37

4

1,1

67

99

2

842

71

6

608

50

4

41

5

354

28

5

247

20

0

11

5

M$/

vr.

2,0

55

6,

291

5,4

60

2,7

57

2

,99

7

3,3

25

2,5

13

2,2

32

1,

700

1,4

74

1,2

77

1,1

06

959

831

70

2

590

51

4

42

2

37

3

30

8

18

0

$M

14

,70

4

22

,61

8

65

,66

0

85

,21

2

75

,13

8

70

,66

4

75

,53

2

69

,64

6

67

,46

2

55

,02

7

46

,57

9

39

,19

0

33

,24

8

28

,17

2

22

,45

7

18

,98

8

14

,80

4

12,5

61

10

,11

4

8,4

17

3

,48

9

$M

13

,35

3

16

,24

2

13

,91

4

13,7

41

11

,90

9

10,4

07

8,7

99

7,5

33

6

,33

4

5,3

64

4,5

76

3,8

90

3,3

06

2,8

10

2,1

37

1,

817

1,5

44

1,31

2 1

,11

0

881

74

9

$M

1,3

50

6

,37

6

51

,74

6

71,4

71

63

,22

9

60

,25

8

66

,73

3

62

,11

3

61

,12

8

49

,64

3

42

,00

3

35

,30

0

29

,94

2

25

,36

2

20

,91

5

17,1

72

13

,26

0

11

,24

8

9,0

04

7,6

22

2

,74

0

$M

27

0

1,2

75

1

0,3

49

14

,29

4

12

,64

6

12

,05

2

13

,34

7

12

,42

3

12

,22

6

9,9

29

8,40

1

7,0

60

5,9

88

5,0

72

4,1

83

3

,43

4

2,6

52

2,2

50

1,

801

1,5

24

54

8

5%

264

1,18

5

9,16

1

12,0

50

10,1

53

9,21

5

9,71

9

8,61

6

8,07

5

6,24

6

5,03

3

4,02

8

3,25

4

2,62

5

2,06

2

1,61

2

1,18

6

958

730

589

202

10%

15

%

s 258

1,10

5

8,15

5

10,2

40

8,23

5

7,13

5

7,18

3

6,07

8

5,43

8

4,01

5

3,08

8

2,35

9

1,81

9

1,40

1

1,05

0

784

550

424

309

238

78

25

2

1,03

4

7,29

7

8,76

4

6,74

2

5,58

7

5,38

1

4,35

5

3,72

7

2,63

2

1,93

6

1,41

5

1,04

4 76

9

551

394

264

195

136

100

31

20%

247

970

6,56

1

7,55

1

5,56

7

4,42

1

4,08

0

3,16

5

2,59

6

1,75

7

1,23

9

867

613

433

297

203

131

93

62

44

13

Ne

t E

PT

E

PT

In

com

e R

atio

A

mo

un

t

$M

1,0

80

0.

08

5,

101

0 31

41

,39

6

2.9

8

57

,17

6

4.1

6

50

,58

3

4.2

5

48

,20

6

4 6

3

53

,38

6

6 07

49

,69

0

6.6

0

48

,90

2

7.72

39

,71

5

7.3

8

33

,60

2

7,3

4

28

,24

0

7.2

6

23

,95

4

7.2

4

20

,28

9

7.2

2

16,7

32

7.8

3

13

,73

8

7.5

6

10

,60

8

6 87

8

,99

9

6,8

6

7,2

03

6

.49

6,0

97

6,

92

2

,19

2

2.9

3

$M

0 0 1

8,7

47

2

4,3

44

21

,65

9

21

,30

8

25

,57

6

24

,30

7

24

,50

7

19

,86

7

16

,76

5

14

,03

8

11,9

01

10

,09

5

8,4

62

6

,85

2

5,1

99

4

,43

4

3,5

29

2

,98

3

82

5

5%

16,5

94

20,5

23

17,3

90

16,2

93

18,6

25

16,8

58

16,1

87

12,4

98

10,0

44

8,01

0

6,46

7

5,22

5

4,17

1

3,21

6

2,32

4

1,88

8

1,43

1

1,15

2

304

Cor

p-T

able

4b-

PD

.xls

x

Fo

reca

st p

rice

&C

ost

s

Dis

coun

ted

@

10%

15

%

20%

14,7

72

17,4

39

14,1

05

12,6

15

13,7

65

11,8

93

10,9

00

8,03

4

6,16

3

4,69

1

3,61

6

2,78

8

2,12

5

1,5

64

1,07

9

836

605

465

117

13,2

19

11,8

84

14,9

26

12,8

61

11 ,5

48

9,53

5

9,87

9 7,

817

10,3

11

7,81

9

8,52

1 6,

193

7,47

1 5,

203

5,26

6 3,

515

3,86

4 2,

472

2,81

4 1,

725

2,07

4 1,

218

1,53

0 86

1

1,11

5 60

2

785

406

518

257

384

182

266

121

195

85

47

20

1,1

64

0 07

20,7

69

1.2

9

38,0

66

839,

682

13

1,7

49

7

08

,61

4

14

1,7

23

9

6,6

99

6

9,6

84

5

2,3

54

40

,662

56

6,89

1 2

65

,39

9

179,

201

127,

572

94,7

34

72,7

76

0 05

0

.89

..._ _

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

[IJ•

fiiiJ

•IJ

Pet

role

um E

ngin

eerin

g Lt

d.

– I-37 –


38

2016

-03-

23

oil

Gas

O

il+

Gas

W

ell

Cou

nt

Pro

duct

ion

Pro

duct

ion

Pro

duct

ion

Yea

r

2016

20

2017

21

2018

34

2019

42

2020

43

2021

45

2022

47

2023

48

2024

45

2025

44

2026

43

2027

40

2028

38

2029

36

2030

34

2031

28

2032

26

2033

20

2034

20

2035

16

2036

12

Tot

al

MS

TB

1,41

9

1,26

5

2,67

7

3,08

6

2,95

6

2,79

0

2,81

7

2,56

0

2,33

9

1,97

7

1,67

3

1,40

3

1,19

0

1,00

9

81J

666

563

447

388

313

177

32,5

25

MM

scf

1,98

0

1,70

9

2,04

7

3,61

2

3,70

3

3,22

1

3,13

1

2,97

0

2,50

6

2,11

1

1,78

4

1,48

4

1,19

5

1,00

8

850

719

613

460

398

335

169

36,0

06

MB

OE

1,74

9

1,54

9

3.01

8

3,68

8

3,57

4

3.32

6

3,33

8

3,05

5

2,75

6

2,32

9

1,97

0

1,65

0

1,38

9

1,17

7

95

2

786

665

524

45

5

369

206

38,5

26

Ne

t R

eve

nu

e

Bef

ore

Op

ex

&C

apex

M$/

yr.

25,4

92

37,1

85

90,2

34

121,

227

125.

033

121,

594

128,

540

122,

692

114,

511

95,9

38

83,0

75

71,3

60

61,9

02

53,6

89

44,2

17

37,1

55

31,1

21

25,2

78

22,4

39

18,5

08

10,7

17

1,44

1,90

6

Tab

le 4

c P

age

I

MIE

Hol

ding

s C

orpo

rati

on

AD

EK

Blo

ck,

Kaz

akhs

tan

Co

mp

any

Cos

t an

d C

ash

Flo

w A

naly

sis

Tot

al P

rove

d C

onso

lida

tion

Aba

ndon

-

Co

rp-T

ab

le 4

c-T

P x

lsx

Fo

reca

st P

rice

s &

Co

sts

Esc

alcu

late

d

---

--'O"

'p::.:e::

.:x_,C::

.:o:::st'

-'S"'c"

'h"'ed:::u:

.:.le:::.

._ _

__

__

__

:--_

-'m=

en-"t

-O

pex,

Cap

ex

-:-U=-

n'-"d':

'is::.:c:

::o-=un

:;;tc:.e

d=--

----

---=

:;D

.:.:i

sc:.c

o::.;

u::;

n;:;te'-'d'

-'@"'.-

------:-

U:'n"

'd':'is'-

'c-"o=

:unO

't"'ed'-

Oil

T

otal

T

otal

N

et C

ash

Flo

w

Net

Cas

h F

low

O

il F

ixed

M$/

vr.

5,92

0

6,21

6

10,0

64

12,4

32

12,7

28

13,3

20

13,9

12

14,2

08

13,3

20

13,0

24

12,7

28

11,8

40

11,2

48

10,6

56

10,0

64

8,28

8

7,69

6

5,92

0

5,92

0

4,73

6

3,55

2

Var

iabl

e

M$/

yr.

4,81

0

4,28

7

9,07

5

10,4

60

10,0

22

9.45

7

9,54

8

8,68

0

7,92

8

6,70

3

5,67

1

4,75

5

4,03

4

3,42

0

2,74

8

2,25

9

1,90

9

I ,51

7

1,31

6

1,06

0

601

Gas

Cos

t O

pex

M$/

vr.

M$/

yr.

990

11,7

20

854

I 1.3

58

1.02

4 20

,163

1,80

6 24

,698

1.85

2 24

.602

1,61

0 24

.387

I ,56

5 25

,026

1,48

5 24

,373

1.25

3 22

,501

1,05

5 20

,782

892

19.2

91

742

17,3

37

598

15,8

79

504

14,5

80

425

13,2

37

360

10,9

06

306

9,91

2

230

7,66

7

199

7.43

5

168

5.96

4

85

4,23

8

207,

792

110,

259

18,0

03

336,

054

2 96.

00

$3.3

9

M$/

yr/w

ell

$/S

TB

Cap

ital

M$/

vr.

10,7

00

11,7

00

16,4

50

11,3

00

10,1

00

16,8

00

6,80

0

800 0 0 0 0 0 0 0 0 0 0 0

84,6

50

Cos

t

M$/

yr.

50

50

50

0 0

20

0

50

50

150

100

100

100

300

100

300

200

200

600 2,60

0

and

AB

N

M$/

yr.

22,4

20

23,5

19

38,1

44

38,2

55

37,6

17

45,4

74

35.8

41

29,1

45

26,4

22

24.8

96

23,6

98

21,6

80

20,2

65

18,9

90

17.8

62

14,8

13

14,0

19

10.7

36

10,9

05

8,98

0

7.18

9

490,

869

(Pro

fit)

M$/

yr.

3,07

2

13,6

66

52,0

90

82,9

72

87,4

16

76,1

20

92,6

99

93,5

47

88,0

89

71,0

42

59,3

77

49,6

79

41,6

37

34,6

99

26,3

55

22,3

42

17,1

03

14,5

42

11,5

34

9,52

8

3,52

8

951,

037

5%

M$/

yr.

2.99

8

12,7

02

46.1

09

69,9

47

70,1

84

58,2

05

67,5

06

64,8

80

58.1

85

44,6

91

35,5

74

28,3

46

22,6

26

17,9

58

12,9

90

10,4

88

7,64

6

6,19

2

4,67

7

3,68

0

1,29

8

646,

882

10%

15

%

20%

M$/

yr.

2,92

9

I 1.8

46

41,0

46

59.4

37

56.9

28

45.0

65

49,8

91

45,7

70

39.1

82

28,7

27

21.8

27

16,6

02

12,6

49

9,58

3

6,61

7

5.10

0

3.54

9

2,74

3

1,97

8

1,48

5

500

463,

455

M$/

yr.

2,86

5

11,0

82

36,7

29

50,8

73

46,6

07

35.2

91

37,3

71

32,7

94

26,8

53

18,8

32

13,6

87

9,95

7

7,25

7

5,25

9

3,47

3

2,56

0

1,70

4

1,26

0

869

624

201

M$/

yr.

2,80

5

10,3

96

33,0

22

43,8

33

38,4

84

27,9

26

28,3

40

23,8

33

18,7

02

12,5

69

8,75

4

6,10

4

4,26

3

2,96

0

1,87

4

1,32

4

844

598

395

272

84

346,

149

267,

381

Aft

er C

IT &

F

PT

M$/

yr.

2,80

2

12,4

15

24,8

27

44,0

03

42,3

67

36,5

15

46,8

85

46,8

04

42,8

23

34,8

64

29,2

09

24,5

63

20,6

10

17,1

53

11,9

59

10,7

51

8,35

4

7,09

3

5,64

1

4,65

5

2,51

6

476,

812

-------------------------------------------

Cll

afl

••• P

etro

leum

Eng

inee

ring

Ltd.

– I-38 –


39

20

16

-03

-23

Ye

ar

20

15

20

16

2

01

7

20

18

20

19

20

20

2021

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

2031

20

32

20

33

20

34

20

35

20

36

To

tal

Ne

t C

ash

Flo

w

Tot

al

(aft

erO

pe

x &

C

ap

ex)

C

apita

l

$M

3,0

72

1

3,6

66

52

,09

0

82

,97

2

87

,41

6

76

,12

0

92

,69

9

93

,54

7

88

,08

9

71

,04

2

59

,37

7

49

,67

9

41

,63

7

34

,69

9

26

,35

5

22

,34

2

17

.10

3

14

,54

2

11

,53

4

9,5

28

3,5

28

951

,03

7

$M

10

,70

0

11

,70

0

16

.45

0

11

,30

0

10

,10

0

16

,80

0

6,8

00

80

0

0 0 0 0 0 0 0 0 0 0 0 0 0

84

,65

0

No

n-

No

n-

Esc

alcu

late

d T

axa

ble

d

ed

uct

d

ed

uct

N

on-d

educ

t In

com

e

Sal

es

Tran

sp.

r:mit::~l

Bef

ore

$M

88

5

6

11

9

13

7

13

2

12

4

12

5

11

4

10

4

88

74

62

53

45

36

30

25

20

17

14

8

1,4

73

$M

1,6

29

1

,00

2

2,1

20

2.4

44

2,3

42

2,2

10

2,23

1

2,0

28

1,8

52

1,5

66

1,3

25

1,11

1

94

2

79

9

64

2

52

8

44

6

35

4

30

8

24

8

14

0

26

,26

8

0.0

7

1.2

9

0.0

5

0.8

9

M$/

yr

12

.41

7

13

,01

3

19

,44

5

14,7

31

13

,61

0

21

,12

5

10

,31

2

3,3

79

2,2

92

1,9

77

1,7

06

1,4

59

1,2

62

1,0

92

89

5

75

0

64

7

52

4

46

4

381

22

0

12

1,7

02

$M

15

.49

0

26

,67

9

71

,53

5

97

,70

3

10

1,0

26

97

,24

5

10

3,0

10

96

,92

6

90

,38

1

73

,01

9

61

,08

3

51

,13

8

42

,89

9

35

,79

0

27

,25

0

23,Q

93

17

,75

0

15

,06

7

11

,99

8

9,9

09

3,7

48

1,0

72

,73

9

Ta

ble

4

c

Pa

ge

2

MIE

Ho

ldin

gs C

orp

ora

tio

n

AD

EK

Blo

ck

, K

aza

kh

sta

n

Co

rpo

rate

In

co

me

Ta

x (

CIT

) a

nd

Exce

ss P

rofi

t T

ax (

EP

T)

Ja

nu

ary

1,

20

16

(As o

f D

ece

mb

er

31

, 2

01

5)

To

tal

Pro

ve

d C

on

so

lid

ati

on

Co

rpo

rate

C

ap

ital

Ta

xab

le

Inco

me

D

ed

uct

ion

s In

com

e

Ta

x

$M

14

,13

9

20

,42

3

18

,10

2

20

,43

8

18

,85

3

19

,95

0

16

.47

2

13

,12

9

11

,02

1

9,3

68

7,9

63

6,7

69

5,7

53

4,8

90

3,6

04

3,0

63

2,5

78

2,1

82

1,7

80

1,4

50

1.1

57

$M

1,3

50

6

,25

6

53

,43

3

77

,26

5

82

,17

3

77

,29

5

86

,53

8

83

,79

8

79

,36

0

63

,65

1

53

,12

0

44

,37

0

37

,14

6

30

,90

0

24

,77

3

20

,02

9

15

,17

2

12

,88

5

10

,21

8

8,5

45

2,59

1

$M

27

0

1,25

1

10

,68

7

15

,45

3

16

,43

5

15

,45

9

17

,30

8

16

,76

0

15

,87

2

12

,73

0

10

,62

4

8,8

74

7,4

29

6,1

80

4,9

55

4,0

06

3,0

34

2,5

77

2,0

44

1,7

09

51

8

5%

264

1,16

3

9,45

9

13,0

27

13,1

95

11,8

21

12,6

04

11,6

24

10,4

84

8,00

8

6,36

5

5,06

3

4,03

7

3,19

8

2,44

2

1,88

0

1,35

7

1,09

7

829

660

191

Dis

cou

nte

d @

10%

15

%

s 258

1,08

5

8,42

1

11,0

70

10,7

03

9,15

2

9,31

5

8,20

0

7,06

0

5,14

8

3,90

5

2,9

66

2,25

7

1,70

7

1,24

4

914

630

466

350

266

73

252

1,01

5

7,53

5

9,47

5

8,76

2

7,16

7

6,97

8

5,87

5

4,83

8

3,37

4

2,44

9

1,77

9

1,29

5

937

653

459

302

223

154

112

30

20%

247

952

6,77

5

8,16

4

7,23

5

5,67

1

5,29

1

4,27

0

3,37

0

2,25

2

1,5

66

1,09

0

761

527

352

237

150

106

70

49

12

Ne

t E

PT

E

PT

In

com

e

Ra

tio

Am

ou

nt

$M

1,0

80

5

,00

5

42

,74

6

61

,81

2

65

,73

8

61

,83

6

69

,23

0

67

,03

8

63

,48

8

50

,92

0

42

,49

6

35

,49

6

29

,71

7

24

,72

0

19

,81

8

16

,02

3

12

,13

7

10

,30

8

8,1

74

6,8

36

2,0

73

o.o8

0

.25

2.3

6

3.0

2

3.4

9

3,1

0

4.2

0

5.1

1

5.7

6

5.4

4

5.3

4

5.2

4

5.1

7

5.0

5

5.5

0

5.2

3

4.71

4.7

2

4.5

9

4.7

1

1.7

9

$M

0 0

16

,57

7

23

,51

6

28

,61

5

24

,14

6

28

,50

6

29

,98

3

29

,39

4

23

.44

8

19

,54

4

16

.24

2

13

,59

8

11

,36

6

9,4

41

7,5

85

5,7

15

4.8

72

3,8

49

3,1

64

49

4

5% s

14,6

73

19,8

24

22,9

74

18,4

63

20,7

59

20,7

95

19,4

15

14,7

50

11,7

09

9,26

7

7,38

9

5,88

2

4,65

4

3,56

1

2,55

5

2,07

5

1,56

1

1,22

2

182

Co

rp-T

ab

le 4

c-T

P .x

lsx

Fo

reca

st p

rice

&C

ost

s

Dis

cou

nte

d @

10%

15

%

s 0 0

13,0

62

16,6

45

18,6

35

14,2

95

15,3

42

14,6

70

13,0

74

9,48

1

7,18

4

5,42

8

4,13

1

3,13

9

2,37

0

1,73

1

1,16

6

919

660

493

70

11,6

88

14,4

18

15,2

56

11,1

94

11,4

92

10,5

11

8,96

0

6,21

5

4,50

5

3,25

5

2,37

0

1,72

3

1,24

4

869

569

422

290

207

28

20%

s

10,5

09

12,4

23

12,5

97

8,85

8

8,71

5

7,63

9

6,24

0

4,14

8

2,88

1

1,99

6

1,39

2

970

671

449

282

200

132

90

12

20

3,0

84

8

70

,86

8

17

4,1

74

1

18

,50

4

84

,95

2

63

,41

2

48

,90

1

69

6,6

95

3

00

,05

2

20

1,7

09

1

42

,71

7

10

5,2

19

8

0,2

05

...._

----------------------------------------

CIJ

iJfl

.iJII

Pet

role

um E

ngin

eerin

g Lt

d.

– I-39 –


40

2016

-03-

23

Wel

l C

ount

Tabl

e 4d

Pa

ge 1

MIE

Hol

dio

gs C

orp

orat

ion

AD

EK

Blo

ck,

Kaz

akh

stan

Com

pan

y C

ost

and

Cas

h F

low

An

alys

is

Pro

ved

Plu

s P

rob

able

Dev

elop

ed P

rod

uci

ng

Con

soli

dat

ion

Aba

ndon

-

Esca

lcul

ated

Net

Rev

enu

e --

---"

O"'

oe"'

x':'

C"'

o"-s

t'-'

Sc=

he"'

d"ul

"'-e

----

-:;:

----

,-~

Und

lsco

umed

oU

Gas

O

il+

Gas

B

efor

e O

pex

Oil

Fix

ed

VanO

ailbl

e G

as C

ost

Tot

al O

pex

Tot

al

Cos

t N

et C

ash

Ope

x.,

Cap

ex

Pro:

ldu

t1b

n

Prod

uedo

n Pr

od'o

o:ia

n &

Cap

ex

Cap

ital

and

AB

N

Flow

(P

rofit

)

Fo

reca

st P

rice

s &

Cos

ts

Dis

coun

ted

(a!

5%

10%

15

%

20%

Und

isco

unte

d N

et C

ash

Flow

A

fter

C

IT &

EPT

~y~~~

'----~M~S~T~B _

_ ~M"'M~s~c~f _

_ M~B~O~E _

_ ~M~

$!..:/

v~r,~-~M~$

!..:/~~--~

M~$~

/rr~·~M

~$~~

~r-~

M~$~

/v~c~

~M~>~Iv~r---~--~M~~~~~

·---~M"-~~~~.-~M~~~~

~··-~~

~<5'

~'~'·--~~~~~

--~~·~¥*~·---

~~~v

~h---

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

2044

2045

2046

2047

2048

2049

2050

2051

Tot

al

20

20

20

20

20

20

20

20

19

19

17

16

13

13

13

13

11

1.55

9 2,

372

1,95

4 28

,175

5,

920

5,28

4 1,

186

12.3

90

50.0

00

0 62

,390

(3

4,21

5)

(33.

390)

(3

2,62

3)

(31

,906

) (3

1 ,2

34)

(34,

215)

1,33

4

1.15

2

1.00

4

883

781

694

620

548

494

432

387

332

300

272

239

200

179

163

149

136

125

108

99

76

69

64

52

48

37

26

24

23

21

19

!2,6

49

2,05

5 1,

677

39,4

48

5,92

0 4,

523

1,02

8 11

.471

0

11,7

00

27,7

48

25,7

90

24,0

51

22,5

00

21,1

08

26.2

30

I ,77

6 I ,

448

40,7

07

5.92

0 3,

904

888

I 0.7

12

0 0

11,1

45

29,5

62

26,1

67

23,2

94

20,8

44

18,7

40

27,2

19

1,54

2 1,

261

40,6

75

5,92

0 3,

404

771

10,0

95

0 0

10.7

13

29,9

62

25,2

59

21,4

63

18,3

71

15,8

29

27,0

95

I ,34

3 I,

I 07

37,5

29

5,92

0 2.

993

672

9,58

4 0

I 0,3

74

27,1

55

21,8

02

17,6

84

14,4

78

II ,9

55

24.3

24

1,17

4 97

7 34

,267

5.

920

2,64

8 58

7 9,

155

0 10

,108

24

,159

18

,473

14

,303

11

,201

8,

863

21,3

09

I ,02

9 86

6 31

,899

5,

920

2,35

4 51

5 8.

789

0 9,

897

22,0

02

16,0

22

II ,8

41

8,87

0 6,

726

18

.866

905

771

29,8

51

5,92

0 2,

101

452

8,47

4 so

9,79

1 20

,060

13

,913

9.

815

7,03

2 5,

111

16.5

25

795

681

27,0

15

5.62

4 1,

859

397

7,88

0 0

9,23

3 17

,782

11

,745

7,

909

5,42

1 3,

775

14.2

89

703

611

24,1

06

5.62

4 I ,

674

351

7,65

0 0

9,14

2 14

,964

9,

414

6.05

1 3,

967

2,64

8 II

,944

568

527

21.5

53

5.03

2 1,

465

284

6,78

1 0

8.26

6 13

,287

7,

960

4,88

4 3,

063

1.95

9 10

.347

499

471

19,7

84

4.73

6 1,

314

250

6,29

9 0

7,83

2 11

.952

6.

820

3,99

4 2,

396

1,46

8 9.

108

328

387

17,2

63

3.84

8 1,

125

164

5,13

7 6,

515

10,7

47

5,84

0 3,

265

1,87

3 1,

100

8,04

9

292

349

15,9

73

3.84

8 I ,

018

146

5,01

2 0

6,48

3 9,

490

4.91

1 2,

621

1,43

8 81

0 6,

929

260

315

14,8

05

3,84

8 92

2 13

0 4.

899

0 6,

465

8,34

0 4,

111

2,09

4 1,

099

593

5,90

5

228

277

13,3

37

3,84

8 81

1 11

4 4,

774

0 6,

425

6,91

2 3,

245

1,57

8 79

2 41

0 4,

846

134

223

11,0

13

3,25

6 67

9 67

4,

002

0 5.

494

5,51

9 2.

467

1.14

5 55

0 27

2 4,

040

I 14

198

10,0

67

2,66

4 60

7 57

3,

328

0 4,

660

5,40

7 2,

302

1.02

0 46

9 22

2 3,

754

105

18 [

9,40

5 2,

664

554

53

3,27

1 0

4,67

1 4,

733

1,91

9 81

2 35

7 16

2 3,

208

97

165

8,78

4 2,

664

506

48

3,21

8 0

0 4.

689

4,09

6 1,

582

638

268

117

2,71

7

89

151

8,20

6 2,

664

462

45

3,17

1 0

0 4,

712

3,49

5 1,

285

495

199

83

2,27

6

82

138

7,53

0 2,

664

423

41

3,12

7 0

4,74

0 2,

790

977

359

138

55

1,81

9

61

I 18

6,60

9 2,

368

366

31

2,76

4 0

4,27

4 2,

335

779

274

10 I

39

1,55

8

56

108

6,12

6 2,

368

334

28

2,73

0 0

0 4,

305

1,82

1 57

9 19

4 68

25

1.

237

46

83

4,74

0 1,

776

256

23

2,05

5 0

0 3,

305

1.43

5 43

4 13

9 47

16

98

2

42

76

4,40

3 1,

776

235

21

2,03

2 3,

333

1,07

0 30

8 94

30

10

70

7

39

70

4,05

3 1,

776

215

19

2.01

1 3,

365

688

189

55

17

410

21

55

3,37

4 1,1

84

176

10

1,37

0 2,

339

1,03

5 27

1 75

22

66

4

19

51

3,13

8 1.

184

161

9 1,

355

2,35

8 77

9 19

4 52

15

52

8

14

39

2,41

6 88

8 12

4 1,

019

1.81

0 60

7 14

4 36

10

42

7

10

28

1,72

0 59

2 89

68

6 1,

243

477

108

26

348

9 26

1,

585

592

83

679

1,25

5 33

0 71

16

25

1

16,8

32

24

1,48

4 59

2 76

67

3 0

1,26

8 21

7 44

10

I

181

22

21

15,4

55

1,39

0 59

2 71

66

7 0

1.28

2 10

8 21

1

0 99

1,30

2 59

2 66

66

1 0

w

1,39

5 (9

2)

(17)

(3

) (1

) (0

) (9

2)

0 0

0 0

0 0

0

533,

734

116,

624

42,8

81

8,41

6 16

7,92

1 50

,000

10

0 15

6,97

7 27

6,75

7 18

1,74

0 12

7,66

8 93

,742

70

,887

22

3,88

6

296.

00

$3,3

9 0

50

M$/

yr/w

ell

$/S

TB

$/

Mcf

No

te:

Pro

duct

i::m

Co

ntr

act

of K

arim

an e

xpir

es o

n S

epte

mb

er 0

9, 2

036

Co

rp-T

able

4d

-RA

xls

x

-------------------------------------------C

IJ

aJ

I•a

ll Pet

role

um E

ngin

eerin

g Lt

d.

– I-40 –


41

2016

-{)3

-23

Ye

ar

20

15

20

16

2

01

7

20

18

20

19

20

20

2021

20

22

20

23

20

24

20

25

20

26

20

27

20

28

2

02

9

20

30

2031

2

03

2

20

33

20

34

20

35

2036

2

03

7

20

38

20

39

20

40

2041

2042

2

04

3

2044

2

04

5

20

46

20

47

2

04

8

20

49

2

05

0

2051

To

tal

Ne

t C

ash

Flo

w

(aft

er

Op

ex&

C

ap

ex)

$M

(32,

877)

2

7,4

95

29

,26

0

29

,64

0

26

,87

6

23

,93

2

21

,81

4

19

,91

0

17

,68

0

14

,92

2

13

,28

5

11,9

88

10

,74

7

9,4

90

8,3

40

6

,91

2

5,5

19

5,4

07

4,7

33

4,0

96

3,4

95

2,7

90

2,3

35

1,82

1

1,4

35

1,0

70

68

8

1,0

35

7

79

60

7

47

7

33

0

21

7

10

8

(92)

0

27

6,2

67

To

tal

Cap

ital

$M

50

,00

0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

50,0

00

No

n-

No

n-

Esc

alcu

late

d N

on•

Ta

xab

le

de

du

ct

de

du

ct

Inco

me

S

ale

s T

ran

sp

dedu

ct C

apita

l B

efo

re

$M

97

59

51

45

3

9

35

31

28

24

22

19

17

15

13

12

11

9 8 7 7 6 6 5 4 3 3 3 2 2 2 0

591

0 07

$M

1,7

90

1

,05

7

912

79

5

69

9

61

9

55

0

491

43

4

391

34

2

30

7

26

3

23

8

21

5

19

0

15

9

142

129

118

108

99

85

78

60

55

50

41

38

29

21

19

1

8

17

1

5

10

,57

4

1 2

9

0 05

0

89

Mli

/yr,

51,8

87

1,13

9

1,0

02

89

2

79

9

721

65

4

59

6

53

7

49

4

441

40

3

35

2

32

5

300

26

9

23

0

21

0

195

182

170

158

140

130

10

2

95

89

74

69

54

4

0

38

36

34

32

0

62,8

87

$M

19

,01

0

28

,63

3

30

,26

2

30

,53

2

27

,67

6

24

,65

3

22

,46

9

20

,50

6

18

,21

8

15

,41

6

13

,72

6

12,3

91

11

,09

9

9,8

15

8,64

1 7,

181

5,7

49

5,6

16

4,9

29

4,2

77

3,6

64

2,9

48

2,4

75

1,95

1

1,5

37

1,1

65

77

7

1,1

09

8

48

661

517

368

25

2

142

(61)

0

33

9,1

54

No

te:

Pro

du

ctio

n C

on

tra

ct o

f K

ari

ma

n e

xpir

es

on S

ep

tem

be

r 09

, 2

03

6

Ta

ble

4

d

Pa

ge

2

MIE

Ho

ldin

gs C

orp

ora

tio

n

AD

EK

Blo

ck,

Ka

zakh

sta

n

Co

rpo

rate

In

com

e T

ax

(CIT

) a

nd

Exc

ess

Pro

fit

Ta

x (E

PT

)

De

cem

be

r 31

, 2

01

5

(As o

f Ja

nu

ary

1,

20

16

)

Pro

ved

Plu

s P

rob

able

Dev

elo

ped

Pro

du

cin

g C

on

soli

dat

ion

Co

rpo

rate

_

__

_ __

_:D"'

is=

cou

n=

'-'te

,d'-

-"'@

'---

--

Cap

ital

Ta

xab

le

Inco

me

D

ed

uct

ion

s In

com

e

Ta

x

$M

19

,01

0

21

,04

3

18

,54

8

16

,19

8

13

,76

9

11

,70

5

9,9

50

8,4

58

7,1

90

6,0

80

5,0

83

4,3

55

3,7

03

3

,02

7

2,4

37

1,95

1 1,

681

1,57

7

1,31

7

1,08

7

883

67

9

61

7

48

6

401

341

29

0

24

6

209

178

151

12

9

109

93

36

0

16

3,0

18

$M

0 7

,59

0

11

,71

4

14

,33

4

13

,90

6

12

,94

9

12

,51

9

12

,04

8

11

,02

8

9,3

37

8,6

43

8,0

36

7,3

96

6

,78

8

6,2

04

5

,26

6

4,0

68

4,0

39

3,6

12

3,1

90

2,78

1

2,2

69

1,8

58

1,4

65

1,1

67

89

8

601

86

3

63

9

48

3

36

6

23

9

143

49

0 0

17

6,4

87

$M

0 1

,51

8

2,3

43

2

,86

7

2,78

1

2,5

90

2,5

04

2,4

10

2,2

06

1,86

7

1,7

29

1,6

07

1,4

79

1

,35

8

1,24

1

1,0

53

8

14

80

8

72

2

63

8

55

6

45

4

37

2

29

3

23

3

18

0

120

173

12

8

97

73

48

29

1

0

0 0

35

,29

7

5%

s

1,41

1

2,07

4

2,41

7

2,23

3

1,98

0

1,82

3

1,67

1

1,45

7

1,17

5

1,03

6

917

80

4

703

612

494

364

344

293

246

205

159

124

93

71

52

33

45

32

23

17

10

6 2

10%

15

%

s

1,31

6

1,84

6

2,05

4

1,81

1

1,53

3

1,34

8

1,17

9

981

755

635

537

449

375

312

240

169

152

124

99

79

58

44

31

23

16

10

13

1,23

1

1,65

2

1,75

8

1,48

3

1,20

1

1,00

9

845

672

495

398

322

258

206

164

121

81

70

54

42

32

22

16

11

22

,92

3

16,2

11

12

,16

8

20%

1,15

5

1,48

5

1,51

4

1,22

4

950

765

614

468

330

255

197

151

116

88

62

40

33

25

18

13

9,5

34

Ne

t E

PT

E

PT

In

com

e R

atio

A

mo

un

t

$M

0 0

.00

6

,07

2

0.2

9 9,

371

0.5

1

11

,46

7

0.7

1

11

,12

5

0.81

10

,35

9

0.8

9

10

,01

5

1,01

9,6

38

1.

14

8,8

22

1

,23

7,4

69

1,

23

6,9

14

1

36

6,4

29

1

48

5,9

17

1.

60

5,4

30

1

79

4,9

63

2

,04

4

,21

2

2 1

6

3,2

54

1,

94

3,2

32

2

05

2,8

89

2

19

2,5

52

2

,35

2,2

25

2,

52

1,8

15

2

.67

1,4

86

2.

41

1,17

2

93

3

71

8

481

691

511

38

7

29

2

192

114

39

0 0

14

1,1

90

2.41

2

.33

2. 1

1 1,

66

2.8

0

2.44

2.

17

1.93

1.49

1.

05

0.42

0

,00

00

0

$M

0 0 0 0 50

26

0

63

2

1,1

25

1,2

87

1,1

53

1,21

1

1,2

37

1,2

18

1,2

03

1

,19

4

1,0

13

8

65

84

4

80

3

741

66

3

51

8

40

6

291

21

9

18

3

15

8

199

123

83

56

31

7 0 0 0

17

,57

4

5%

s 40

199

460

781

850

725

726

706

662

623

589

475

297

360

326

286

244

181

136

92

66

53

43

52

31

20

13

7

9,0

43

No

n-T

axa

ble

de

du

ctio

n o

f S

ale

Co

st (

US

$0

07

/Bb

l in

20

16

and

US

$0

.05

/Bb

l in

20

17

and

afte

r) a

nd o

f tra

nsp

ort

atio

n d

isco

un

t (U

S$1

29

/Bb

l in

20

16

and

US

$0.

89

/BB

L in

20

17

and

aft

er)

are

for

exp

ort

oil

Co

lp-T

able

4d

-RA

xlsx

Fo

reca

st p

rice

&C

ost

s

Dis

cou

nte

d @

10%

15

%

33

154

340

551

573

466

445

413

370

332

300

231

138

159

138

115

94

67

48

31

21

16

13

14

5,0

80

27

121

255

395

392

306

279

24

8

212

182

157

116

66

73

61

49

38

26

18

11

3,05

6

20%

$ 22

95

193

287

273

20

4

179

152

125

103

85

60

33

35

28

21

16

10

7

1,9

39

-------------------------------------------

[IJ

iJfl

.iJ

D Pe

trole

um E

ngin

eerin

g Lt

d.

– I-41 –


42

2016

-03-

23

Wel

l C

ount

Tab

le

4e

Page

I

MIE

Hol

din

gs C

orp

orat

ion

AD

EK

Blo

ck,

Kaz

akh

stan

Com

pan

y C

ost

and

Cas

h F

low

An

alys

is

Tot

al P

rove

d P

lus

Pro

bab

le C

onso

lid

atio

o

Ab

and

on

-E

scal

cula

ted

Ne

t R

ev

en

ue

--

----

--'Q

"'p

e=x

_,.

C;:

oo

s"'t

"'S

c"'h

"'ed

,u::

:le'

---------=

--,---'""

"="=

--O

pex.

Cap

ex

01~

Gas

01

1 +

Ga

s B

efor

e O

pex

Oil

Fix

ed

Oil

Var

iabl

e G

as C

ost

Tot

al O

pex

Tot

al

Cos

l Pr

adUC

Jian

Prod~o~c.tlon

Prod

~~e.

tion

&

Cap

ex

Cap

ital

and

AB

N

__

Yc.ce="

''-----:-

:-----'M=

ST,_,B'-

_ _..:

:.M:::M

"'sc'"'f'-

--'M

"'B

"'O

"'E

"---

"'M"'$/

:"-yc'-"_

-M

$/vr

. M

£/vr

, M

ilvr

. M~

~o.,

_ M

l/yr

. M

SI:v

r.

M$N

r.

2016

23

1,

876

2.59

2 2,

308

33,6

94

6.80

8 6,

361

1,29

6 14

.465

61

.400

0

75,8

65

2017

24

1.

810

2.33

6 2,

200

53,1

45

7,10

4 6,

137

1,16

8 14

,409

12

.100

27

,039

2018

37

3,

373

2,72

8 3,

828

114,

084

I 0,9

52

II ,4

34

1.36

4 23

.750

22

,550

48

, I 70

20

19

49

4.46

4 5,

111

5,31

6 17

6,14

4 14

,504

15

,134

2,

556

32,1

94

13.6

00

48,5

97

2020

52

4,

326

6,41

9 5,

396

180,

691

15,3

92

14,6

67

3,21

0 33

.268

45

,900

85

,694

20

21

61

4,81

2 8.

037

6,15

1 20

8,79

2 18

,056

16

,313

4,

018

38,3

87

25,5

00

70,5

36

2022

65

5,

014

7,20

8 6,

215

226,

801

19.2

40

16,9

97

3,60

4 39

,841

20

,900

68

,404

20

23

69

5.65

4 6,

715

6,77

3 26

7,06

8 20

,424

19

,167

3,

358

42,9

48

21,2

00

I 00

73,8

0 I

2024

70

6,

051

6.38

3 7,

115

291,

965

20,7

20

20,5

12

3,19

1 44

,423

14

.800

50

69

,448

20

25

71

5,68

5 5,

894

6,66

7 27

1,96

3 21

,016

19

,273

2,

947

43.2

36

J.l 0

0 I 0

0 55

,495

20

26

69

5.39

2 5,

037

6,23

2 26

3,54

3 20

.424

18

,279

2.

519

41,2

21

900

50

51,4

07

2027

68

4,

714

4,21

4 5,

417

239,

274

20.1

28

15,9

82

2,10

7 38

.217

3,

200

200

51,7

45

2028

64

4.

376

3.55

6 4,

968

227,

022

18,9

44

14,8

34

1,77

8 35

,556

1,

600

0 47

,123

20

29

64

4,09

5 3.

441

4,66

9 21

7,48

4 18

,944

I 3

,883

1,

720

34.5

47

400

50

45,2

72

2o3o

63

3,

563

2,90

9 4,

048

193,

715

18,6

48

12,0

78

1,45

4 32

.181

1.

:wo

2so

44

,375

2031

58

3,

286

2.46

4 3,

697

182,

345

17,1

68

11,1

39

1,23

2 29

,539

1.

100

200

41.6

40

2032

54

2,

932

2,07

4 3,

277

161,

059

15.9

84

9,93

8 1,

037

26.9

59

2,40

0 50

40

,372

20

33

53

2,88

1 1,

995

3,21

4 16

1,94

9 15

.688

9,

767

997

26.4

52

400

250

37,9

50

2034

48

2,

507

I, 7

06

2,79

1 14

4, !5

9

14,2

08

8,49

8 85

3 23

,559

80

0 I 0

0 34

,933

2035

46

2.

300

1.61

5 2,

569

135,

379

13,6

16

7,79

7 80

8 22

.121

0

150

32,5

90

2036

43

1,

963

1,34

2 2,

186

118,

140

12,7

18

6,65

3 67

1 20

.052

40

0 50

30

.465

2037

42

1,

939

1,24

9 2,

147

116,

635

12.4

32

6,57

2 62

4 19

.628

80

0 15

0 31

.189

20

38

39

1,99

6 1,

186

2,19

3 11

9,99

5 11

.544

6,

766

593

18,9

03

0 25

0 29

,610

20

39

34

1.67

7 99

8 1.

844

100,

850

10.0

64

5,68

6 49

9 16

,249

80

0 20

0 27

,201

20

40

30

1,65

6 94

0 1,

812

99,5

06

8,88

0 5,

612

470

14.9

63

0 15

0 24

,308

2041

27

1,

391

780

1,52

1 83

,576

7,

992

4,71

4 39

0 13

,096

20

0 21

,814

20

42

23

1,14

4 62

8 1,

249

68,7

49

6,80

8 3,

879

314

11,0

01

300

18,9

11

2043

17

94

5 50

0 1,

029

56,7

80

5,03

2 3,

204

250

8,48

6 0

14,4

85

2044

17

80

8 43

1 88

0 48

,555

5,

032

2,74

0 21

6 7.

987

150

14,1

68

2045

14

67

0 36

2 73

0 40

,261

4,

144

2,27

2 18

1 6,

597

50

11,8

03

2046

13

56

3 30

9 61

4 33

,807

3,

848

1.90

7 15

4 5,

910

10,7

05

2047

13

48

2 26

7 52

7 28

.979

3.

848

1,63

5 13

4 5,

617

I 0,3

77

2048

13

41

5 23

3 45

3 24

.914

3,

848

1,40

5 11

7 5,

370

50

10,2

14

2049

12

34

1 19

8 37

4 20

,512

3,

552

I, 15

7 99

4,

808

50

9,33

8 20

50

II

277

166

305

16.6

72

3.25

6 94

0 83

4,

279

300

8,97

8 20

51

5 17

3 97

18

9 10

,376

1,

480

585

49

2,11

4 15

0 4,

527

2052

12

3 56

13

2 7,

363

592

416

28

1.03

6 0

2,\

IJ

2053

I 0

6 49

11

4 6,

365

592

360

24

976

2.03

1 20

54

92

43

99

5.50

5 59

2 31

1 21

92

4 1,

962

2055

79

37

86

4,

765

592

269

19

880

50

2,01

3

2056

57

21

60

3,

391

296

192

II

498

0 1,

101

2057

48

18

52

2,

905

296

164

9 46

9 1,

057

2058

42

16

44

2,

489

296

141

445

1.02

1

2059

36

13

38

2,

133

296

121

413

0 99

2

2060

17

6

18

1,03

1 29

6 58

35

8 50

97

4 20

61

0 0

0

Tot

al

96,1

50

92,3

81

111,

547

4, 7

74,5

36

436,

304

325,

948

46,1

91

808,

443

255,

150

3,70

0 1,

341,

815

296

.00

$3 3

9 0

50

M$/

yr/w

ell

$/ST

B

$/M

er

No

te:

Pro

duct

ion

Con

trac

t of

Kar

iman

exp

ires

on

Sep

tem

ber

09,

203

6

Und

isco

unte

d N

et C

ash

Flow

(P

rofi

t)

Mi!v

r.

(42,

171)

26

,106

65,9

14

127,

547

94,9

97

138,

256

158.

397

193,

267

222,

517

216,

469

212,

136

187.

529

179,

899

172.

212

149.

340

140,

705

120,

687

124,

000

109,

226

102,

789

87,6

76

85.4

46

90.3

85

73,6

49

75,1

98

61.7

62

49,8

38

42.2

95

34.3

87

28,4

57

23.1

02

18,6

02

14.7

00

11,1

74

7,69

4 5,

848

5,25

0 4.

334

3,54

4 2,

753

2,29

1 1,

848

1.46

8 1.

141

57

0

J,4J

2,72

1

5%

{41,

154)

24,2

63

58,3

45

107,

524

76,2

71

105,

717

115,

350

134,

041

146,

979

136,

175

127,

094

107,

002

97,7

60

89,1

27

73,6

09

66,0

51

53.9

56

52,7

97

44,2

92

39,6

97

32,2

48

29,9

31

30,1

53

::!3,

400

22,7

55

17,7

99

13,6

79

11,0

56

8,56

1

6,74

7

5,21

7

4,00

0

3,01

1

2,18

0

1,42

9

1,03

5

885

6%

542

401

318

244

185

137 6

Dls

couo

ted

(a)

10%

(40,

208)

22

.628

51,9

39

91,3

68

61.8

65

81,8

51

85,2

50

94,5

61

98,9

75

87.5

31

77,9

81

62.6

69

54,6

54

47,5

62

37,4

96

32,1

16

25,0

43

23,3

91

18,7

31

16,0

25

12,4

26

11,0

09

10,5

87

7,84

2

7,27

9

5,43

5

3,98

7

3.07

6

2,27

4

1,71

0

1,26

2

924

66

4

459

287

198

162

122

90

64

48

35

26

18

I

15%

(39,

324)

21,1

68

46,4

76

78,2

04

50,6

49

64,0

98

63,8

57

67,7

52

67,8

32

57,3

81

48,8

97

37,5

87

31,3

55

26,1

00

19,6

82

16,1

25

12,0

27

10,7

45

8,23

0

6,73

5

4,99

5

4,23

3

3,89

4

2.75

9

2,45

0

1,75

0

1,22

8

906

640

461

325

228

157

103

62

41

32

23

16

11

8

1,83

1,50

5 1,

101,

414

719,

911

Co

rp-T

ab

le 4

e-P

R x

lsx

Fo

reca

st p

rice

&C

ost

s

20'%

(38,

4%)

19.8

59

41,7

85

67,.3

81

41,8

21

50,7

21

48,4

25

49.2

38

47,2

41

38,2

98

31.2

76

.23,

040

18,4

19

14,6

93

10,6

18

8.33

7

5,95

9

5.10

2

3.74

5

2,93

7

2.08

8

1.69

5

1.49

5

1.01

5

864

591

397

281

190

131 89

60

39

25

14

9

499,

402

Und

isco

unte

d N

et C

ash

Flow

A

fter

CIT

& E

PT

MS

.!rr.

(4

2.17

1)

23,5

52

35,8

09

69,3

55

43,4

45

68,6

44

76,7

16

85,9

21

95.4

70

94,6

45

90,0

41

78,0

84

73,4

01

68,5

02

58,6

40

54,0

71

45.8

48

46.2

48

40,4

17

37,6

71

31,9

76

30,3

09

31.5

60

25,4

41

25,8

97

21,3

12

17,2

79

14,6

73

11.9

51

9,91

5 8,

076

6,51

2 4,

856

3,64

4 2,

276

1,69

5 1,

861

1.53

6 1,

257

909

786

635

505

394

47

0

1,39

9,61

2

-----------------------------------------

CIJ

iJfl

.iJII

Pet

role

um E

ngin

eerin

g Lt

d.

– I-42 –


43

2016

-0:>

-23

Ye

ar

20

15

2

01

6

20

17

2

01

8

20

19

20

20

2021

2

02

2

20

23

2

02

4

20

25

20

26

20

27

2

02

6

20

29

2

03

0

2031

20

32

2033

2

03

4

2035

2

03

6

20

37

20

36

2039

20

40

2041

2

04

2

2043

2

04

4

20

45

2

04

6

2047

2

04

6

20

49

2

05

0

2051

2

05

2

20

53

2

05

4

2055

2

05

6

20

57

2

05

6

20

59

2

06

0

2061

To

tal

Ta

ble

4

e

Pa

ge

2

Co

rp-T

able

4e

-PR

xls

x

Fo

reca

st p

rice

&C

ost

s

MIE

Ho

ldin

gs

Co

rpo

rati

on

AD

EK

Blo

ck,

Ka

zak

hs

tan

Co

rpo

rate

In

co

me

Ta

x (

CIT

} an

d E

xc

es

s P

rofi

t T

ax

(E

PT

)

Ja

nu

ary

1,

20

16

(As

of

De

ce

mb

er

31,

20

15

)

To

tal

Pro

ve

d P

lus

Pro

ba

ble

Co

ns

oli

da

tio

n D

isco

unte

d @

N

et C

ash

Flo

w

Tota

l N

on

-N

on

-Es

calc

ulat

cd N

on

-T

axab

le

Co

rpo

rate

D

isco

un

ted

@

(aft

er O

pex

&

dedu

ct

dedu

ct

Inco

me

Cap

ital

Tax

able

In

com

e E

PT

E

PT

C

apex

) C

apita

l S

ales

T

ran

sp

dedu

ct C

apita

l B

efo

re

Ded

uct

ion

s In

com

e T

ax

5%

10

%

15%

20

%

Net

In

com

e R

atio

A

mo

un

t 5%

1

0%

15

%

20%

$M

__

_ $~M~----~$M~--~

$~M~

----~M~$/~,T~----~$M~----~$M~----~$M~----~$2M~----~----~$------~----~$------~$M~----------~$2M~--~

$~----~-----$~----~$----

(42,

171)

26

,106

6

5,9

14

12

7,54

7 94

,997

13

6,25

6 15

6,39

7 19

3,26

7 22

2,51

7 21

6,46

9 21

2,13

6 18

7,52

9 17

9,69

9 17

2,21

2 14

9,34

0 14

0,70

5 12

0,66

7 12

4,00

0 10

9,22

6 10

2,76

9 87

,676

85

,446

90

,385

73

,649

75

,198

61

,762

49

,838

42

,295

3

4,3

87

28

,457

23

,102

18

,602

14

,700

11

,174

7,

694

5,84

6 5,

250

4,33

4 3,

544

2,75

3 2,

291

1,84

8 1,

468

1,14

1 57

3,43

2,72

1

61

,40

0

12,1

00

22,5

50

13,6

00

45,9

00

25,5

00

20,9

00

21,2

00

14,8

00

3,10

0 90

0 3,

200

1,60

0 40

0 1,

200

1,20

0 2,

400

400

80

0

0

400

80

0

0 80

0

255,

150

117

81

150

199

19

3

214

22

3

25

2

269

253

240

21

0

19

5

162

159

146

130

128

112

10

2

87

86

89

75

74

62

51

4

2

36

30

25

21

18

15

12

4

3,64

1 0,

07

2,1

54

1,

434

2,6

72

3,

536

3,42

7 3,

812

3,97

1 4

,47

8

4,7

93

4

,50

3

4,27

1 3

,73

4

3,4

66

3,

244

2,8

22

2

,60

3

2,3

22

2

,28

2

1,98

6 1,

822

1,55

5 1,

536

1,58

1 1,

329

1,31

1 1,

102

90

6

74

9

64

0

531

446

382

32

8

27

0

220

137

97

8

4

73

6

3

45

3

8

33

28

14

64

,88

7

1.29

0

05

0 89

63,6

71

13,8

87

26,3

97

18,3

96

53,6

02

32,5

99

28,2

61

29,7

85

23,2

72

9,38

9 6,

596

8,88

3 6,

672

4,9

49

5,

516

5,31

5 6,

661

3,93

5 4

,13

8

2,8

03

3,

034

3,67

1 2,

581

3,47

4 2,

228

1,90

9 1,

602

1,35

0 1,

177

99

6

85

3

74

5

65

4

54

9

455

289

209

185

16

3

14

4

105

91

80

70

34

0

381,

372

21,5

00

39,9

93

92,3

11

145,

943

148,

599

170,

655

186,

658

223,

053

24

5,7

89

2

25

,85

7

218,

732

196,

411

186,

571

177,

161

154,

857

146,

020

127,

348

127,

935

113,

363

105,

592

90,7

10

89,1

16

92,9

66

77,1

24

77,4

26

63,6

71

51,4

40

43,6

45

35

,56

4

29,4

53

23,9

55

19,3

47

15,3

53

11,7

23

8,14

9 6,

137

5,45

9 4,

519

3,70

7 2,

896

2,39

5 1,

939

1,54

8 1,

211

91

0

3,81

4,09

3

21,5

00

27,2

26

26,5

60

26,3

95

35,1

76

30,8

93

29,0

97

28,5

08

25,7

81

20,4

24

17,1

34

15,5

93

13,2

66

11,1

27

9,85

5 8,

562

7,80

9 5,

950

5,36

6 4,

337

3,84

8 3,

513

2,8

24

2,

724

2,15

4 1,

831

1,55

6 1,

323

1,12

4 95

6 8

12

6

90

5

47

33

8 2

87

2

44

20

8 17

7 15

0 94

80

6

8

58

49

4

2

0

12,7

67

65,7

51

119,

548

113,

423

139,

962

157,

561

194,

545

220,

008

205,

433

201,

598

180,

819

173,

305

166,

034

145,

002

137,

458

119,

539

121,

985

107,

998

101,

341

86,8

62

65,6

03

90,1

42

74,4

00

75,2

72

61,8

41

49,8

84

42,3

22

34,4

40

28,4

97

23,1

43

18,6

57

15,0

00

11,5

08

8,33

8 6,

423

5,25

2 4,

342

3,55

7 2,

832

2,31

5 1,

871

1,49

0 1,

162

49

2,55

3 13

,150

23

,910

22

,685

27

,992

31

,512

3

8,9

09

44

,002

41

,087

40

,320

36

,164

34

,661

3

3,2

07

29

,000

27

,492

23

,908

24

,397

21

,600

20

,268

17

,372

17

,121

18

,028

14

,880

15

,054

12

,368

9,

977

8,46

4 6,

888

5,69

9 4,

629

3,73

1 3,

000

2,30

2 1,

668

1,28

5 1,

050

868

711

566

463

374

298

232

10

0

2,37

3

11

,64

0

20,1

56

18,2

13

21.4

04

22

,94

8

26,9

86

29

,06

4

25,8

47

24,1

56

20

,63

5

18

,83

5

17,1

86

14,2

94

12,9

05

10,6

88

10,3

88

8,75

9

7,82

8

6,39

0

5,99

7

6,01

4

4,72

8

4,55

5

3,56

4 2,

738

2,21

3 1,

715

1,35

1

1,04

5

802

614

449

310

227

177

139

109

82

64

49

37

28

2,21

3

10,3

62

17,1

28

14,7

73

16,5

72

16,9

60

19,0

37

19,5

72

16,6

14

14,8

22

12,0

85

10,5

30

9,17

1

7,28

1

6,27

5

4,96

1 4,

602

3,70

4

3,16

0

2,46

2 2,

206

2,11

2

1,58

4 1,

457

1,08

8

798

616

455

343

253

185

135

94

62

44

32

24

18

13

10

7

0

2,07

0 9,

272

14,6

60

12,0

95

12,9

78

12,7

04

13,6

40

13,4

13

10,8

91

9,29

4 7,

248

6,04

1

5,03

3

3,82

2

3,15

1

2,38

2

2,11

4

1,62

8

1,32

8

990

848

777

557

490

350

246

181

128

92

65

46

32

21

13

9

1,94

2

8,33

6 12

,631

9,98

7

10,2

69

9,63

4

9,91

3

9,34

2

7,26

9

5,94

4

4,44

3

3,54

9

2,83

3

2,06

2

1,62

9

1,18

0

1,00

4

741

579

414

340

298

205

173

118

80

56

38

26

18

12

10,2

14

52,6

00

95,6

38

90,7

38

111,

969

126,

049

155,

636

176,

006

164,

347

161,

278

144,

655

138,

644

132,

827

116,

001

109,

967

95,6

31

97,5

88

86,3

98

81,0

73

69

,49

0

68,4

83

72

,11

4

59,5

20

60,2

18

49,4

72

39,9

07

33,8

58

27,5

52

22,7

98

18,5

14

14,9

26

12,0

00

9,20

7 6,

670

5,13

8 4,

201

3,47

4 2,

845

2,26

6 1,

852

1,49

7 1,

192

929

39

396,

252

3,41

9,28

0 68

3,85

6 36

7,70

6 2

23

,83

2

14

8,6

32

10

5,08

7 2,

735,

424

0.00

0

38

1,98

3.6

2

2 58

3

.62

4

.33

5.

46

6.8

3 8

.05

9.41

9

,28

10

.45

11 9

4

11.7

7

12.8

4 12

25

16

_40

16.1

0 18

.70

18 0

6 19

50

25.5

3 21

,85

27

.96

27

03

25

65

25

.60

2

4,51

23

.86

22.7

9

21 6

2 21

93

27

23

23

.21

21 0

3 20

23

19

.68

18.9

6 2

4.0

9 2

31

6

22 0

3 20

63

18

93

0.94

0

00

16,9

55

34,2

82

28,8

67

41,6

20

50,1

69

68

,43

7

83

,04

6

80

,73

7

81,7

75

73,2

81

71

,83

7

70

,50

3

61

,70

0

59,1

42

50,9

31

53,3

55

47,2

09

44,8

49

38

,32

7

38,0

16

40,7

97

33,3

29

34,2

46

28,0

82

22,5

83

19,1

57

15,5

48

12,8

43

10,3

98

8,35

9 6,

844

5,22

8 3,

751

2,86

9 2,

339

1,93

0 1,

576

1,27

7 1,

041

839

66

5

51

5

15,0

08

28,9

00

23,1

77

31,8

24

36,5

35

47,4

65

54,8

54

50,7

90

48,9

93

41,8

13

39,0

37

36,4

88

30,4

12

27,7

63

22,7

70

22,7

17

19,1

43

17,3

21

14,0

97

13,3

17

13,6

10

10,5

89

10,3

63

8,09

3 6,

198

5,00

8

3,87

1

3,04

5

2,34

8

1,79

8

1,40

2

1,02

0

697

508

394

310

241

186

144

111

84

62

13,3

60

24,5

58

18,7

99

24,6

40

27,0

01

33,4

85

36,9

38

32,6

47

30,0

61

24,4

89

21,8

24

19,4

72

15,4

91

13,4

99

10,5

68

10,0

65

8,09

6

6,99

2

5,43

2

4,89

8

4,77

9

3,54

9

3,31

5

2,47

1

1,80

7

1,39

3

1,02

8

772

568

415

309

215

140

97

72

54

40

30

22

16

12

11,9

55

21,0

19

15,3

91

19,2

96

20,2

26

23,9

92

25,3

15

21,4

01

18,8

49

14,6

88

12,5

21

10,6

85

8,13

1

6,77

8

5,07

5

4,62

3

3,55

7

2,93

9

2,18

4

1,88

3

1,75

8

1,24

9

1,11

6 79

5 55

6 41

0 29

0 20

8 14

6 10

2 73

48

30

20

14

10

7

10,7

49

18,1

10

12,7

08

15,2

69

15,3

38

17,4

36

17,6

31

14,2

84

12,0

56

9,00

3

7,35

5

6,01

5

4,38

7

3,50

4

2,51

5 2,

195

1,61

9

1,28

2

913

754

675

459

393

269

180

127

86

59

40

27

18

12

1,34

9,25

3 69

2,50

3 40

3,42

8 25

7,35

7 17

5,48

8

No

te:

Pro

duct

ion

Co

ntr

act

of

Kar

im a

n ex

pire

s on

Sep

tem

ber

09,

203

6 N

on

-Tax

able

ded

uctio

n o

f S

ale

Co

st (

US

$0 0

7/B

bl

in 2

016

and

US

$0 0

5/B

bl

in 2

017

and

afte

r) a

nd o

f tr

ansp

ort

atio

n d

isco

unt

(US

$1 2

9/B

bl

In 2

01

6 a

nd U

S$

0,8

9/B

BL

in 2

017

and

afte

r) a

re f

or e

xpor

t oi

l,

..._ _

__

__

__

__

__

__

__

__

__

__

__

__

__

__

___

__

__

__

__

(lli

lfll

llil

ll Pe

trol

eum

Eng

inee

ring

Ltd.

– I-43 –


44

2016

-03-

23

Tab

le

4f

Pag

e 1

MIE

Hol

ding

s C

orp

ora

tio

n

AD

EK

Blo

ck.

Kaz

akh

stan

Co

mp

any

Co

st a

nd

Cas

h F

low

Ana

lysi

s

To

tal

P.-o

ved

Plu

s P

rob

able

Plu

s P

ossi

ble

Co

nso

lida

tion

Aoan

oon~

E

sca

lcul

ated

Wel

l C

oWlt

Net

Rev

enue

__

__

_,O

,.!><

l!::::

'C"'"

'"''"'

Sc""

hcd=

""'""

------

-:::-:

--

'-'m"' .. "'-'

-01

1 G

as

Oil

+ G

as

Bef

ore

Ope

x O

PI

TotA

l O

pex,

Cap

ex

Prod

ucti

on

Prod

uctio

n P.

rodu

ctio

n &

Cap

ex

Oil

Fi'C

I:'d

VM

'Iobl

:c (j

:.s C

01i'

Tou

t ()p

c:x

Col

'ilal

C

o:n

and

AB

N

-:'Y

.:=<>,

r_-:-::--"'M"'S

"-T::.B

__

-"M-"M

"'s"

'c'-f---'M=

B-"O

"E _

_ -"M

_,S,..IY

<c...

__

M

$/vr

M

$/vr

. M

$/vr

. M

S/vr

. M

$/vr

. M

$/vr

M

$/vr

. 20

16

23

1.87

6 2,

592

2.30

8 33

,694

6.

808

6,36

1 1 ,

296

14,4

65

61,4

00

75,8

65

2017

24

1,

810

2.33

6 2.

200

53,1

45

7.10

4 6,

137

1,16

8 14

,409

12

.100

27

.039

2018

37

3,

373

2.72

8 3.

828

114,

084

10,9

52

11.4

34

I ,36

4 23

,750

22

.550

48

.1 70

2019

4

7 4.

476

5,16

8 5,

337

176.

638

13.9

12

15,1

73

2,58

4 31

,669

]d

,5()

()

48.9

95

2020

50

4.

352

6.65

6 5.

461

181

,953

14

,800

14

.754

3.

328

32.8

82

46.3

00

85.7

09

2021

59

4,

855

8.33

4 6.

244

210,

870

17,4

64

16,4

58

4,16

7 38

,089

38

.400

84

.450

1:02

2 66

5,

646

8.50

7 7,

064

256,

180

19,5

36

19.1

41

4.1:

53

42,9

31

32,9

00

85,3

98

2023

73

6.

746

8,30

2 8,

130

315,

742

21,6

08

22.8

68

4.15

1 48

.628

21

.200

I 0

0 80

,325

2024

74

7,

047

7.76

5 8.

341

337.

038

21,9

04

23.8

88

3.88

3 49

,675

18

.800

50

80

.288

2025

77

6,

685

7,13

0 7.

873

316.

664

11,7

91

22,6

61

3.56

5 49

,018

7.

500

100

67,6

64

2026

76

6,

412

6.20

4 7.

446

310.

376

22.4

96

2!,7

36

3,10

2 47

,334

1,

400

so

59,4

67

2017

75

5.

705

5,

\99

6,57

1 28

5,78

8 22

,200

19

.339

2,

600

44

,\3

8

4,90

0 20

0 61

.222

2028

71

5,

526

4.49

8 6,

276

279,

584

21 .0

16

18,7

33

2,24

9 41

,998

2,

900

56.9

42

2029

71

5,

477

4,34

7 6,

202

290,

680

21,0

16

18.5

68

2.17

4 41

,757

2,

300

2030

71

5,

119

4,25

2 5.

828

278.

415

21

,016

17

,354

2,

126

40,4

96

3,60

0 20

31

68

5,05

1 4,

271

5,76

3 28

0,77

9 20

.128

17

,125

2.

136

39,3

88

2,20

0

2032

64

4,

668

3.65

2 5.

277

256,

814

18.9

44

15,8

24

1.82

6 36

.594

3.

400

2033

60

4.

504

3.25

4 5,

046

253.

341

17.7

60

15.2

67

1.62

7 34

.654

1,

200

2034

56

4.

130

3.04

4 4.

638

237.

783

16,5

76

14.0

01

1.52

2 32

,099

2,

400

2035

54

3,

880

2.98

5 4.

377

228.

624

15,9

84

13.1

52

1.49

2 30

.629

2036

5

1 3,

341

2,52

7 3,

762

201.

365

15,0

%

11.3

25

1.26

4 27

.685

2037

50

3,

149

2,27

7 3.

529

189,

729

14,8

00

10.6

76

1.13

9 26

,615

2038

47

3,

055

2,07

8 3.

402

183,

947

13.9

12

10.3

57

1.03

9 25

.308

2039

42

2.

606

1.77

2 2.

90

I I 5

6,89

7 12

.432

8,

834

886

22,1

52

2040

38

2,

494

1.67

0 2.

772

150,

130

11.2

48

8.45

4 83

5 20

,537

2041

37

2,

171

1.48

4 2,

418

130,

705

10,9

52

7,35

9 74

2 19

,053

2042

35

1,

873

I ,3

I 7

2,09

2 11

2,78

9 I 0

,360

6.

349

658

17,3

67

2043

29

1.

552

1,08

9 1,

733

93,4

62

8,58

4 5,

261

545

14,3

90

2044

29

1,

340

942

1.49

7 80

,727

8.

584

4.54

4 47

1 13

,599

2045

26

1,

132

804

1.26

6 68

,159

7,

696

3,83

6 40

2 11

,934

2046

24

96

2 69

2 1.

078

57,9

76

7.10

4 3.

263

346

10,7

13

2047

23

82

1 59

7 92

1 49

.483

6.

808

2,78

4 29

8 9,

891

2048

23

70

2 49

9 78

5 42

,292

6.

808

2.38

0 24

9 9.

438

2049

21

57

0 38

2 63

4 34

,307

6,

216

1,93

2 19

1 8.

339

2050

18

46

7 30

4 51

8 28

.103

5.

328

1,58

3 15

2 7,

063

2051

13

34

9 23

0 38

7 20

,983

3,

848

1.18

2 11

5 5.

145

2052

12

28

8 19

8 32

1 17

,364

3.

552

978

99

4,62

8

2053

9

212

130

234

12,7

77

2.66

4 72

0 65

3,

449

2054

14

1 81

15

5 8.

496

1,48

0 47

9 40

1.

999

2055

11

0 56

11

9 6,

603

l.\8

4

373

28

1,58

5

2056

76

24

80

4,

548

592

157

12

861

2057

66

21

69

3,

945

592

223

10

826

2058

57

18

60

3,

424

592

194

9 79

5

2059

50

15

52

2,

973

592

168

768

2060

30

8

31

470

592

101

697

2061

0

0 0

0

515

,632

296,

00

MS

/yr/

we1

1

No

te:

Pro

du

ctio

n C

on

tra

ct o

f K

ari

ma

n e

xpir

es

on S

ep

tem

be

r 09

, 2

03

6

Tot

al

124,

952

120,

439

145,

025

6,35

9,84

3 41

3,58

7

$3..3

9 $/

ST

B

60,2

20

0 50

$/M

cf

999.

438

400

800 0

1.20

0 40

0

400 0

303,

150

56.9

93

\50

58.3

82

200

56,2

41

200

55.1

78

250

50.5

54

100

49.4

16

ISO

44

.839

50

41.8

07

150

41,7

79

250

39.5

13

200

37.1

39

50

33,7

57

\00

32,0

79

300

29.5

64

24.5

61

150

23,9

38

100

21.3

71

50

19.4

95

18.2

74

100

17.9

74

150

16.3

18

250

14.3

)8

50

10.3

89

150

9.74

7

200

7.59

2

50

4.34

9

100

3.64

7

1.90

2

1.85

9

1.81

6

1.79

9

100

1.90

5

4,10

0 1,

690,

059

Und

isco

unte

d

Net

Cas

h

Flo

w (

Pro

fil)

MS/

yr.

(42.

171)

26,1

06

65,9

14

127.

643

96.2

44

126.

420

170,

782

235,

417

256.

750

249.

000

250.

909

224,

566

222,

642

233.

687

220.

033

224,

537

201,

636

202,

786

188,

36

7

183.

786

159,

558

147,

950

!44.

434

119,

758

116.

)73

98,6

26

83,2

2.5

68,9

01

56,7

90

46,7

88

38,4

81

31,2

09

24,3

18

17,9

90

13,7

65

10

59

4

7.61

7

5,18

4

4,14

6

2,95

6

2.64

6

2,08

5

1.59

8

1.17

4

(1,4

35)

0

4,66

9,78

4

S%

MS

/vr

(41.

154)

24.2

63

58,3

45

107,

605

77.2

72

96.6

66

124,

369

163,

275

169,

591

156,

639

150.

324

128.

135

120.

988

120.

943

108,

453

105,

403

90.1

45

86.3

43

76.3

84

70,9

77

58.6

86

51,8

26

48,1

85

38,0

50

35,2

14

28,4

23

22,8

42

18,0

10

\4,1

38

11,0

93

8.68

9

6.71

1

4,98

1

3,50

9

2,55

7

1,87

4

1,28

3

832

634

430

367

275

201

141

(164

)

0

2.35

3,75

3

Fo

reca

st P

rice

s &

Co

sts

Dis

coun

red

(@,

10%

MSi

xr.

(40,

208)

22.6

28

51.

939

91.4

37

62.6

77

74,8

44

91.9

16

115,

184

114.

202

100,

686

92.2

34

75.0

46

67.6

39

64.5

41

55,2

45

5125

1

41.8

40

38.2

53

32..3

03

28.6

52

12,6

13

19.0

62

16.9

17

12.7

52

11.2

65

8.67

9

6,65

8

5,01

1

3.75

5

2.81

2

2.10

3

1.55

0

1,09

8

739

514

359

235

145

106

69

56

40

2S

15%

MSi

vr.

(39

,32

4)

21.1

68

46,4

76

78

,26

)

51.31~

58.6

11

68,8

50

82

,52

9

78.2

67

66,0

04

57.8

35

45.0

11

38,8

05

35,4

17

28,9

98

:!5.

732

::w.09

3 17

.571

14.1

94

12.0~2

9.09

1

7.33

0

6.22

3

4.48

6

3,79

1

1,79

4

2,05

0

1.47

6

1,05

8

758

542

382

259

167

Ill

7'

46

27

19

19

3 (2

1)

(3)

0

!,34

8,87

2 84

8,57

2

20%

MS!

vr.

(38,

496)

19,8

59

41,7

85

67.4

31

42,3

70

46.3

79

52.2

11

59,9

76

54,5

09

44,0

53

36,9

92

27.5

91

22,7

95

19,9

38

15.6

44

13.3

04

9,95

6

8,34

4

6.45

9

5,25

1

3,7

99

2,93

6

2.38

8

1,65

0

1,33

6

94

4

664

458

314

216

148

100

65

40

26

16

10

I 0 (0)

571,

478

Und

isco

unte

d N

et C

ash

Flow

Aft

er C

IT &

EPT

M

$/vr

.

(42,

171)

23.5

52

35,8

09

69,1

90

44,1

96

62,3

26

79,8

87

103,

025

108,

441

107,

146

105,

780

92,5

59

89,5

89

90.1

54

82,7

79

82,4

47

72,6

68

72.5

56

66,3

01

64.6

95

55,8

65

51,0

10

49,4

06

40,4

45

39.2

79

33.2

59

28.2

69

23,4

48

19,3

16

15.9

29

13.1

07

10.6

41

8.31

9

6,23

0

4.81

6

3,78

5

2,64

4

1.26

7

1.26

7

806

917

724

557

411

(1.4

35)

0

1,82

1,21

0

Co

rp-T

ab

le 4

f-P

PP

xts

x

..._ _

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

__

_ [I

JiJf

iiJiiJ

D Pe

trole

um E

ngin

eerin

g Lt

d.

– I-44 –


45

201&

-03-

23

Ne

t C

ash

Flo

w

Tot

al

No

n-

No

n-

Esc

alcu

late

d T

axa

ble

(a

fter

Ope

x &

de

duct

de

duct

N

on-d

educ

l In

com

e C

ap

ex)

C

apita

l S

ale

s T

ran

sp.

r.11n

ital

Be

fore

--,;:

..:;;:

: 1a 5':-r _

__

_ _:S

:::M:_ _

_ ::;

M:::

;$ic:;

'"'---'

$"'M"

----

--"$

"'M

'---

M=$/-

"'w'--

-_

_ _,$

M"'-

-

20

16

20

17

2

01

8

20

19

20

20

2021

2

02

2

20

23

2

02

4

20

25

2

02

6

20

27

2

02

8

20

29

20

30

20

31

20

32

20

33

2

03

4

20

35

2

03

6

20

37

2

03

8

20

39

20

40

2041

2

04

2

20

43

20

44

2

04

5

20

46

2

04

7

20

48

2

04

9

20

50

2051

2

05

2

20

53

2

05

4

20

55

2

05

6

20

57

2

05

8

20

59

2

06

0

2061

To

tal

(42,

171)

26,1

06

65

.91

4

127,

643

96,2

44

12

6,4

20

1

70

,78

2

23

5,4

17

25

6,75

0 2

49

,00

0

25

0,9

09

2

24

,56

6

22

2,6

42

2

33

,68

7

22

0,0

33

2

24

,53

7

201,

636

20

2,7

86

1

88

,36

7

18

3,7

86

1

59

,55

8

14

7,9

50

14

4,4

34

11

9,75

8

116,

373

98,6

26

83

,22

5

68,9

01

56

,79

0

46

,78

8

38,4

81

31

,20

9

24

,31

8

17,9

90

13,7

65

10,5

94

7,6

17

5,1

84

4,

146

2,95

6 2,

646

2,08

5

1,59

8 1

,17

4

(1 ,

435)

0

4,6

69

,78

4

61,4

00

12,1

00

22,5

50

14,5

00

46,3

00

38

,40

0

32

,90

0

21,2

00

18,8

00

7,50

0 1,

400

4,9

00

2,

900

2,3

00

3,

600

2,2

00

3,

400

1,20

0 2,

400

0 4

00

BOO

1,20

0 4

00

40

0

11

7

81

15

0

19

9

19

4

216

251

30

0

31

4

29

7

285

25

4

24

6

24

4

228

225

208

200

184

17

3

14

9

14

0

136

116

111

97

83

69

60

so

43

37

31

25

21

16

13

2,1

54

1,4

34

2,6

72

3,54

5

3,4

47

3,84

5 4

,47

2

5,34

3 5

,58

2

5,29

5 5,

079

4,5

19

4

,37

7

4,3

39

4

,05

5

4,00

1

3,6

97

3,

567

3,2

72

3,07

3 2

,64

6

2,4

95

2.4

20

2

,06

4

1,97

5

1,72

0 1,

483

1,22

9 1

,06

2

89

6

76

2

651

55

6

451

37

0

276

228

16

8

11

2

87

6

0

52

45

3

9

24

30

3,1

50

4,

514

80

,41

5

1 2

9

0 07

0

,05

0,

89

63,6

71

13,8

87

26

,39

7

19,3

61

54

,05

8

46,8

81

42

,37

0

30

,83

5

28

,93

4

15

,64

7

8,24

5 12

,027

9,

541

8,90

3

10,4

01

8,6

49

10

,028

6,95

6 8,

363

4,7

28

4,7

48

5,20

6 3,

951

5,3

30

3,

999

3,6

36

2,6

22

2,

216

1,9

52

1,68

1 1,

458

1,27

0

1,10

7 9

16

7

66

58

3

49

2

37

0

251

199

14

0

12

4

11

0

97

60

47

3,1

67

No

te:

Pro

du

ctio

n C

on

tra

ct o

f K

ari

m a

n e

xpir

es

on

Se

pte

mb

er

09

, 2

03

6

21

,50

0

39

,99

3

92,3

11

14

7,0

04

1

50

,30

2

173,

301

21

3,1

52

2

66

,25

2

28

5,6

85

2

64

,64

6

25

9,1

54

2

36

,59

3

23

2,1

83

2

42

,59

0

23

0,4

34

2

33

,18

6

21

1,6

64

20

9,7

42

1

96

,73

0

18

8,5

14

1

64

,30

5

15

3,1

56

1

48

,38

6

12

5,0

88

1

20

,37

2

10

2,2

62

8

5,8

47

71

,11

7

58

,74

2

48

,46

9

39

,93

9

32

,47

8

25

,42

5

18,9

06

14,5

31

11,1

77

8,10

9

5,55

4 4

,39

7

3,15

5 2

,78

6

2,2

10

1,

708

1,27

1 (1

,375

)

0

5,14

2,95

1

Ta

ble

4

f

Pa

ge

2

MIE

Ho

ldin

gs C

orp

ora

tio

n

AD

EK

Blo

ck,

Ka

zakh

sta

n

Co

rpo

rate

ln

eo

me

Ta

x (e

rn a

nd

Exc

ess

Pro

fit

Ta

x (E

PT

)

Ja

nu

ary

1,

20

16

(As

of

De

cem

be

r 31

, 20

15)

Fo

reca

sl p

rice

&C

ost

s

To

tal

Pro

ved

Plu

s P

rob

ab

le P

lus

Po

ssib

le C

on

so

lida

tio

n

Dis

cou

nte

d @

D

isco

un

ted

@

Cap

ital

Tax

able

C

orp

ora

te

Net

E

PT

E

PT

D

ed

uct

ion

s In

com

e

Inco

me

Ta

x 5%

10

%

15%

20

%

Inco

me

R

atio

A

mo

un

t 5%

10

%

15%

20

%

$M

$M

--~$~M---~·--~$~--~--~$~--~$~M~-----1$~M~-~·~--~---2·~--!---

21,5

00

27,2

26

26

,56

0

26,6

81

35

,40

6

35

,29

7

34

,75

8

31

,29

2

29

,55

4

24

,50

6

19,9

97

18,5

69

15,9

73

13,9

18

12,8

09

11,0

64

9,64

1 7

,97

6

7,5

72

5,

889

5,16

7 4

,63

4

3,77

8

3,69

6 3,

060

2,68

2

2,1

99

1,

869

1,58

9

1,35

1 1,

148

97

6

82

9

70

5

59

9

50

9

40

8

25

6

21

8

126

10

7

91

77

66

0

12,7

67

65,7

51

12

0,3

23

11

4,8

96

13

8,0

04

1

78

,39

5

23

4,9

60

25

6,13

1 24

0,14

1 2

39

,15

7

21

8,0

23

21

6,2

10

2

28

,67

2

21

7,6

25

2

22

,12

2

20

2,0

23

2

01

,76

7

189,

158

182,

711

159,

138

148,

521

14

4,6

08

12

1,3

92

11

7,3

12

99,5

80

83

,64

8

69

,24

8

57

,15

3

47

,11

9

38,7

91

31

,50

3

24,5

96

18,2

01

13,9

32

10,6

67

7,70

1 6

,01

8

4,4

89

3

,32

4

2,6

79

2,1

19

1,

631

1,20

6

2,5

53

13,1

50

24,0

65

22,9

79

27,6

01

35

,67

9

46

,99

2

51

,22

6

48

,02

8

47,8

31

43

,60

5

43

,24

2

45

,73

4

43,5

25

44

,42

4

40,4

05

40,3

53

37

,83

2

36

,54

2

31

,82

8

29

,70

4

28,9

22

24

,27

8

23

,46

2

19,9

16

16,7

30

13,8

50

11,4

31

9,4

24

7,

758

6,30

1

4,9

19

3,

640

2,7

86

2,

133

1,54

0 1,

204

89

8

66

5

53

6

424

32

6

241

2,37

3

11,6

40

20.2

87

18,4

49

21,1

05

25,9

83

32,5

91

33,8

36

30,2

13

28,6

57

24,8

80

23,4

98

23,6

69

21,4

53

20,8

54

18,0

64

17,1

82

15,3

41

14,1

12

11,7

06

10,4

05

9,64

9

7,71

4

7,10

0

5,73

9

4,59

2

3,62

0

2,84

6

2,23

4

1,75

2

1,35

5

1,00

7

710

518

377

260

193

137

97

74

56

41

29

2,21

3

10,3

62

17,2

39

14,9

65

16,3

40

19,2

03

22,9

92

22,7

85

19,4

21

17,5

83

14,5

72

13,1

37

12,6

31

10,9

28

10,1

40

8,38

4

7,61

2

6,48

8

5,69

7

4,51

1

3,82

7

3,38

8

2,58

5

2,27

1

1,75

3

1,33

8

1,00

7

756

566

424

313

222

149

104

72

48

34

23

15

11

8

2,07

0

9,27

2

14,7

55

12,2

52

12,7

96

14,3

84

16,4

74

15,6

16

12,7

31

11,0

25

8,74

0

7,53

7

6,93

1

5,73

6

5,09

1

4,02

6

3,49

7

2,85

1

2,39

4

1,81

3

1,47

2

1,24

6

910

764

564

412

297

213

153

109

77

52

34

22

15

1,94

2 1

0,2

14

0 00

0 3

8

8,33

6 5

2,6

00

1.

98

1

6,9

55

15

,008

13

,360

12,7

13

96

,25

8

3.61

3

4,3

89

28

,990

24

,634

10,1

16

91

,91

6

26

0

29

,06

8

23,3

38

18,9

30

10,1

26

11

0,4

03

3

13

3

6,4

93

27

,904

21

,605

10,9

08

14

2,7

16

4

,11

55

,21

6

40,2

10

29,7

18

11,9

72

18

7,9

68

6

01

85

,40

0

59,2

30

41,7

84

10,8

76

20

4,9

05

6

,93

9

7,0

83

64

,126

43

,182

8,49

7 1

92

,11

3

7 8

4

93

,82

5

59,0

23

37,9

39

7,05

2 1

91

,32

6

9,5

7

97

,29

8

58,2

93

35,7

67

5,35

7 1

74

,41

9

9,3

9

88

,40

3

50,4

42

29,5

43

4,42

7 1

72

,96

8

10.

83

89

,811

48

,805

27

,285

3,90

2 1

82

,93

7

13.

14

9

7,7

98

50

,615

27

,010

3,09

5 1

74

,10

0

13.

59

9

3,7

29

46

,199

23

,533

2,63

2 1

77

,69

8

16.

06

9

7,6

66

45

,847

22

,292

1,99

5 1

61

,61

9

16.

76

8

8,5

63

39

,594

18

,377

1,66

0 1

61

,41

3

20

,24

8

9,8

77

38

,268

16

,954

1,29

7 1

51

,32

6

19,9

8

84

,23

5

34,1

58

14,4

45

1,04

4 1

46

,16

9

24

,82

8

2,5

48

31

,880

12

,869

758

12

7,3

10

2

4.6

4

71

,86

5

26,4

32

10,1

85

589

11

8,8

17

2

5.6

4

67

,23

5

23,5

52

8,66

3

478

11

5,6

86

3

0,6

2

66

,10

6

22,0

54

7,74

3

335

97

,11

4

26

28

5

5,0

35

17

,486

5,

860

269

93

,85

0

30

,66

5

3,6

32

16

,229

5,

192

191

79

,66

4

29

,70

45

,451

13

,098

4,

000

133

66

,91

8

30

43

3

8.2

27

10

,492

3,

058

92

55

,39

8

29

64

3

1,6

03

8,

261

2,29

8

63

45

,72

2

28

78

2

6,0

43

6,

483

1,72

2

43

37

,69

5

27

91

21

,43

5

5,08

2 1,

288

30

31

,03

3

27

03

1

7,6

15

3,

978

963

20

25

,20

2

25

83

1

4,2

68

3,

068

709

13

19

,67

7

23

72

11

,080

2,

269

500

14

,56

1

20

.65

8

,12

0

1,58

4 33

3

11

,14

5

18_

60

6

,16

3

1,14

5 23

0

8,53

4 16

75

4,6

75

82

7 15

9 6,

161

15

10

3

,43

3

578

106

4,8

15

1

8 7

9

2,7

14

43

6 76

3,59

1 16

49

1

,98

2

303

51

2,6

59

2

11

8

1,4

86

21

6 34

2,1

43

2

0.0

8 1,

193

165

25

1,6

95

18

69

9

38

12

4 18

1,3

05

16

,92

7

15

90

12

96

4

14 7

2

521

62

0 00

11,9

55

10,7

49

21,0

85

18,1

67

15,4

98

12,7

97

16,9

19

13,3

88

22,2

60

16,8

81

29,9

38

21,7

57

29,5

95

20,6

11

24,8

71

16,6

00

22,4

27

14,3

45

17,7

19

10,8

61

15,6

53

9,19

5

14,8

22

8,34

4

12,3

53

6,66

4

11,1

92

5,78

7

8,82

5 4,

373

7,78

8 3,

698

6,34

7 2,

888

5,40

9 2,

359

4,09

5 1,

711

3,33

1 1,

334

2,84

8 1,

093

2,06

2 75

8

1,74

7 61

6

1,28

8 43

5

942

305

677

210

485

144

347

99

248

68

175

46

118

30

75

18

50

11

33

7

21

14

9

45

2,3

28

4,

693,

409

93

8,6

82

4

76

,40

0

276,

127

17

6,3

59

1

20

,98

6

3,75

4,72

7 1

,90

9,8

93

92

5,94

4 5

12

,46

3

31

3,2

37

20

6,36

1

No

n-T

axa

ble

de

du

ctio

n o

f S

ale

Co

st (

US

$0

.07

/Bb

l in

20

16

and

US

$0.

05

/Bb

l in

20

17

an

d a

fter

) a

nd

of

tra

nsp

ort

atio

n d

isco

un

t (U

S$1

29

/Bb

l in

20

16

and

US

$0.

89

/BB

L in

20

17

and

aft

er)

are

ro

r e

xpo

rt o

il

Co

rp-T

ab

le 4

f-P

PP

xls

x

'--------------------------------------------

CIJ

iJfJ

IIJiJ

D Pe

tro

leu

m E

ng

ine

eri

ng

Ltd

.

– I-45 –


evaluation of reserves and prospective resources oil and gas

Documents