|     |  |             
|---- |  | ------------
|LOGO |  | Exhibit 15.4





February 10, 2016

China National Oil
and Gas Exploration

And Development Corporation

International Holding Ltd (CNODCI)

No.6-1 Fuchengmen Beidajie

Xicheng District

Beijing, China 100034



|           |  |                                        
|---------- |  | ---------------------------------------
|Attention: |  | Mr. Lv Gong Xun, President             
|           | 
|Reference: |  | CNODCI Interest in PetroKazakhstan Inc.
|           |  | Evaluation of Crude Oil Reserves       
|           |  | Third Party Report                     

Dear Sir:



|1. | INTRODUCTION
|-- | ------------

McDaniel &
Associates Consultants Ltd. (McDaniel) was requested by PetroKazakhstan Inc. (PKI) to prepare an evaluation of the crude oil reserves and the net present values of these reserves for the interests of PKI in the South Turgai
Basin, Republic of Kazakhstan, effective as of December 31, 2015. McDaniel submitted to PKI an Executive Summary Report and Detailed Technical Report for the evaluation of PKI in February 2016.

PKI is an integrated oil and gas company, owned 67 percent by CNODCI and 33 percent by JSC KazMunaiGas Exploration Production (KMG EP). PKI
requested McDaniel to prepare this Third Party Report for CNODCI based on the 67 percent interest owned by CNODCI in PKI for the assets of CNODCI that are held within three operating subsidiaries: PetroKazakhstan Kumkol Resources (PKKR),
Kolzhan LLP (Kolzhan) and PetroKazakhstan Ventures Inc. (PKVI).

This report was prepared to support PKIs and
CNODCIs annual securities filings with the SEC. The data employed in this evaluation and the assumptions and procedures used to estimate the reserves and net present values are consistent with standard industry reserves evaluation procedures.



|2. | METHODOLOGY
|-- | -----------

Crude oil reserves estimates
and their associated net present values were evaluated in this report by McDaniel & Associates Consultants Ltd. for the interests of PKI in Kazakhstan.

Essentially all of the basic information employed in the preparation of this report was obtained from PKI including geological, geophysical, engineering and financial data. McDaniel utilized this data to
prepare an independent assessment of the crude oil reserves as of December 31, 2015. The reserves estimates presented in this report have been prepared in accordance with the United States Securities and Exchange Commission (SEC) reserves
definitions and guidance (see Section 3). Only the proved reserves and sub-classifications were included in this report.



2200, Bow Valley Square 3, 255 - 5 Avenue SW, Calgary AB T2P 3G6      Tel:
(403) 262-5506      Fax: (403) 233-2744      www.mcdan.com



---

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|------------------------------------------------------- |  | -----------------
|CNODCI Interest in PetroKazakhstan Inc.                 |  | Page 2           
|Evaluation of Oil and Gas Reserves  Third Party Report |  | February 10, 2016





Net present value estimates were calculated based on future revenue
forecasts. As per SEC guidelines, the future net revenues and net present values presented were calculated using the first day of the month crude oil prices for each of the 12 months prior to the effective date of December 31, 2013 and were
presented in United States dollars. No escalation of the prices were made nor were the operating and capital costs increased for inflation in this evaluation. Future capital costs and operating costs were based on PKI budgets for each respective
property with adjustments as deemed appropriate by McDaniel.



|3. | RESERVES DEFINITIONS
|-- | --------------------

The SEC reserves
definitions are contained in the Final Rule of Modernization of Oil and Gas Reporting (17 CFR Parts 210, 211, 229 and 249) published by the SEC Regulation on January 14, 2009. A summary of the key proved reserves definitions in Regulation
S-X 210.4-10 is presented below.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known
accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to
market, and all permits and financing required to implement the project. Note: Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically
producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non- productive reservoir (i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain
prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas
Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering
data, can be estimated with reasonable certainty to be economically producible  from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations  prior to the time at
which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons
must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.



| | (i) | The area of the reservoir considered as proved includes:
| | --- | --------------------------------------------------------



| | (A) | The area identified by drilling and limited by fluid contacts, if any, and
| | --- | --------------------------------------------------------------------------



| | (B) | Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas
on the basis of available geoscience and engineering data.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless
geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |      |  | 
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|------------------------------------------------------- |  | -----------------
|CNODCI Interest in PetroKazakhstan Inc.                 |  | Page 3           
|Evaluation of Oil and Gas Reserves  Third Party Report |  | February 10, 2016







| | (iii) | Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves
may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the
proved classification when:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed
program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | The project has been approved for development by all necessary parties and entities, including governmental entities.
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (v) | Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during
the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual
arrangements, excluding escalations based upon future conditions.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature,
and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to
support proved reserves, an analogous reservoir refers to a reservoir that shares the following characteristics with the reservoir of interest:



| | (i) | Same geological formation (but not necessarily in pressure communication with the reservoir of interest);
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | Same environment of deposition; (iii) Similar geological structure; and (iv) Same drive mechanism.
| | ---- | --------------------------------------------------------------------------------------------------

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent
probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience
(geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.



| |  |      |  | 
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| |  | LOGO |  | 



---

|                                                        |  |                  
|------------------------------------------------------- |  | -----------------
|CNODCI Interest in PetroKazakhstan Inc.                 |  | Page 4           
|Evaluation of Oil and Gas Reserves  Third Party Report |  | February 10, 2016







|4. | EVALUATION SUMMARY
|-- | ------------------



|4.1 | NET RESERVES
|--- | ------------

The net share of proved
developed, proved undeveloped and total proved crude oil reserves as of December 31, 2015 attributable to CNODCI for each of the three subsidiary companies are summarized below.

CNODCIS NET ENTITLEMENT OF PROVED RESERVES(1)

AS OF DECEMBER 31, 2015



|                |  |                 |        |  |                   |  |       |             |  |  |        | 
|--------------- |  | --------------- | ------ |  | ----------------- |  | ----- | ----------- |  |  | ------ | 
|                |  | ProvedDeveloped |        |  | ProvedUndeveloped |  |       | TotalProved | 
|Crude Oil, Mbbl |  |                 |        |  |                   |  |       |             |  |  |        | 
|PKKR            |  |                 | 24,043 |  |                   |  | 2,505 |             |  |  | 26,547 | 
|Kolzhan         |  |                 | 10,057 |  |                   |  | 4,706 |             |  |  | 14,763 | 
|PKVI            |  |                 | 467    |  |                   |  |      |             |  |  | 467    | 
|Total           |  |                 | 34,567 |  |                   |  | 7,210 |             |  |  | 41,777 | 



|(1) | Net entitlement reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no
royalties payable to others.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | GROSS RESERVES
|--- | --------------

The total proved
developed, proved undeveloped and total proved crude oil reserves as of December 31, 2015 for each of the three subsidiary companies are presented below for reference purposes only. These gross reserves estimates are based on a 100 percent
working interest in each of the properties and include all reserves attributable to government and working interest partners.

GROSS PROVED
RESERVES

AS OF DECEMBER 31, 2015



|                |  |                 |        |  |                   |  |        |             |  |  |        | 
|--------------- |  | --------------- | ------ |  | ----------------- |  | ------ | ----------- |  |  | ------ | 
|                |  | ProvedDeveloped |        |  | ProvedUndeveloped |  |        | TotalProved | 
|Crude Oil, Mbbl |  |                 |        |  |                   |  |        |             |  |  |        | 
|PKKR            |  |                 | 35,885 |  |                   |  | 3,738  |             |  |  | 39,623 | 
|Kolzhan         |  |                 | 22,493 |  |                   |  | 12,814 |             |  |  | 35,306 | 
|PKVI            |  |                 | 929    |  |                   |  |       |             |  |  | 929    | 
|Total           |  |                 | 59,307 |  |                   |  | 16,552 |             |  |  | 75,858 | 



|4.3 | NET PRESENT VALUES
|--- | ------------------

The net present
values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2015 attributable to CNODCI for each of the three subsidiary companies are presented below. All of the net present values have been
presented at a 10 percent discount rate.



| |  |      |  | 
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|                                                        |  |                  
|------------------------------------------------------- |  | -----------------
|CNODCI Interest in PetroKazakhstan Inc.                 |  | Page 5           
|Evaluation of Oil and Gas Reserves  Third Party Report |  | February 10, 2016





CNODCI NET PRESENT VALUES DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2015, $MM



|        |  |                 |     |  |                   |  |    |             |  |  |     | 
|------- |  | --------------- | --- |  | ----------------- |  | -- | ----------- |  |  | --- | 
|        |  | ProvedDeveloped |     |  | ProvedUndeveloped |  |    | TotalProved | 
|PKKR    |  |                 | 168 |  |                   |  | 16 |             |  |  | 184 | 
|Kolzhan |  |                 | 55  |  |                   |  | 22 |             |  |  | 77  | 
|PKVI    |  |                 | 4   |  |                   |  |   |             |  |  | 4   | 
|Total   |  |                 | 227 |  |                   |  | 38 |             |  |  | 265 | 



|4.4 | NET PRESENT VALUES SENSITIVITY ANALYSIS
|--- | ---------------------------------------

A sensitivity analysis has been prepared for the net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of
December 31, 2015 attributable to CNODCI for each of the three subsidiary companies. At the request of PKI, all of the oil prices, capital costs and operating costs have been escalated at two percent per year throughout the evaluation period.

CNODCI NET PRESENT VALUES SENSITIVITY DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2015, $MM



|        |  |                 |     |  |                   |  |    |             |  |  |     | 
|------- |  | --------------- | --- |  | ----------------- |  | -- | ----------- |  |  | --- | 
|        |  | ProvedDeveloped |     |  | ProvedUndeveloped |  |    | TotalProved | 
|PKKR    |  |                 | 171 |  |                   |  | 17 |             |  |  | 188 | 
|Kolzhan |  |                 | 57  |  |                   |  | 23 |             |  |  | 80  | 
|PKVI    |  |                 | 4   |  |                   |  |   |             |  |  | 4   | 
|Total   |  |                 | 232 |  |                   |  | 40 |             |  |  | 272 | 



|5 | SUMMARY TABLES
|- | --------------

Summary tables showing
the reserves, reserves reconciliation, future production forecasts and future revenue forecasts are presented in the Appendix for each of the three subsidiary companies.



|6 | BASIS OF OPINION
|- | ----------------

McDaniel &
Associates Consultants Ltd. has over 60 years of experience in the evaluation of oil and gas properties. McDaniel is registered with the Association of Professional Engineers and Geoscientists of Alberta (APEGA). All of the professionals involved in
the preparation of this report have in excess of 5 years of experience in the evaluation of oil and gas properties. Mr. Paul Taylor, Vice President, supervised the preparation of this report. Mr. Taylor is a professional engineer
registered with APEGA and has over 30 years of experience in the evaluation of oil and gas properties. All of the persons involved in the preparation of this report and McDaniel & Associates are independent of PKI and CNODCI.

In preparing this report, we relied upon certain factual information including ownership, well data, production data, prices, revenues, operating costs,
capital costs, contracts, and other relevant data supplied by PKI. The supplied information was only relied upon where in our opinion it appeared reasonable and consistent with our knowledge of the properties; however, no independent verification of
the information was made.

This report was prepared by McDaniel for the use of PKI and CNODCI for its securities filings with the SEC and is
not to be used for any other purpose without the knowledge and consent of McDaniel & Associates Consultants Ltd.



| |  |      |  | 
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| |  | LOGO |  | 



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|                                                        |  |                  
|------------------------------------------------------- |  | -----------------
|CNODCI Interest in PetroKazakhstan Inc.                 |  | Page 6           
|Evaluation of Oil and Gas Reserves  Third Party Report |  | February 10, 2016





We reserve the right to revise any estimates provided herein if any relevant
data existing prior to preparation of this report was not made available, if any data between the preparation date and the evaluation date of this evaluation were to vary significantly from that forecast, or if any data provided was found to be
erroneous.

Sincerely,

McDANIEL
& ASSOCIATES CONSULTANTS LTD.

APEGA PERMIT NUMBER: P3145



|                             |  |  |  |                    
|---------------------------- |  |  |  | -------------------
|LOGO                         |  |  |  | LOGO               
|P. Taylor, CEng MEI, P. Eng. |  |  |  | C. Boulton, P. Eng.
|Vice President               |  |  |  | Associate          

PT/CB:jep

[15-0243]



| |  |      |  | 
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| |  | LOGO |  | 



---

CNODCI Interest in PKI

Table 1PetroKazakhstan Kumkol ResourcesSummary of Reserves and Net Present ValuesEffective December 31, 2015 Summary of Reserves (1)(2)  Crude Oil Reserves  Bbls


Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet Mbbl


PropertyGrossMMcf


CompanyGrossMMcf


CompanyNet MMcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet MbblProved Developed Reserves


35,885



24,043



24,043























Proved Undeveloped Reserves


3,738



2,505



2,505























Total Proved Reserves


39,623



26,547



26,547























  Crude Oil Reserves  Tonnes


BOE Reserves (3)PropertyGrossMT


CompanyGrossMT


CompanyNetMT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Developed Reserves


4,642



3,110



3,110



35,885



24,043



24,043Proved Undeveloped Reserves


488



327



327



3,738



2,505



2,505Total Proved Reserves


5,130



3,437



3,437



39,623



26,547



26,547 Summary of Company Share of Net Present Values Before Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


246



229



214



202



191Proved Undeveloped Reserves


28



24



20



18



16Total Proved Reserves


274



253



235



220



207 Summary of Company Share of Net Present Values After Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


194



180



168



158



149Proved Undeveloped Reserves


22



19



16



14



12Total Proved Reserves


216



199



184



172



161  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each
property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Based on a gas to BOE conversion of 6:1




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 2PetroKazakhstan Kumkol ResourcesForecast of Production and RevenuesProved Developed ReservesEffective December 31, 2015 Property Gross Share of Production and Gross Revenues  ProducingWellCount


Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2016


515



32,974



12,036



1,562



28



336



























3362017


499



23,783



8,681



1,126



28



242



























2422018


480



17,090



6,238



810



28



174



























1742019


449



12,421



4,534



588



28



128



























1282020


207



6,606



2,411



313



28



68



























682021


119



3,783



1,381



181



28



39



























392022


47



1,557



568



74



28



16



























162023


4



101



37



5



28



1



























12024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total










35,885



4,659







1,004



























1,004 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRentTax %


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2016


15



4



19



6



100



0



34







167







17



23



1272017


10



4



14



6



90



0



33







95







11



11



732018


7



4



10



6



81



0



12







65







7



4



542019


5



4



8



6



71



13



9







23







2



1



202020


3



4



4



6



40



7



4







10







1



0



92021


1



4



2



6



25



7











4







0







32022


1



4



1



6



11



1











3















32023


0



4



0



6



0



1











(0
)














(0
)2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


41



4



58



6



418



28



92







367







38



39



290




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2016


8,064



8,064











225



10



13



67



23







112



27



852017


5,816



5,816











162



7



9



61



22







64



15



492018


4,179



4,179











117



4



7



54



8







44



7



362019


3,038



3,038











86



3



5



56



6







15



2



132020


1,616



1,616











46



2



3



31



3







7



1



62021


925



925











26



1



2



21











2



0



22022


381



381











11



0



1



8











2







22023


25



25











1



0



0



1











(0
)






(0
)2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


24,043



24,043











673



27



39



299



61







246



52



194




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 3PetroKazakhstan Kumkol ResourcesForecast of Production and RevenuesTotal Proved ReservesEffective December 31, 2015 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2016


519



33,644



12,280



1,594



28



342



























3422017


513



25,515



9,313



1,209



28



260



























2602018


501



18,997



6,934



901



28



194



























1942019


469



14,020



5,117



665



28



144



























1442020


224



7,867



2,872



374



28



81



























812021


178



5,233



1,910



249



28



54



























542022


108



3,171



1,157



152



28



33



























332023


3



110



40



5



28



1



























12024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total










39,623



5,149







1,108



























1,108




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRent Tax%


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs&
Com.BonusUS$MM


Net CashFlow B. 
TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2016


15



4



19



6



101



0



39







168







17



24



1272017


11



4



15



6



92



0



43







99







14



11



742018


8



4



11



6



84



0



13







77







9



5



642019


5



4



9



6



75



13



9







33







4



1



282020


3



4



5



6



44



1



4







24







1



0



232021


2



4



3



6



33



6











9







0







82022


1



4



2



6



23



8











(1
)














(1
)2023


0



4



0



6



0



1











(0
)














(0
)2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


46



4



64



6



453



29



108







409







45



41



323 Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2016


8,228



8,228











229



10



13



68



26







112



27



852017


6,240



6,240











174



7



10



62



29







67



17



502018


4,646



4,646











130



5



7



56



9







52



9



432019


3,428



3,428











97



4



6



59



6







22



3



192020


1,924



1,924











54



2



3



30



3







16



1



152021


1,280



1,280











36



1



2



27











6



0



62022


775



775











22



1



1



21











(1
)






(1
)2023


27



27











1



0



0



1











(0
)






(0
)2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


26,547



26,547











743



31



43



323



72







274



57



216




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 4 Kolzhan LLP Summary of Reserves and Net Present Values Effective December 31, 2015 Summary of Reserves (1)(2)  Crude Oil Reserves  Bbls


Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet Mbbl


PropertyGrossMMcf


CompanyGrossMMcf


CompanyNet MMcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet MbblProved Developed Reserves


22,493



10,057



10,057























Proved Undeveloped Reserves


12,814



4,706



4,706























Total Proved Reserves


35,306



14,763



14,763























  Crude Oil Reserves  Tonnes


BOE Reserves (3)PropertyGrossMT


CompanyGrossMT


CompanyNet MT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet MbblProved Developed Reserves


2,865



1,272



1,272



22,493



10,057



10,057Proved Undeveloped Reserves


1,648



603



603



12,814



4,706



4,706Total Proved Reserves


4,513



1,876



1,876



35,306



14,763



14,763 Summary of Company Share of Net Present Values Before Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


112



96



84



75



67Proved Undeveloped Reserves


74



57



45



36



29Total Proved Reserves


186



153



129



110



96 Summary of Company Share of Net Present Values After Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


76



64



55



48



43Proved Undeveloped Reserves


40



29



22



17



13Total Proved Reserves


116



93



77



65



55  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each
property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Based on a gas to BOE conversion of 6:1




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 5Kolzhan LLPForecast of Production and RevenuesProved Developed ReservesEffective December 31, 2015 Property Gross Share of Production and Gross Revenues  ProducingWellCount


Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2016


112



13,474



4,918



625



26



126



























1262017


112



11,092



4,048



515



25



103



























1032018


106



9,117



3,328



424



25



84



























842019


98



7,364



2,688



342



28



75



























752020


87



5,906



2,156



275



28



60



























602021


80



4,808



1,755



224



28



49



























492022


70



4,023



1,468



187



28



41



























412023


62



3,171



1,158



148



28



32



























322024


53



1,853



676



86



28



19



























192025


21



817



298



38



28



8



























82026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total










22,493



2,865







599



























599 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRent Tax%


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2016


3



2



3



3



27



0



36







57







15



22



202017


2



2



2



2



24



0



33







40







10



11



202018


2



2



2



2



24



0



13







44







8



8



282019


2



3



4



6



22



0



15







31







6



3



222020


2



3



4



6



21



0



13







21







3



1



162021


2



3



3



6



20



0



0







25







3



1



212022


1



3



2



6



18



0



0







19







2



1



162023


1



3



2



6



16



0











13







2



0



122024


1



3



1



6



13



3











1















12025


0



3



0



6



6



0











2















22026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


16



3



24



4



190



6



111







253







48



47



157




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2016


2,264



2,264











59



2



2



14



15







27



14



132017


1,832



1,832











48



1



2



12



12







21



8



132018


1,489



1,489











39



1



1



12



5







20



6



142019


1,195



1,195











34



1



2



11



5







14



3



102020


951



951











27



1



2



11



5







9



2



72021


769



769











22



1



1



10



0







9



1



82022


635



635











18



1



1



9



0







7



1



62023


503



503











14



0



1



8











5



1



42024


318



318











9



0



1



8











(0
)






(0
)2025


100



100











3



0



0



2











1







12026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


10,057



10,057











272



8



12



98



42







112



36



76




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 6Kolzhan LLPForecast of Production and RevenuesTotal Proved ReservesEffective December 31, 2015 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2016


116



15,164



5,535



705



25



140



























1402017


126



15,685



5,725



731



25



143



























1432018


129



14,883



5,432



695



25



135



























1352019


126



12,753



4,655



595



28



130



























1302020


116



10,386



3,791



485



28



106



























1062021


109



8,304



3,031



388



28



85



























852022


96



6,584



2,403



308



28



67



























672023


86



4,986



1,820



233



28



51



























512024


74



3,249



1,186



151



28



33



























332025


64



2,433



888



113



28



25



























252026


34



1,314



479



62



28



13



























132027


31



989



361



47



28



10



























102028


















































2029


















































2030


















































Rem.


















































Total










35,306



4,513







940



























940 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRent Tax%


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2016


3



2



3



2



28



0



49







57







17



25



152017


3



2



3



2



27



0



53







58







16



21



212018


2



2



2



2



28



0



22







81







16



23



422019


5



4



8



6



26



0



24







67







13



14



402020


4



4



6



6



25



0



20







51







10



9



332021


3



4



5



6



23



0



0







53







7



7



382022


2



3



4



6



21



0











40







5



5



292023


2



3



3



6



19



0











27







3



2



212024


1



3



2



6



17



0











13







1







122025


1



3



1



6



15



3











5







0







52026


0



3



1



6



7















5







0







52027


0



3



1



6



6















3















32028


















































2029


















































2030


















































Rem.


















































Total


27



3



38



4



242



7



168







459







89



105



264




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual 
NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2016


2,471



2,471











64



2



2



14



20







27



16



112017


2,417



2,417











62



1



2



13



19







27



14



132018


2,251



2,251











58



1



1



14



8







33



14



192019


1,918



1,918











54



2



3



13



8







27



10



172020


1,554



1,554











44



2



3



12



7







20



6



142021


1,240



1,240











35



1



2



11



0







20



5



152022


984



984











28



1



2



11











14



3



112023


753



753











21



1



1



10











10



2



82024


511



511











14



0



1



8











5



0



42025


382



382











11



0



1



9











1



0



12026


161



161











4



0



0



2











2



0



22027


121



121











3



0



0



2











1







12028


















































2029


















































2030


















































Rem.


















































Total


14,763



14,763











398



12



18



120



62







186



70



116




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 7PetroKazakhstan Ventures Inc.Summary of Reserves and Net Present ValuesEffective December 31, 2015 Summary of Reserves (1)(2)  Crude Oil Reserves  Bbls

Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl

CompanyGrossMbbl

CompanyNetMbbl

PropertyGrossMMcf


CompanyGrossMMcf


CompanyNetMMcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Developed Reserves

929

467

467






















Proved Undeveloped Reserves




























Total Proved Reserves

929

467

467






















  Crude Oil Reserves  Tonnes


BOE Reserves (3)PropertyGrossMT


CompanyGrossMT


CompanyNet MT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNet MbblProved Developed Reserves


122



61



61



929



467



467Proved Undeveloped Reserves






















Total Proved Reserves


122



61



61



929



467



467 Summary of Company Share of Net Present Values Before Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


5



5



4



4



4Proved Undeveloped Reserves


















Total Proved Reserves


5



5



4



4



4 Summary of Company Share of Net Present Values After Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Reserves


5



5



4



4



4Proved Undeveloped Reserves


















Total Proved Reserves


5



5



4



4



4  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each
property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Based on a gas to BOE conversion of 6:1




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

CNODCI Interest in PKI

Table 8PetroKazakhstan Ventures Inc.Forecast of Production and RevenuesProved Developed ReservesEffective December 31, 2015 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$M


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$M


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$M2016


8



668



244



31



23,930



5,832



























5,8322017


10



729



266



34



23,930



6,365



























6,3652018


9



487



178



23



23,930



4,252



























4,2522019


7



318



116



15



27,921



3,236



























3,2362020


7



210



77



10



27,921



2,137



























2,1372021


6



135



49



6



27,921



1,378



























1,3782022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total










929



120







23,200



























23,200 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$M


TotalMET%


ExportRent TaxUS$M%


ExportRent Tax%


TotalOperatingCostsUS$M


Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow B. TaxUS$M


PropertyTaxUS$M


CorporateTaxUS$M


ExcessProfitsTaxUS$M


Net CashFlow A. TaxUS$M2016


88



2











2,354



36



259



69



3,026















3,0262017


96



2











2,665



36



138







3,430















3,4302018


64



2











2,229



36



61







1,862















1,8622019


108



3



185



6



1,696



36



41







1,171















1,1712020


71



3



122



6



1,497



36



40







372















3722021


46



3



79



6



1,241















13















132022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


474



2



386



2



11,680



180



538



69



9,873















9,873




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$M


TotalMETUS$M


ExportTaxUS$M


Operating& Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow B. TaxUS$M


TotalTaxesUS$M


Net CashFlow A.T.US$M2016


122



122











2,931



44







1,201



130



34



1,521







1,5212017


134



134











3,198



48







1,357



69







1,723







1,7232018


89



89











2,136



32







1,138



30







936







9362019


58



58











1,626



54



93



870



20







588







5882020


38



38











1,074



36



61



770



20







187







1872021


25



25











693



23



40



624











6







62022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


467



467











11,658



238



194



5,960



270



34



4,961







4,961




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Table 9
CNODCI Interest in PKI PetroKazakhstan Ventures Inc. Forecast of Production and Revenues Total Proved Reserves Effective December 31, 2015 Property Gross Share of Production and
Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$M


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$M


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$M2016


8



668



244



31



23,930



5,832



























5,8322017


10



729



266



34



23,930



6,365



























6,3652018


9



487



178



23



23,930



4,252



























4,2522019


7



318



116



15



27,921



3,236



























3,2362020


7



210



77



10



27,921



2,137



























2,1372021


6



135



49



6



27,921



1,378



























1,3782022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total










929



120







23,200



























23,200 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$M


TotalMET%


ExportRent TaxUS$M


ExportRent Tax%


TotalOperatingCostsUS$M


Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs&
Com.BonusUS$M


Net CashFlow B. 
TaxUS$M


PropertyTaxUS$M


CorporateTaxUS$M


ExcessProfitsTaxUS$M


Net CashFlow A. 
TaxUS$M2016


88



2











2,354



36



259



69



3,026















3,0262017


96



2











2,665



36



138







3,430















3,4302018


64



2











2,229



36



61







1,862















1,8622019


108



3



185



6



1,696



36



41







1,171















1,1712020


71



3



122



6



1,497



36



40







372















3722021


46



3



79



6



1,241















13















132022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


474



2



386



2



11,680



180



538



69



9,873















9,873




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016



---

Company Working Interest Share Summary  Year

GrossAnnual 
OilProductionMbbl


NetAnnual 
OilProductionMbbl


NetAnnual 
GasProductionMMcf


NetAnnual 
NGLProductionMbbl


GrossSalesRevenueUS$M


TotalMETUS$M


ExportTaxUS$M


Operating&
Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs&
Com.BonusUS$M


Net CashFlow B.TaxUS$M


TotalTaxesUS$M


Net CashFlow A.T.US$M2016


122



122











2,931



44







1,201



130



34



1,521







1,5212017


134



134











3,198



48







1,357



69







1,723







1,7232018


89



89











2,136



32







1,138



30







936







9362019


58



58











1,626



54



93



870



20







588







5882020


38



38











1,074



36



61



770



20







187







1872021


25



25











693



23



40



624











6







62022


















































2023


















































2024


















































2025


















































2026


















































2027


















































2028


















































2029


















































2030


















































Rem.


















































Total


467



467











11,658



238



194



5,960



270



34



4,961







4,961




|                                                                                       |  |      |  |           
|-------------------------------------------------------------------------------------- |  | ---- |  | ----------
|Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only |  | LOGO |  | 09/02/2016