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                  GEOPHYSICAL SURVEY CONTRACT No. 88/02-01- -04

Ufa City - Kurgan City                                          February 9, 2004

     The  Limited  Liability  Company  Zauralneftegaz  represented  by  the
Director-General  of  the LLC Zauralneftegaz Zhuravlev Oleg Venedictovich acting
in  accordance  with  the  Company  Statutes,  hereinafter  referred  to  as the
Customer,  of  the  first  part,  and  the Public Corporation Bashneftegeofizika
represented  by  the Director-General of the PC Bashneftegeofizika Avdiev Yavdat
Ravilopvich,  acting  in  accordance  with  the  Articles  of  Incorporation,
hereinafter  referred  to  as  the  Contractor,  of the second part, and jointly
referred  to  as  the  Parties  and  separately  as the Party, whereby agreed as
follows:

1.   Subject  of  Contract

1.1. The  subject  of  the  present  Contract  is execution by the Contractor PC
     Bashneftegeofizika,  on  the  instructions  of the Customer, of exploratory
     seismic  operations  using 2D technique. The volume, scope and terms of the
     work  shall  be  as  per  the  present  Contract.

1.2. The  operations shall be conducted at the Western Suersky site (work volume
     -  310  linear  kilometers).

1.3. The  Contractor  shall  complete  the  following  work:

1.3.1.  Surveying.
1.3.2.  Exploratory  seismic  operations  using  2D  technique.
1.3.3.  Collection  and  processing  of  geological,  geophysical  and  field
        information.
1.3.4.  Processing  of  2D  seismic  survey  data.
1.3.5.  Integrated  interpretation of 2D seismic survey, the seismic survey data
     for the past years and the GIS data (the reprocessing of the seismic survey
     data  for  the  past years and the reprocessing and reinterpretation of the
     GIS  data  shall  be  completed  under  a  separate  contract).
1.3.6.  Preparation  and presentation of the final report in accordance with the
     Seismic  Survey  Regulations  approved  by  the  USSR  MG  in  1986,  the
     requirements of the Geological Objective and GOST (state standard) 7.63-90.
1.4  The  work  shall  be completed in accordance with the Geological Objective,
     the  Contract Design and within the period of time indicated in the present
     Contract.  The  calendar  plan  (Schedule  1)  and the Minutes of the Price
     Agreement  (Schedule  2)  are  an  integral  part  of  the  Contract.

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1.5. The  preliminary  processing  and  interpretation results shall be examined
     jointly  by  the  Customer  and the Contractor within a 2-month period; the
     final  report shall be submitted two weeks before the official presentation
     of  the  final  report  to  the  Customers  SEC.

                     2. CONTRACTOR'S RIGHTS AND LIABILITIES

2.1. In  pursuance  of  the  present  Contract  the  Contractor  undertakes  the
     following:
2.1.1. Prepare and submit for the Customer's approval the Contract Design for 2D
     seismic  survey.
2.1.2.  Provide progress reports to the Customer if requested by the Customer to
     do  so.
2.1.3.  Provide  handover  certificates for all work completed under the present
     Contract.
2.1.4.  Provide all surveying information to the Customer in the format approved
     by  LLC  Zauralneftegaz.
2.1.5.  Agree  with  the  Customer's  representatives  all  departures  from the
     Contract  Design that may occur during fieldwork. Agreed decisions shall be
     prepared  in  writing  and  accepted  for  execution  by  both  Parties.
2.1.6. The Contractor agrees to correct all defective work at his own expense at
     any  stage  of  the  project.
2.1.7. The Contractor agrees to keep confidential all information related to the
     signing  and  fulfillment  of  the  present  Contract.
2.2. Contractor's  rights  under  the  present  Contract:
2.2.1. Request all geological and geophysical data and materials for the project
     site  that  are  available  to  the  Customer.
2.2.2.  Receive  timely  remuneration  for  the work completed under the present
     Contract.

                      3. CUSTOMER'S RIGHTS AND LIABILITIES

3.1. The  Customer's  liabilities  under  the  present  Contract are as follows:
3.1.1.  Render  reasonable assistance to the Contractor with cargo receiving and
     shipping,  equipment  placement,  on-site  accommodation  and service lines
     connection  (power,  water  supply, etc.) at the expense of the Contractor.
3.1.2.  Assist  the  Contractor  with obtaining work permits from land users and
     forest  management,  as  well  as  from  environmental, fire prevention and
     health  authorities.
3.1.3.  Ensure  registration  of  surveys  conducted  by the Contractor with the
     appropriate  Geological  Committee.

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3.1.4.  Accept  work  completed  by  the  Contractor.
3.1.5.  Pay  for  the  work  completed  by the Contractor in accordance with the
     rates, procedures and dates specified by Article 4 of the present Contract.
3.1.6.  Provide  to  the  Contractor  all geological, geophysical and other data
     (hardcopy  or  electronic)  necessary  for  the  fulfillment of contractual
     obligations  by the Contractor at the times specified by Paragraph 3 of the
     Calendar  Plan  (Schedule  1).
3.2. The  Customer's  rights  under  the  present  Contract  are  as  follows:
3.2.1.  Receive  progress  reports  from  the  Contractor.
3.2.2.  Monitor  the  Contractor's  contractual  performance.
3.2.3.  Receive  everything  completed  by  the  Contractor  under  the  present
     Contract.

                    4. COST OF WORKS AND PAYMENT ARRANGEMENTS

4.1. The  cost  of a unit of survey work is determined by estimates based on the
     Directory  of Main Survey Costs (SNOR-93) published in 1993 and adjusted to
     the  agreed  price.
4.2. Appreciation indices for survey works are differentiated in accordance with
     type  of  work:  organizational  costs  and  field  costs.
4.3. The  estimated  cost  of  work  under the Contract is 20,700,000.00 (twenty
     million  seven  hundred  thousand  rubles)  rubles  including  VAT  (18%) -
     3,157,527.12  (three  million  one hundred fifty seven thousand six hundred
     and  twenty-seven  rubles)  rubles  and  12  kopecks.
4.4. The  total  cost  includes  expenses  related  to  the  obtaining of forest
     utilization  documents  and  work  permits.
4.5. The  Customer shall pay the Contractor for the work done on a monthly basis
     against  work  completion reports and invoices presented by the Contractor.
     Work completion reports and invoices shall be submitted before the fifth of
     the  month  following  the  billing  month.
4.6. The  signing  of  a handover certificate by the Parties shall indicate that
     the  Contractor has fulfilled all his liabilities for the given work period
     in  accordance  with  the Contract requirements. The Customer may forward a
     complaint  or  a  note  to  the Contractor or reject the work done within a
     15-day  period.  A handover certificate that has not been signed within the
     above  period of time without a notification in writing shall be considered
     accepted  by  the  Customer  and  appropriate  payment  shall  be  made.
4.7. The  Customer  shall  make  payment  within  30  days  from the date of the
     invoice.
4.8. All  payments  under  the present Contract shall be made by the Customer to
     the  Contractor's  bank  account.

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                          5. LIABILITY OF THE PARTIES


5.1. The  Contractor  shall  be  responsible for any damage or loss of the field
     tapes,  data and reports obtained as a result of the work under the present
     Contract  while  they  are  in  his  keeping  as  well as for the materials
     provided  by  the  Customer  to  the Contractor for the fulfillment of work
     under  the  present  Contract.
5.2. The  Contractor  shall  be  responsible  for  the  failure  to  observe the
     requirements  of  the  Contract  Design,  as  well  as  the  seismic survey
     regulations  and  standards  that  are in effect in the Russian Federation.
5.3. Should  the  volume  of  work completed by the Contractor be less than that
     specified by the Contract Design and the present Contract, the Customer may
     decide  to  impose  penalty on the Contractor in the amount of 10% (ten per
     cent)  of  the  estimated  (contractual)  cost  of  uncompleted  work.
5.4. The  Contractor  shall not be responsible for the failure to meet the dates
     indicated  in  the  calendar  plan  if  the  Customer  fails to fulfill his
     contractual  obligations.
5.5. The  quality  of  physical observations shall be evaluated pursuant to p.p.
     128-135 of the Seismic Survey Regulations (Moscow, 1986), regardless of the
     number  of  channels.
5.6. Should the Customer fail to observe Clause 4.7 of the present Contract, the
     Customer shall pay to the Contractor a penalty in the amount of 0.1% of the
     outstanding  amount  per  each  day  in  arrears.

                                6. FORCE MAJEURE

6.1. The  Parties  shall be relieved from responsibility for complete or partial
     failure  to  fulfill  the  contractual obligations if such failure resulted
     from  force  majeure  events,  such as fire, flooding, earthquake, strikes,
     wars,  government  actions  or  other  circumstances  beyond  the  Parties'
     control.
6.2. The  Party  that  is  unable  to  fulfill its contractual obligations shall
     provide a timely written notification and supporting documents to the other
     Party  not  later  than  10  days after the onset of a force majeure event.
6.3. The circumstances specified in Clause 6 shall not release the Customer from
     the  obligation  to  pay  the  Contractor for work already completed by the
     Contractor  prior  to  the  onset  of  a  force  majeure  event.

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                                7. SPECIAL TERMS

7.1. All  changes  and amendments to the present Contract shall be valid only if
     executed  as  exhibits  to  the  Contract  and  agreed  by  the  Parties.
7.2. Geological  and  geophysical  information (field materials) obtained during
     the  seismic  survey  is  the  property  of  the  Customer.
7.3. The  final  acceptance of field materials shall be completed not later than
     30  days  after  the  end  of  a  field  season.
7.4. The  cost  of  contractual  work  may  be increased by the agreement of the
     Parties,  should  the  Contractor's  expenses  increase  as  a  result  of
     inflation.
7.5. Materials  obtained  as  a  result  of  a  detailed  seismic survey are the
     property of the Customer. The Contractor shall not use such information for
     educational  or  scientific purposes without prior consent of the Customer.

                      8. CONTRACT TIME AND PERFORMANCE TIME

8.1. The  Contract shall enter into force on the date of its signature and shall
     remain valid until the Parties fulfill their obligations and complete final
     settlement.
8.2. The  Parties  may  extend  the  contract  time  by  mutual  agreement.
8.3. Performance  time:  start  on  20/05/2004,  finish  on  30/01/2005.

                              9. DISPUTE SETTLEMENT

9.1. All  relations  that are directly or indirectly associated with the Parties
     exercising  their  contractual  rights  or  fulfilling  their  contractual
     obligations shall be governed by the legislation of the Russian Federation.
9.2. The  parties  shall  seek  to  settle  any dispute, controversy or claim by
     negotiation.  Should  no agreement be possible, a dispute shall be examined
     by  a  Court  of  Arbitration  at  the  defendant's  locality.
9.3. All  disputes  and controversies that may arise from the fulfillment of the
     present Contract shall be resolved by the authorized representatives of the
     Parties.

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                10. LEGAL ADRESSES AND BANK ACCOUNT INFORMATION

10.1.  The  Customer:

Sender's bank: Kurgan SBB No. 8599, Kurgan City
Sender: LLC Zauralneftegaz
640000, Russian Federation, Kurgan City, 27/X Lenina Street.
Bank account ---------------------
Correspondent account -------------------
TIN ----------------
BIC ------------
RNNBO ------------
RNCFEC ------------

The present Contract has been executed in 2 copies:  one copy for each Party.

10.2.  The  Contractor:
PC Bashneftegeofizika - 450000, Republic of Bashkortostan, Ufa City,
13 Lenina Street.

Receiver's bank:   Bashkir SBB 8598, Ufa City
Receiver: PC Bashneftegeofizika, Southern SBB No. 61, Ufa City.
Bank account ---------------------------------
Correspondent account -----------------------
BIC -------------
TIN -------------
RNNBO -----------
RNCNCI -----------------

Customer:     Contractor:
Director-General     Director-General
LLC Zauralneftegaz     PC Bashneftegeofizika

/s/ O.V. Zhuravlev   /s/ Ya.R. Adiev
O.V. Zhuravlev       Ya.R. Adiev
[corporate seal]     [corporate seal]

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