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**ADDITION      TO THE LOAN AGREEMENT OF NOVEMBER 9, 2005**

**THIS      ADDITION TO THE LOAN AGREEMENT**

**PARTIES**

**OOO      ZAURALNEFTEGAZ**
**ZNG**

**CASPIAN      FINANCE LIMITED**
** **
**Lender**

**WHEREAS**

| (A) | The                Lender and ZNG have signed the Loan Agreement on November 9, 2005                (**“Loan                Agreement**”)                for the total sum of US$6,874,325 (**“Initial                Sum”**) |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | The                Lender is willing to make available to ZNG an additional loan facility                to                the Initial Sum and subject to the terms and conditions set out in                this                Addition to the loan agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IT      IS THEREFORE AGREED AS FOLLOWS:**

| **1.** | **Additional                sum** |
|--------|-----------------------------------|

**“Additional      sum”**

| **2.** | **Terms** |
|--------|-----------|

| 2.1 | The                Loan Agreement of November 9, 2005 continues to operate as if the                Additional sum was added to the Commitment (as described in the Loan                Agreement). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The                terms of the Loan Agreement continue to be in force, including the                following provisions: Term, Drawdown, Interest and Default Interest,                Repayment, Purpose, Security, Conditions Precedent, Events of Default,                Representations and Warranties, Notification of Events of Default,                Costs                and Charges, Gross Up, Set Off, Waiver, Notices, Assignment, Law                and                Disputes, Third Parties. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | Drawdown                Notice must be in the form set out in the Schedule to the Loan Agreement                and shall include description of the purpose/purposes (as set forth                in the                clause Purpose of the Loan Agreement). Each Drawdown Notice shall                specify                the date upon which advance to be made and the amount of the advance.                Transfer of the sums will be executed only after approval of their                purpose                by the Lender. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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**IN      WITNESS WHEREOF**

**Borrower:      OOO “ZAURALNEFTEGAZ”**

**CASPIAN      FINANCE LIMITED**

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