CONSULTING AGREEMENT


             


            
            THIS CONSULTING AGREEMENT (“Agreement”) is entered into as
            of the 19th day of November 2007, by and between BMB Munai, Inc., a company
            organized under the laws of Nevada (“Company”), and Caspian Energy
            Consulting Ltd, an international business company organized under the laws of British
            Virgin Islands, (“Consultant”).


             


            The
            Company and the Consultant are sometimes hereinafter referred to individually as a
            “Party” and collectively as the “Parties.”


             


            
            WHEREAS:


             


            
                	
                            
                            (A)

                        	
                            
                            Company holds an exploration contract from the Republic
                            of Kazakhstan to conduct oil and gas exploration in the Mangastau,
                            Oblast.

                        


            


             


            
                	
                            
                            (B)

                        	
                            
                            The Consultant is a business organization with expertise in the oil
            and gas industry and in providing consulting services to petroleum & energy
            companies engaged in negotiating and contracting with governmental agencies in
            Kazakhstan.

                        


            



            
             


            
                	
                            
                            (C)

                        	
                            
                            The Consultant desires to identify one or more
                            prospective oil and gas properties (the “Projects”) for
                            acquisition by the Company and to negotiate on behalf of the Company
                            new exploration contracts or extensions to the Company’s existing
                            exploration contract with the Republic of Kazakhstan under the terms of
                            this Agreement.

                        


            


             


            
                	
                            
                            (D)

                        	
                            
                            The Company desires to expand it exploration territory
                            and desires to retain the services from the Consultant on the terms of
                            this Agreement.

                        


            


             


            
            NOW, THEREFORE, in consideration
            of the mutual covenants contained in this
            Agreement, the Parties agree as
            follows:


             


            
                	
                            
                            1.

                        	
                            
                            THE CONSULTANT’S OBLIGATIONS

                        


            


             


            
                	
                            
                            1.1

                        	
                            
                            During the term of this Agreement, the Consultant shall
                            use its reasonable efforts in providing the following services
                            (collectively, the “Services”) to the Company:

                        


            


             


            
                	
                             

                        	
                            
                            (a)

                        	
                            
                            familiarize its staff and outside experts on the
                            facilities and assets of the Company, as required to commence
                            investigation of potential complimentary Projects for consideration by
                            the Company;

                        


            


            
             


            
                	
                             

                        	
                            
                            (b)

                        	
                            
                            assist in identifying and obtaining business
                            opportunities for the Company and its Affiliates in the
                            Projects;

                        


            


             


            
            1


             

            
            


            

            

            
                	
                             

                        	
                            
                            (c)

                        	
                            
                            advise in business and negotiation strategy in obtaining
                            and negotiating agreements with governmental agencies or with other
                            entities or corporations in connection with Projects for
                            Company;

                        


            


            
             


            
                	
                             

                        	
                            
                            (d)

                        	
                            
                            develop and organize all documentation and supporting
                            materials, as may be required by various governmental agencies, in
                            order to negotiate contracts or extensions to the current contract of
                            the Company with agencies of the Republic of Kazakhstan consistent with
                            the objectives and terms to be provided by or acceptable to the
                            Company;

                        


            


            
             


            
                	
                             

                        	
                            
                            (e)

                        	
                            
                            assist in negotiating extension of the term of the
                            exploration contract for the field/structure identified in the
                            Company’s extended territory designated Kariman beyond July 2009
                            on terms acceptable to the Company; and

                        


            


             


            
                	
                             

                        	
                            
                            (f)

                        	
                            
                            such other Services as requested by the Company and that
                            Consultant is reasonably able to provide in order to assist in and
                            further the Projects.

                        


            


             


            
                	
                            
                            1.1.1

                        	
                            
                            The Consultant shall perform the Services, at all times,
                            with due diligence and in compliance with all applicable laws and
                            regulations in Countries of Interest. Consultant shall be responsible
                            to obtain any necessary licenses or permits required by the Republic of
                            Kazakhstan to perform the services rendered under this Agreement.
                            Consultant shall be responsible to pay for all services required by
                            third-parties contracting with the consultant, except as may be
                            otherwise agreed between the Company and Consultant in writing prior to
                            engagement of such third-party.

                        


            


             


            
                	
                            
                            1.1.2

                        	
                            
                            The Consultant’s advice to the Company in respect
                            of the Services shall be given orally or in writing. Consultant shall
                            report to Mr. Gamal Kulumbetov, or to such other individual as the
                            Company may hereafter specify by written notice to Consultant. When
                            requested, and not more than once each calendar quarter, Consultant
                            shall provide Company with a written activities and status report, in
                            which Consultant describes the Services it has performed since the last
                            report.

                        


            


             


            
                	
                            
                            1.1.3

                        	
                            
                            It is agreed that the services of the Consultant shall
                            be rendered on a non-exclusive basis, and that the Company shall have
                            the right to identify projects and negotiate agreements for the
                            exploration of properties or to acquire projects from any other
                            sources. If the Company acting independent of the Consultant negotiates
                            for the acquisition of a project and the Company has not been
                            introduced to the project through the efforts of the Consultant, such
                            project acquisition will not be covered by this Agreement and
                            Consultant shall not be entitled to compensation with respect to such
                            Project, unless the Parties otherwise agree in writing. The Consultant
                            may request and obtain from the Company written confirmation that a
                            particular Project will be subject to this Agreement at any time after
                            the prospective project has been identified by the Consultant. Such
                            confirmation by the Company will be conclusive evidence that the
                            Consultant will be entitled to Compensation under this
                            Agreement.

                        


            


             


            
            2


             

            
            


            

            

             


            
                	
                            
                            2.

                        	
                            
                            COMPENSATION

                        


            


             


            
                	
                            
                            2.1

                        	
                            
                            In consideration of the provision of the Services by the
                            Consultant to the Company, the Company shall pay to the Consultant
                            (“Compensation”), as follows:

                        


            


             


            
            (a) Cash Payment.
            Cash compensation shall be payable by the Company to Consultant in cash
            as follows:


            
            (i) the amount of one million dollars ($1,000,000 USD) shall be paid
            upon the execution of this Agreement; and


             


            
            (ii) the amount of four million dollars ($4,000,000 USD) shall be
            paid upon the execution and delivery of an exploration contract or extension to the
            existing exploration contract of the Company, on terms acceptable to the
            Company.


            
             


            
            (b) Bonus Shares. In
            the event that the Consultant is successful negotiating an extension of the
            Company’s existing exploration contract and such extension covers the Kariman
            field of the extended territory and any new Project and the Company remains, under the
            terms of such extension, exempt from payment of Rent Export Tax during the term of such
            extension beyond July 2009, the Company will issue 500,000 common shares for each
            additional year of exploration status extension granted beyond July 2009. The shares
            shall not be deemed to be fully earned until the date of issuance to the Company by the
            Republic of Kazakhstan of a commercial production stage contract covering the Project
            or in case of a change of control of the Company whichever shall first
            occur.


             


            
            (c) Success Fees.
            Upon completion by the Company of 3D seismic studies and upon completion of the a
            reserve/resource report of a Project prepared by a petroleum engineering firm selected
            by the Company, Consultant shall be paid in restricted common shares or cash, as
            determined in the sole discretion of the Company a success fee based on the following
            formula:


            
                	
                            
                             

                        	
                            
                            i.

                        	
                            
                            For resource values:

                        


            


            
            One (1) barrel of resources (risked) shall be valued at $.50
            USD;


            
                	
                            
                             

                        	
                            
                            ii.

                        	
                            
                            For reserves:

                        


            


            
            (A) One (1) barrel of proved reserves, (using the U.S. Securities and
            Exchange Commission (SEC) definitions and standards) shall be valued at $2.00 USD;
            and


            
            (B) One (1) barrel of probable reserves, (using SEC definitions and
            standards) shall be valued at $1.00 USD.


            
            In no event shall the total maximum success fee exceed $25,000,000 USD.
            If the Company elects to pay the success fee in shares of common stock of the Company,
            then the total number of shares to be issued to the Consultant shall be determined by
            dividing the total success fee by the average closing price of the


            
             


            
            3


             

            
            


            

            

            
            Company’s trading shares for the five trading days prior to the
            issuance of the reserve/resource report. The Parties acknowledge and agree that the
            shares will not be registered with the SEC and will be deemed restricted shares. If
            there is no trading market for the shares then the success fee will be paid in
            cash.


             


            
                	
                            
                            2.2

                        	
                            
                            It is agreed that other than the initial cash payment of
                            $1,000,000 USD, all compensation to Consultant by Company will be on a
                            successful efforts basis, viz., compensation will be paid only for
                            Projects which in Company’s sole discretion it elects to
                            undertake and for which Consultant has performed Services that
                            contributed materially to Company obtaining the Project. For the
                            purposes of this Agreement, an exploration agreement must be effective
                            by its terms and enforceable by the Company or any of its Affiliates
                            that are parties to the exploration Agreement.

                        


            


             


            
                	
                            
                            2.3

                        	
                            
                            In addition to Compensation negotiated by the Parties
                            under 2.1, the Company and the Consultant may agree to the
                            reimbursement to the Consultant in accordance with Company’s
                            policies, of extraordinary expenses or costs incurred by the Consultant
                            in providing the Services, provided that Company agrees in advance to
                            Consultant performing such Services and Consultant provides receipts
                            and other evidence of such expenditures to be reimbursed.

                        


            


             


            
                	
                            
                            2.4

                        	
                            
                            Each cash payment of Compensation shall be paid to the
                            Consultant and only in the name of Consultant by direct wire transfer
                            in USD to the Consultant’s bank account which the Consultant
                            shall notify to the Company from time to time.

                        


            


             


            
                	
                            
                            3.

                        	
                            
                            ASSIGNMENT

                        


            


             


            
                	
                            
                            3.1

                        	
                            
                            The Consultant shall not assign, in whole or in part,
                            any of its rights or obligations under this Agreement.

                        


            


             


            
                	
                            
                            3.2

                        	
                            
                            The Company may, at any time upon prior written notice
                            to Consultant, assign its rights or obligations under this Agreement to
                            an Affiliate (as defined below); provided that, prior to such
                            assignment, the Affiliate enters into an agreement with the Parties
                            whereby the Affiliate assumes the rights or obligations being assigned;
                            and provided, further, that the Company shall, unless otherwise agreed
                            in writing by the Parties, remain jointly and severally liable with
                            such assigned Affiliate for any payments required to be made to
                            Consultant under this Agreement.

                        


            


             


            
                	
                            
                            3.3

                        	
                            
                            For the purposes of this Agreement:

                        


            


             


            
            (a) a company or entity shall be deemed to be an “Affiliate”
            of another company or entity if (i) that other company or entity directly or indirectly
            controls or is controlled by the first mentioned company or entity or (ii) the first
            mentioned company or entity and that other company or entity are directly or indirectly
            controlled by the same company or entity;


             


            
            4


             

            
            


            

            

             


            
            (b) “control” shall mean (i) ownership or control (whether
            directly or otherwise) of thirty per cent (30%) or more of the equity share capital,
            voting capital or voting rights, (ii) power to control the composition of, or power to
            appoint thirty per cent (30%) or more of the members of, the Board of Directors, Board
            of Management, or other equivalent to a analogous body, or (iii) entitlement to receive
            thirty per cent (30%) or more of any (but not necessarily every) income or capital
            distribution made by such company or entitle (either on liquidation, winding-up, or
            dissolution of such company or entity, or otherwise).


             


            
                	
                            
                            4.

                        	
                            
                            TERM: TERMINATION

                        


            


             


            
                	
                            
                            4.1

                        	
                            
                            This Agreement shall commence on the date hereof, and
                            shall continue thereafter until terminated upon 90 days notice by
                            either party to the other.

                        


            


             


            
                	
                            
                            4.2

                        	
                            
                            Unless earlier terminated pursuant to the terms of this
                            Agreement, the terms of this Agreement may be extended by mutual
                            written agreement of the Parties.

                        


            


             


            
                	
                            
                            5.

                        	
                            
                            INDEPENDENT CONTRACTOR; RELATIONSHIP OF THE
                            PARTIES.

                        


            


             


            
                	
                            
                            5.1

                        	
                            
                            In the performance of Services hereunder, Consultant
                            shall conduct itself always as an independent contractor, and none of
                            the Consultant’s officers, directors, employees, representatives
                            or agents shall be considered an employee, agent or servant of the
                            Company. The Consultant’s performance of the Services hereunder
                            will be at its own risk and none of its officers, directors, employees,
                            representatives or agents shall be entitled to worker’s
                            compensation or other similar benefits of employment or insurance
                            protection provided by the Company for its employees. The Company is
                            interested only in the results of Consultant’s performance of the
                            Services.

                        


            


             


            
                	
                            
                            5.2

                        	
                            
                            With respect to this Agreement, no officer, director,
                            employee, representative or agent of the Consultant, nor their
                            respective spouses, heirs, executors, administrators or assigns shall
                            claim nor seek to obtain from the Company any benefits or sums with
                            respect to the illness, disability or death of such officer, director,
                            employee, representative or agent of the Consultant, whether arising or
                            occurring during or after the termination or expiration of this
                            Agreement. The Consultant agrees to indemnify and save Company harmless
                            from any and all such claims.

                        


            


             


            
                	
                            
                            5.3

                        	
                            
                            Neither Party shall have the authority to bind the other
                            Party, or to sign any instrument or document on its behalf. Likewise,
                            neither Party is empowered to make commitments for or on behalf of the
                            other Party.

                        


            


             


            
                	
                            
                            5.4

                        	
                            
                            The Consultant and the Company will act in good faith
                            towards one another in the conduct of this Agreement.

                        


            


             


            
            5


             

            
            


            

            

            
                	
                            
                            5.5

                        	
                            
                            Consultant represents and warrants that neither it nor
                            any of its directors or officers nor, with its actual knowledge or
                            express or implied consent, any of its employees, agents or
                            representatives or any person acting on its behalf, will, except as
                            permitted under the Corruption of Foreign Public Officials Act of
                            Canada (the “Act”), and the Foreign Corrupt Practices Act
                            of the United States of America (“FCPA”), in order to
                            obtain or retain an advantage in the course of business, directly or
                            indirectly give, offer to give or offer a loan, reward, advantage or
                            benefit of any kind to a foreign public official (a) as consideration
                            for an act or omission by the official in connection with the
                            performance of the official’s duties or functions or (b)to induce
                            the official to use his or her position to influence any acts or
                            decisions of the foreign state or public international organization for
                            which the official performs duties or functions. Consultant agrees to
                            cooperate with Company to provide information reasonably requested by
                            Company about Consultant, including but not limited to, (i)
                            Consultant’s business history and (ii) the shareholders,
                            directors and officers of Consultant. It shall be a condition precedent
                            to the obligations of Company under this Agreement that Consultant
                            cooperates as above provided.

                        


            


             


            
                	
                            
                            6.

                        	
                            
                            CONFLICT OF INTEREST

                        


            


             


            
            The Consultant represents and warrants to the Company that its execution
            of, and the performance of its obligations under this Agreement does not create or
            result in any conflict of interest as to any relationship (contractual, fiduciary or
            otherwise) which the Consultant may have with any third party relating to Projects in
            Countries of Interest. However, the Consultant may provide similar services to
            third-parties that do not prejudice the carrying out of the Services to the Company.
            The Consultant shall notify the Company of any possible conflict of interest, and shall
            not create nor permit to exist any such conflict of interest during the term of this
            Agreement.


             


            
                	
                            
                            7.

                        	
                            
                            CONFIDENTIALITY

                        


            


             


            
                	
                            
                            7.1

                        	
                            
                            Consultant shall keep strictly confidential and shall
                            not disclose any information concerning this Agreement or the
                            confidential business, operations, or affairs of the Company,
                            regardless of how or when Consultant acquires such information,
                            except:

                        


            


             


            
                	
                             

                        	
                            
                            (a)

                        	
                            
                            to an Affiliate of the Consultant;

                        


            


             


            
            (b) upon written agreement of the Company to the disclosure of such
            information;


             


            
            (c) to any governmental authority or entity of competent jurisdiction or
            any stock exchange when required by law or regulations including, without limitation,
            any regulation or rule of any regulatory entity, securities commission, on which the
            securities of Consultant or an Affiliate of a Party are or are to be listed;


             


            
            6


             

            
            


            

            

             


            
            (d) as may be required in connection with an arbitration proceeding
            under this Agreement;


             


            
                	
                             

                        	
                            
                            (e)

                        	
                            
                            to legal counsel or independent accountants representing
                            a Party; or

                        


            


             


            
                	
                             

                        	
                            
                            (f)

                        	
                            
                            pursuant to Section 7.3

                        


            


             


            
                	
                            
                            7.2

                        	
                            
                            Prior to making an authorized disclosure pursuant to
                            Sections 7.1 (a), (b), (d) or (e), the Consultant shall obtain a
                            commitment from the entity to which such confidential information is
                            intended to be disclosed, to the effect that such entity shall treat
                            such information as confidential. Consultant shall be liable for
                            disclosures contrary to the terms of this Agreement by an Affiliate to
                            which Consultant has disclosed information that is covered by the
                            confidentiality obligation hereunder. However, if Consultant, or its
                            Affiliate, is required to disclose such information to a governmental
                            authority of competent jurisdiction, then Consultant may make such
                            disclosure without having obtained a written confidentiality commitment
                            from such governmental authority.

                        


            


             


            
                	
                            
                            7.3

                        	
                            
                            Consultant shall not make any public announcement
                            relating to the Services or the existence of this Agreement without the
                            prior approval of the Company.

                        


            


             


            
                	
                            
                            7.4

                        	
                            
                            The confidentiality obligations set forth in this
                            Section 7 shall be continuing and shall survive the termination or
                            expiration of this Agreement, for any reason for a period of two (2)
                            years.

                        


            


             


            
                	
                            
                            8.

                        	
                            
                            LIABILITY

                        


            


             


            
                	
                            
                            8.1

                        	
                            
                            Neither party shall be liable to the other party for any
                            claims for incidental, indirect or consequential damages arising out of
                            or in connection with the performance or non-performance of this
                            Agreement, including but not limited to claims for lost profit or
                            business opportunities.

                        


            


             


            
                	
                            
                            9.

                        	
                            
                            FORCE MAJEURE

                        


            


             


            
            If either the Consultant or the Company is rendered unable to perform an
            obligation required of it hereunder, in whole or in part, due to force majeure, then
            upon notice to the other, such Party’s performance of such obligation shall be
            suspended for the period that it is unable to perform the obligation. For purposes of
            this Agreement, “force majeure” shall mean any act or event beyond the
            reasonable control of the party affects, including, not limited to, a strike, labor
            dispute, lockout, fire, flood, tornado, hurricane, earthquake, explosion, act of God or
            the public enemy, war (declared or undeclared), blockage, governmental regulation,
            governmental treaty, order or decree, insurrections, riots, terrorism, and other civil
            disturbances, or epidemics. The performance affected by the force majeure shall be
            resumed after the event or cause of force majeure ends.


             


            
            7


             

            
            


            

            

             


            
                	
                            
                            10.

                        	
                            
                            APPLICABLE LAW AND DISPUTE RESOLUTIONS

                        


            


             


            
                	
                            
                            10.1

                        	
                            
                            A party shall not be required to perform any obligation
                            under this Agreement if the performance of that obligation is
                            prohibited by the laws of any governmental authority having competent
                            jurisdiction applicable to performance of the obligation of that
                            Party.

                        


            


             


            
                	
                            
                            10.2

                        	
                            
                            This Agreement shall be governed by and interpreted and
                            construed in accordance with laws of England. Without prejudice to the
                            right of either of the parties to enforce this Agreement in any court
                            having competent jurisdiction over one or more of the Parties or their
                            assets, the Company and the Consultant each hereby submits itself to
                            the jurisdiction and venue of the Courts of England solely for any
                            purpose related to the enforcement of this Agreement.

                        


            


             


            
                	
                            
                            10.3

                        	
                            
                            Any dispute or claim arising out of and in relation to
                            this Agreement shall be submitted to arbitration in accordance with the
                            Arbitration Act of 1996. The tribunal shall consist of one arbitrator.
                            The language of the arbitration shall be English and the venue of the
                            arbitration shall be in London. The parties hereto acknowledge that
                            service of any notices in the course of such arbitration at their
                            addresses as given in this Agreement shall be sufficient and
                            valid.

                        


            


             


            
                	
                            
                            10.4

                        	
                            
                            Judgment on the award of the arbitrators may be entered
                            in any court having competent jurisdiction or having jurisdiction over
                            one or more of the Parties or their assets.

                        


            


             


            
                	
                            
                            11.

                        	
                            
                            NOTICES

                        


            


             


            
            All notices or requests provided for or permitted to be given pursuant
            to this Agreement must be in writing, or confirmed in writing as provided herein, and
            may be delivered by telecopier, telex, mail or hand. Any notice hereunder shall be
            effected upon receipt by the Party to whom such notice is addressed, and shall be
            addressed as follows:


             


            
                	
                             

                        	
                            COMPANY:

                        


            


            
                	
                             

                        	
                            BMB Munai, Inc.

                        


            


            
                	
                             

                        	
                            c/o BMB Munai (USA) Inc.

                        


            


            
                	
                             

                        	
                            324 South 400 West, Suite 225

                        


            


            
                	
                             

                        	
                            Salt Lake City, UT 84101-1120

                        


            


            
                	
                             

                        	
                            Attention: Mr. Adam Cook, Corporate
                            Secretary

                        


            


            
                	
                             

                        	
                            Telephone: 801-355-2227

                        


            


            
                	
                             

                        	
                            Facsimile: 801-355-2990

                        


            


            
                	
                             

                        	
                            E-mail: a_cook@bmbmunai.com

                        


            


             


             


             


            
            8


             

            
            


            

            

            
                	
                             

                        	
                            CONSULTANT:

                        


            







	
             
	
            Attention:
 	
            Catherine A. Laing
 









	
             
	
            P.O. Box 664










	
             
	
            606 Second Avenue West










	
             
	
            Owen Sound, ON N4K 4M3










	 
	
            Telephone: (519) 371-6301










	 
	
            Facsimile: (519) 371-6301










	 
	
            E-mail: cathlaing@sympatico.ca






             


            
            Each Party shall have the right from time to time during the term of
            this Agreement to change its address, telephone, facsimile numbers, and/or the person
            to whom communications are to be delivered by notifying the other Party in
            writing.


             


            
                	
                            
                            12.

                        	
                            
                            MISCELLANEOUS

                        


            


             


            
                	
                            
                            12.1

                        	
                            
                            This Agreement constitutes the entire agreement between
                            the Parties relating the subject matter hereof and supersedes all prior
                            discussions, correspondence, negotiations and agreements, both written
                            and oral, regarding its subject matter.

                        


            


             


            
                	
                            
                            12.2

                        	
                            
                            This Agreement may be amended or modified, and any of
                            the terms hereof may be waived, only by a written instrument duly
                            signed by both the Company and Consultant or, in the case of a waiver,
                            by the Party waiving compliance.

                        


            


             


            
                	
                            
                            12.3

                        	
                            
                            This Agreement shall be binding upon and inure solely to
                            the benefit of each party hereto, and nothing herein, express or
                            implied, is intended to or shall confer upon any other person or
                            persons (including, but not limited to any assistant) any rights,
                            benefits or remedies of any nature whatsoever under or by any reason of
                            the Agreement.

                        


            


             


            
                	
                            
                            12.4

                        	
                            
                            The obligations and liabilities of the parties are
                            intended to be several and not joint and nothing contained herein shall
                            be construed to create an association, trust, partnership or joint
                            venture between the parties, and each party shall be liable
                            individually and severally for its own obligations under this
                            Agreement.

                        


            


             


            
                	
                            
                            12.5

                        	
                            
                            The headings user herein are for convenience only and
                            are not intended to be interpretative, definitive, or supplemental to
                            the respective paragraphs, provisions, or articles. Terms used herein
                            in the singular include the plural and vice versa, and the use of any
                            gender includes any or all other genders, as the context
                            requires.

                        


            


             


            
                	
                            
                            12.6

                        	
                            
                            The waiver by one party or the failure of the other
                            party to perform and of its obligations under this Agreement shall not
                            be deemed to be a waiver of any subsequent non-performance of that
                            obligation, or the waiver of any other obligation of the other party.
                            The failure by either party to enforce at any time or

                        


            


            
             


            
            9


             

            
            


            

            

            
            for any period any of the terms of this Agreement shall not be deemed to
            constitute a waiver.


             


            
                	
                            
                            12.7

                        	
                            
                            If any Section of this Agreement is found to be void,
                            voidable, illegal, or otherwise unenforceable, it shall not affect
                            legality or validity of the other provisions of this
                            Agreement.

                        


            


             


            IN
            WITNESS WHEREOF, this Agreement is signed in duplicate originals by the Company and the
            Consultant as of the day and year first above written.


             


            
                	
                            
                            BMB MUNAI, INC.

                        	
                            
                            CASPIAN ENERGY CONSULTING LTD

                        


            


             


             


            
                	
                            
                            By: /s/ Gamal Kulumbetov

                        	
                            
                            By: /s/ Catherine A. Laing

                        


            


            
                	
                            
                            ____________________________

                        	
                            
                            _____________________________

                        


            


            
                	
                            
                            Gamal Kulumbetov

                        	
                            
                            Catherine A. Laing

                        


            


             


             


             


             


            
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