Caspi Meruerty Operating Company B.V.

Caspi Meruerty Operating Company B.V. - is the joint operator of the Pearls Production Sharing Agreement (PSA), which was signed on 14 December 2005 between the Ministry of Energy and Mineral Resources of the Republic of Kazakhstan, Shell EP Offshore Ventures Limited (55%), KazMunayTeniz OOC JSC (25%) and Oman Pearls Company Limited (20%) as a consortium of subsoil users. Caspi Meruerty Operating Company B.V. was established on 08 January 2007 in the Netherlands. The Kazakhstan Branch of the Company was registered in Aktau (Mangistau Region) in April 2007. Caspi Meruerty Operating Company B.V. shareholders are KazMunaiTeniz OOC JSC , Shell EP Offshore Ventures Limited and Oman Pearls Company Limited. The core activities of Caspi Meruerty Operating Company B.V. are: exploration and research operations, drilling, well testing, conduction and assessment of geotechnical and geophysical surveys and hydrocarbon production on the Pearls Block located in the Northern Caspian Sea. The vision and business objective of Caspi Meruerty Operating Company B.V. are: - To operate the Pearls PSA on behalf of the partner companies within the agreed HSE standards, ensuring no harm to people or the environment. - To become a highly efficient joint venture operator and a recognised model for cooperation between national and international oil companies in the Republic of Kazakhstan.