The decision was issued by the Ministry of Oil and Gas of the Republic of Kazakhstan. On its basis the hydrocarbon exploration period under the Profit contract was extended to August 2012.

The decision on prolongation of the exploration period in the Profit contract area proves that Petrolinvest is perceived as a reliable partner in Kazakhstan. We are currently engaged in advanced negotiations with regard to the cooperation in the field of production in the Profit contract area with a partner who has oil producing fields located in direct proximity of our contract area — said the President of the Management Board of Petrolinvest S.A., Bertrand Le Guern.

In cooperation with industry advisors, Petrolinvest has conducted seismic surveys in the Profit contract area, enabling the indication of exploration wells locations, and has prepared technical designs for these wells. The works conducted by Petrolinvest are of substantial value for the whole undertaking in the Profit contract area.

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