Document:

Amended and Restated Securities Agency Agreement

 Exhibit 10.3 
 Execution Version 
 AMENDED AND RESTATED SECURITIES AGENCY AGREEMENT 
 THIS AMENDED AND RESTATED SECURITIES AGENCY AGREEMENT (this “Agreement”) dated as of October 24, 2008 is entered into by and among THE BANK
OF NEW YORK MELLON, a New York banking corporation, not in its individual capacity but solely as trustee under the Original Indenture (as defined herein) (the “Original Trustee”), as trustee under the New Indenture (as
defined herein) (the “New Trustee”) and as collateral agent under the Original Indenture and the New Indenture (the “Collateral Agent” and, together with the Original Trustee, the New Trustee and the
holders of the Notes (as defined below), the “Secured Parties”), JSC BTA SECURITIES, a Kazakhstan joint stock company incorporated under the laws of Kazakhstan, No. 14024-1910-T00, broker-dealer license
No. 0401201983, as Securities Agent in the Republic of Kazakhstan (the “Securities Agent”), TRANSMERIDIAN EXPLORATION INC., a company incorporated under the laws of the British Virgin Islands
(“TME”), and BRAMEX MANAGEMENT, INC., a company incorporated under the laws of the British Virgin Islands (“Bramex” and, together with TME, the “Issuers”). 
 RECITALS 
 WHEREAS, pursuant to that certain
Indenture, dated as of December 12, 2005, as supplemented by the First and Second Supplemental Indentures thereto, dated as of December 22, 2005 and May 24, 2006, respectively (the “Existing Indenture” and,
such Existing Indenture, as supplemented by the Third Supplemental Indenture, dated as of the date hereof (and as further amended, restated, supplemented or otherwise modified from time to time, the “Original Indenture”)), by
and among TME, the Original Trustee, Transmeridian Exploration Incorporated (the “Parent”), as guarantor, and the other guarantors party thereto (the “Subsidiary Guarantors” and, together with the
Parent, the “Guarantors”), TME issued $290 million aggregate principal amount of its senior secured notes due 2010 (the “Original Notes”); 
 WHEREAS, to secure the obligations of TME under the Original Notes and the Existing Indenture, the Original Trustee, the Securities Agent and the Issuers entered into the Securities Agency Agreement, dated as of
January 3, 2006, as amended on May 24, 2006 (the “Original Securities Agency Agreement”); 
 WHEREAS, to secure the
obligations of the Issuers and the Guarantors under the Existing Indenture and the Original Notes, the Issuers executed and delivered (i) the Conditional Share Transfer Agreement, dated as of January 3, 2006, as amended on May 24,
2006 (the “Original CSTA”), among the Issuers and the Securities Agent, and (ii) the Share Encumbrance and Pledge Agreement, dated as of January 3, 2006, as amended on May 24, 2006 (the “Original
SEPA”), among the Issuers and the Securities Agent; 
 WHEREAS, none of the Original Notes are owned by (i) TME or by any Person that is or
may be a Person directly or indirectly controlling or controlled by or under direct or indirect common control with TME or (ii) United Energy Group Limited, an exempted company with limited liability existing under the laws of Bermuda
(“UEGL”), other than the $43,159,000 aggregate principal amount of Original Notes (the “Specified Original Notes”) owned by UEGL; 

 WHEREAS, pursuant to that certain Indenture, dated as of the date hereof, by and among TME, the New Trustee and the
Guarantors (as amended, amended and restated, supplemented or otherwise modified from time to time, the “New Indenture” and, together with the Original Indenture, the “Indentures”), TME is authorized to issue
its senior secured notes due 2010 (the “New Notes” and, together with the Original Notes, the “Notes”) in an aggregate principal amount of up to $177,726,000 (or such other aggregate principal amount
set forth in an Authentication Order delivered on the Issue Date (as defined in the New Indenture)) in exchange for all or a portion of the Original Notes; 
 WHEREAS, pursuant to the Offering Memorandum and Consent Solicitation Statement, dated as of July 23, 2008 (as amended or supplemented, the “Solicitation Statement”), of TME and the Parent, TME and the Parent
have solicited consents of the holders of the Original Notes to authorize certain amendments to the Existing Indenture and to the Security Documents (as defined in the Existing Indenture), including the Original Securities Agency Agreement, and in
connection therewith, TME has obtained the written consent of the holders of at least a majority in outstanding principal amount of the Original Notes to the substance of the amendment and restatement in its entirety of the Original Securities
Agency Agreement, as set forth herein, and the amendment and restatement in its entirety of each of the Original CSTA and the Original SEPA, as set forth in the CSTA and the SEPA (each as defined below), respectively, evidence of which that is
satisfactory to the Original Trustee having been filed therewith; 
 WHEREAS, the Issuers, the Original Trustee, the New Trustee, the Collateral Agent and
the Securities Agent have each agreed to enter into this Agreement to amend and restate the Original Securities Agency Agreement to (a) secure the obligations of the Issuers under the Notes and the Indentures and (b) make the other
modifications to the Original Securities Agency Agreement as set forth herein; 
 WHEREAS, to secure the obligations of the Issuers and the Guarantors under
the Indentures and the Notes (the “Secured Obligations”), the Issuers have agreed, among other things, to execute and deliver (i) the Amended and Restated Conditional Share Transfer Agreement (the
“CSTA”) and the Amended and Restated Share Encumbrance and Pledge Agreement (the “SEPA”) and (ii) the other documents listed on Exhibit A (the CSTA, the SEPA, such other documents listed on
Exhibit A and any such other agreements as may be entered into from time to time with the prior written consent of the Collateral Agent with respect to the Shares (as defined in the CSTA) collectively, the “Kazakhstan
Documents”); and 
 WHEREAS, pursuant to Sections 9.6 and 12.4 of the Existing Indenture, the Original Trustee has received an Officer’s
Certificate and an Opinion of Counsel as to the matters specified therein with respect to execution and delivery by the Trustee hereof. 
 NOW, THEREFORE, in
consideration of the premises, the parties hereto hereby amend and restate the Original Securities Agency Agreement in its entirety and agree as follows: 
 Section 1. Definitions 
 Capitalized terms used herein and not otherwise defined herein and the term “outstanding”
shall have the respective meanings given to such terms in the Original Indenture. 
  

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 Section 2. Appointment of Securities Agent; Successor Securities Agent 
 The Issuers hereby appoint the Securities Agent, and the Securities Agent hereby accepts such appointment, pursuant to the terms of this Agreement, as securities agent
to act on behalf of the Collateral Agent, acting on behalf of the Original Trustee under the Original Indenture for the benefit of the Original Trustee and the holders of the Original Notes and the New Trustee under the New Indenture for the benefit
of the New Trustee and the holders of the New Notes, but, in each such case, solely in respect of the Kazakhstan Documents and the Shares covered thereby. The Securities Agent shall be and is hereby authorized to exercise such rights and powers as
instructed from time to time by the Collateral Agent to perform its obligations as Securities Agent under this Agreement and as Securities Agent and/or beneficiary under the Kazakhstan Documents. Except as otherwise expressly set forth in this
Agreement, the Securities Agent shall not take any action with respect to the Shares, whether pursuant to this Agreement or any of the Kazakhstan Documents, except pursuant to the written instructions of the Collateral Agent. 
 (a) The Securities Agent is an independent contractor and shall have no authority to act for or represent any Secured Party except as
expressly set forth herein. Notwithstanding any provision to the contrary elsewhere, the Securities Agent shall not have any authority, rights, duties or responsibilities, except those expressly set forth in the Kazakhstan Documents to which it is a
party and those arising out of its acceptance and administration of this Agreement. The Securities Agent does not owe fiduciary duties to any Secured Party or any other person in connection with the performance of its duties hereunder other than
(i) the duty to safekeep the Shares in its custody and (ii) the duty to take no action which would impair the interests of any Secured Party in the Shares. At the expense of the Issuers, the Securities Agent may retain counsel and other
experts, and may rely conclusively on the advice of such counsel and other experts. If the Securities Agent is required to take any action hereunder, including, but not limited to, beginning any legal action or proceeding or taking any steps to
enforce or realize upon any security interest created by the Kazakhstan Documents, the Issuers shall reimburse and indemnify (whether by way of payment in advance or otherwise) the Securities Agent against all costs, claims, expenses (including
legal fees) and liabilities it will or may expend or incur in taking such action. 
 (b) The Securities Agent may be removed
any time with or without cause by written notice by the Collateral Agent. Prior to the effectiveness of any such removal, the Issuers shall have the right to appoint a successor Securities Agent. Upon the acceptance of any appointment as Securities
Agent hereunder by a successor Securities Agent, such successor Securities Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Securities Agent, and the retiring Securities Agent
shall be discharged from its duties and obligations under this Agreement. After any Securities Agent’s removal hereunder as Securities Agent, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be
taken by it while it was Securities Agent under this Agreement and the Kazakhstan Documents. 
 (c) Beyond the exercise of
reasonable care in the custody thereof, the Securities Agent shall have no duty as to any Shares in its possession or control or in the possession or control of any nominee, agent or bailee or any income thereon or as to preservation of rights
against prior parties or any other rights pertaining thereto. The Securities Agent shall be deemed to have exercised reasonable care in the custody of the Shares in its possession if the Shares are accorded treatment substantially equal to that
which it accords its own property and 

  

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shall not be liable or responsible for any loss or diminution in the value of any of the Shares, by reason of the act or omission of any carrier, forwarding
agency or other agent or bailee selected by the Securities Agent in good faith. 
 (d) The Issuers shall concurrently give to
the Securities Agent copies of all notices given by the Issuers to the Collateral Agent, the Original Trustee or the New Trustee pursuant to the Indentures, provided that the failure to provide to the Securities Agent a copy of a notice properly
delivered to such Collateral Agent, Original Trustee or New Trustee shall not be a separate default or Event of Default under the Original Indenture or an Event of Default under the New Indenture, the Kazakhstan Documents or this Agreement. The
Collateral Agent will have the right to appoint a person who will be in charge of exercising the rights derived from or related to the Shares or that may be applicable to its defense, in which case the Securities Agent will be obligated only to
grant the necessary powers of attorney. In the event of and following such an appointment, the Collateral Agent shall give prompt notice of such appointment to the Issuers. 
 Section 3. Responsibilities of Securities Agent 
 The
obligations of the Securities Agent under this Agreement shall be to: 
 (a) duly execute and deliver and act as Securities
Agent or beneficiary under the Kazakhstan Documents for the benefit of the Collateral Agent under the Indentures as requested by the Collateral Agent in writing; 
 (b) duly perform all of its duties and obligations under the Kazakhstan Documents, specifically those obligations to enforce its rights
against the Shares, but only as and to the extent instructed by the Collateral Agent in writing; 
 (c) upon the occurrence of
an Event of Default under either Indenture, take such action as requested by written instructions of the Collateral Agent under the applicable Indenture, specifically including the actions specified under Section 2.1 of the CSTA (but in no
event otherwise) in a manner consistent with applicable law. In this regard, the Securities Agent shall be entitled to rely and act upon, and shall be fully protected in relying and acting upon, any note, writing, resolution, notice, consent,
certificate, request, demand, direction, instruction, waiver, receipt, agreement, affidavit, letter, statement, order or written document or written communication reasonably believed by it to be genuine and correct and to have been signed, sent or
made by the proper Person or Persons and upon advice and statements of legal counsel and other experts retained or employed by the Securities Agent in its reasonable discretion; 
 (d) be deemed not to have actual, constructive, direct or indirect knowledge or notice of the occurrence of any Event of Default under
either Indenture or any right or obligation to give a Transfer Instruction (as defined in the CSTA), except upon receipt by the Securities Agent of a written notice or a certificate from the Collateral Agent stating that an Event of Default under
the applicable Indenture has occurred and that a Transfer Instruction should be delivered. The Securities Agent shall have no obligation whatsoever, either prior to or after receiving such written notice or certificate, to inquire whether an Event
of Default under the applicable Indenture has in fact occurred and shall be entitled to rely conclusively, and shall be fully protected in so relying, on any notice or certificate so furnished to it; 
  

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 (e) take such other actions reasonably requested by the Collateral Agent in accordance
with this Agreement; 
 (f) file the required statements and record the required documents or instruments in the appropriate
public office at any time or times necessary to preserve the interests of each Secured Party in the Shares; 
 (g) following
completion of a Share Transfer (as defined in the CSTA), at the direction of the Collateral Agent, sell the Shares in a manner consistent with applicable law for cash or other consideration in one or more transactions in such manner and to such
purchasers as shall be directed in writing by the Collateral Agent; 
 (h) remit all Sales Proceeds (as defined in the CSTA)
forthwith to the Collateral Agent until the Collateral Agent shall have received at its offices in New York, New York an aggregate amount equal to all amounts owed by the Issuers with respect to the Secured Obligations, and upon receipt by the
Securities Agent of a written certification from the Collateral Agent that the Collateral Agent has received Sales Proceeds from the sales of Transferred Shares (as defined in the CSTA) conducted by or at the direction of the Securities Agent
pursuant to the CSTA in an aggregate amount sufficient to have satisfied in full all of the Secured Obligations, (i) remit any remaining Sales Proceeds to the Shareholders (as defined in the CSTA), as they shall jointly direct and (ii) if
applicable, instruct the Nominee (as defined in the CSTA) to transfer ownership of any remaining Shares to the Shareholders, as they shall jointly direct; and 
 (i) if so directed in writing by the Collateral Agent, acquire Transferred Shares for the account of the Collateral Agent, or its assigns,
pursuant to the exercise of the set-off rights provided for in Section 7.1(i) of the CSTA. The Securities Agent shall not otherwise exercise such rights under the CSTA or otherwise arising in favor of the Securities Agent by operation of law or
any other agreement with the Shareholders, or either Issuer, or any of their Affiliates. 
 Section 4. Securities Agent’s Individual
Capacity 
 The Securities Agent may engage in any kind of financial business with the Issuers or any of their respective affiliates or subsidiaries as if
the Securities Agent were not performing the duties specified herein, and may accept fees and other consideration from the Issuers for services in connection with this Agreement and otherwise without having to account for the same to the Collateral
Agent or to any other Secured Party from time to time. 
 Section 5. Term, Fees, Etc. 
 The term of this Agreement shall commence on the date hereof and, unless earlier terminated pursuant to Section 2(b), shall terminate upon the Termination Date (as
defined in the CSTA). For services rendered as Securities Agent under this Agreement, the Issuers shall pay the Securities Agent such compensation as may be agreed to from time to time in writing between the Securities Agent and the Issuers. The
Issuers agree to pay the reasonable fees and expenses of, and other amounts payable to, the Securities Agent under this Agreement (including the reasonable fees and expenses of the Securities Agent’s counsel), in addition to any other fees,
expenses and other amounts payable that may arise under the Kazakhstan Documents. No Secured Party shall have any liability for any of the foregoing fees or expenses. 
  

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 Section 6. Limitation of Responsibility. 
 (a) The Securities Agent will not be liable for any facts, acts or omissions of the parties on the Kazakhstan Documents or third parties
that may prevent the Securities Agent from complying with its obligations and duties under this Agreement. 
 (b) The
Securities Agent shall not have any implied liability or obligation under this Agreement or the Kazakhstan Documents with respect to obligations that are not expressly provided herein or therein. 
 (c) The parties hereto agree that the Securities Agent shall not be liable for any act or omission, including, without limitation, the
failure to deliver any notice in accordance with this Agreement, to be performed by any other party hereto or any third party that may result in a failure to comply with the Securities Agent’s obligations. 
 (d) The Securities Agent shall not be liable for any act performed in good faith and in accordance with the written instructions delivered
by the Collateral Agent to the Securities Agent pursuant to this Agreement. No Secured Party shall have any liability for any negligence or willful misconduct of the Securities Agent. 
 (e) Notwithstanding any other limitation to the Securities Agent’s liability under this Agreement, the parties hereto agree that the
Securities Agent shall not be liable for, and shall not have any obligation to verify or investigate: 
  

	 	(i)	any representation or warranty made by the parties hereto in this Agreement or any other document related to this Agreement, including, but not limited, to the Kazakhstan Documents;

  

	 	(ii)	the content of any certificate, report or any other document delivered by any party hereto or any other third party; and 

  

	 	(iii)	the fulfillment by the Issuers of their obligations under any agreement related to this Agreement, including, but not limited to, the Kazakhstan Documents. 

(f) Nothing herein shall require any Secured Party to submit to the jurisdiction of a non-U.S. court. 
 (g) Without limiting the above and notwithstanding any provision to the contrary in any other document, the Securities Agent and its
officers, representatives, employees and agents: 
  

	 	(i)	shall not have any liability or obligation other than those expressly provided in this Agreement, and the Securities Agent shall not have any implied liability or obligation
hereunder; 

  

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	 	(ii)	at any time, upon determination by the Securities Agent after consultation with legal counsel that it is prohibited by applicable law to perform or refrain from performing an act or
requirement set forth herein, the Securities Agent may postpone or refrain from performing such act until the Securities Agent has received legal advice from counsel or other evidence reasonably satisfactory to the Securities Agent that such act (or
omission to act) is not prohibited under applicable law; 

  

	 	(iii)	may, at its own election, seek advice from any legal or any other kind of advisor (provided that the Securities Agent shall not retain financial advisors for the benefit of
any Secured Party without the prior written consent of such Person); 

  

	 	(iv)	shall not have any liability whatsoever to determine or investigate the fulfillment or compliance by any of the parties hereto of the terms, conditions and obligations under this
Agreement or any other agreement they are part of; 

  

	 	(v)	shall not incur any liability whatsoever for any delay, cancellation or modification of any notice, consent, certificate, representation, communication, copy or any other
communication not delivered to the Securities Agent, cancelled or modified timely; and 

  

	 	(vi)	shall not be deemed to have knowledge of any fact or circumstance, unless the Securities Agent has received a written notice at the address provided in Section 9(a) hereof in
accordance with this Agreement. 

 Section 7. Indemnification; Disclaimers, Etc. 
 (a) The Issuers shall be liable for and shall reimburse and indemnify the Securities Agent and hold each of the Securities Agent, the
Original Trustee, the New Trustee and the Collateral Agent (which shall include, for the purposes of this Section 7, their respective officers, employees, agents and directors) harmless from and against any and all claims, losses, liabilities,
taxes, costs, damages or expenses (including reasonable attorney’s fees and expenses) (collectively, “Losses”) arising from or in connection with or related to this Agreement or being Securities Agent hereunder
(including but not limited to Losses incurred by the Securities Agent in connection with its successful defense, in whole or in part, of any claim of willful misconduct on its part); provided, however, that the Securities Agent shall not be
indemnified for Losses caused by its own negligence or willful misconduct, for which it shall indemnify each Secured Party and the Issuers for any costs or expenses of any kind whatsoever incurred by them. 
 (b) No provision of this Agreement or the Kazakhstan Documents shall require the Securities Agent or any Secured Party to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or under the 

  

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Kazakhstan Documents or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or
adequate indemnity against such risk or liability is not reasonably assured to it. 
 (c) The Securities Agent shall have no
liability (whether sounding in tort, contract or otherwise) for losses in connection with, arising out of, or in any way related to, performance by the Securities Agent under any of the Kazakhstan Documents and/or the relationship established by
this Agreement, or any act, omission or event occurring in connection therewith, unless it is determined by a final and nonappealable judgment of a court of competent jurisdiction that is binding on the Securities Agent that such losses were the
result of acts or omissions on the part of the Securities Agent constituting negligence or willful misconduct in connection with the performance by the Securities Agent hereunder or under the Kazakhstan Documents, or otherwise. 
 (d) Without prejudice to any other provision of this Section 7, the Securities Agent and the Issuers agree that no Secured Party
shall have any liability to the Securities Agent or the Issuers (whether sounding in tort, contract or otherwise) hereunder. 
 Section 8.
Illegality; No Inconsistency 
 Nothing in this Agreement or the Kazakhstan Documents shall require the Securities Agent to take any action that is in
violation of or prohibited by any applicable laws. 
 Section 9. Miscellaneous Provisions 
 (a) Notices. All notices, approvals, comments or other communications required or desired to be given hereunder shall be in writing in the
English language and delivered in person or mailed by certified mail or courier, postage prepaid, addressed as follows, or by facsimile transmission, and shall be deemed to have been given when received: 
 If to either the Original Trustee, the New Trustee or the Collateral Agent: 
 The Bank of New York Mellon 
 101 Barclay Street 4 East 
 New York, New York 10286 
 USA 
 Attention: Global Finance Unit 
 Fax:
+1-212-815-5802/5803 
 If to the Securities Agent: 
 JSC BTA Securities 
 281 Khusainov Street 
 Almaty 050060 
 Kazakhstan 
 Attention: Zhassulan Bekzhigitov 
 Fax:
+7-727-299-1025 
  

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 If to TME: 
 c/o Transmeridian Exploration Incorporated 
 5847 San Felipe, Suite 4300 
 Houston, Texas 77057 
 USA 
 Attention: Earl W. McNiel 
 Fax:
+1-713-781-6593 
 (b) Severability. The provisions of this Agreement are severable, and if any clause or provision shall be
held invalid, illegal or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect in that jurisdiction only such clause or provision, or part thereof, and shall not in any manner affect such clause
or provision in any other jurisdiction or any other clause or provision of this Agreement in any jurisdiction. 
 (c)
Headings. The headings in this Agreement have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 
 (d) Counterpart Originals. This Agreement may be signed in two or more counterparts, each of which shall be deemed to be an original, but
all of which shall together constitute one and the same agreement. 
 (e) Amendments. This Agreement may be changed, waived,
discharged or terminated only by an instrument in writing signed by all of the parties hereto. 
 (f) Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of New York. The parties agree that any suit for the enforcement of this Agreement may be brought in the courts of the State of New York or any federal court
sitting in the Borough of Manhattan in New York, New York and consent to the nonexclusive jurisdiction of such court. 
 (g)
Dispute Resolution. 
  

	 	(i)	The parties shall make attempts to settle disputes hereunder amicably through good faith negotiations within thirty (30) days from the moment of submission of a written notice
about such dispute by one party to the other party. If such negotiations are not successful, a dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity hereof, shall be settled by
arbitration. 

  

	 	(ii)	 Each of the parties hereby irrevocably agrees that, if any dispute, claim or disagreement arises from or in connection with this Agreement (or any supplement,
modification or addition thereto, including as to the terms or conditions of the execution, breach, termination or invalidity hereof or thereof) (together, “Disputes”) and the negotiations referred to in Clause (i) are
not successful, such Dispute shall be submitted to arbitration. Disputes submitted 

  

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to arbitration shall be conducted in English and be resolved by arbitration in London by the Arbitration Court of the International Chamber of Commerce (the
Arbitration Court) in accordance with the rules of the Arbitration Court, which rules are deemed to be incorporated by reference into this Clause. The tribunal shall consist of three arbitrators, one appointed by each of the parties with the third
being agreed between the first two arbitrators but, in the absence of agreement between them, shall be appointed by the Arbitration Court. All decisions of the Arbitration Court shall be binding on the parties, and the Dispute shall be considered
finally settled under the rule of the Arbitration Court by said arbitrators. 

 (h) Incorporation by
Reference. All of the rights, protections and privileges granted to each Trustee and the Collateral Agent under the applicable Indenture are incorporated by reference herein and shall inure to the benefit of the Securities Agent herein; provided,
however, that in the event there is an inconsistency or conflict between this Agreement and the Indentures, this Agreement shall govern (it being understood that this proviso is intended solely to resolve conflicts between this Agreement and the
Indentures with respect to the rights of the Securities Agent under this Agreement, and shall not in any way modify, diminish or otherwise affect the rights, protections and privileges granted to either Trustee or the Collateral Agent under the
Indentures). 
 (i) Survival of Indemnities. The indemnities set forth herein in Section 7 shall survive the final
payment of the Secured Obligations, the termination of this Agreement, and the resignation or removal of the Collateral Agent, any Trustee or the Securities Agent. 
 (j) Operative Time. Following receipt of the Requisite Consents (as defined in the Solicitation Statement), the parties hereto will
execute this Agreement. This Agreement will become effective upon execution, but the proposed amendments to the Original Securities Agency Agreement effected hereby will not become operative until the Original Notes are accepted for payment and
exchange in the exchange offer (as described in the Solicitation Statement), which is expected to occur immediately prior to the closing of the Swap (as defined in the Solicitation Statement). 
 (k) Representations. The Issuers hereby represent and warrant to the Original Trustee that, immediately prior to the execution and
delivery of this Agreement by each of the parties hereto on the date hereof, none of the Original Notes are owned by (i) TME or by any Person that is or may be a Person directly or indirectly controlling or controlled by or under direct or
indirect common control with TME or (ii) UEGL (other than the Specified Original Notes). 
 (l) Consent to Amendment. In
accordance with Section 9.2 of the Existing Indenture and Section 9(e) of the Original Securities Agency Agreement, the Original Trustee hereby consents to the amendment and restatement in its entirety of the Original Securities Agency
Agreement. In accordance with Section 9.2 of the Existing Indenture and Section 7(c) of the Original CSTA, the Original Trustee hereby consents to the amendment and restatement in its entirety of the Original CSTA. 
  

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 (m) Enforcement Not Limited. It is understood and agreed that, (i) upon the
occurrence and during the continuation of an “Event of Default” (as defined in the Original Indenture), the Original Trustee may take and continue, and direct the Collateral Agent to take and continue, in each case to the extent permitted
by the Original Indenture and applicable law, any enforcement action with respect to the Secured Obligations under the Original Indenture and the Shares in such order and manner as it may determine in its sole discretion and (ii) upon the
occurrence and during the continuation of an “Event of Default” (as defined in the New Indenture), the New Trustee may take and continue, and direct the Collateral Agent to take and continue, in each case to the extent permitted by the New
Indenture and applicable law, any enforcement action with respect to the Secured Obligations under the New Indenture and the Shares in such order and manner as it may determine in its sole discretion; provided that (i) the Original
Trustee and the New Trustee shall cooperate in good faith with the Collateral Agent in the orderly administration of the Shares in connection with an exercise of remedies hereunder or under the applicable Indenture, and (ii) all proceeds of
Shares (howsoever realized and whomsoever realizing the same) shall in any event be applied ratably to the Secured Obligations in accordance with Section 9(n) hereof. The Original Trustee, for itself and on behalf of the holders of the Original
Notes, hereby acknowledges and agrees that no covenant, agreement or restriction contained in the Original Indenture or in the “Security Documents” (as defined in the Original Indenture) or otherwise shall be deemed to restrict in any way
the rights and remedies of the New Trustee or the holders of the New Notes with respect to the Shares as set forth in this Agreement and the New Indenture or under applicable law (all proceeds of the Shares (howsoever realized and whomsoever
realizing the same) in any event to be applied ratably to the Secured Obligations in accordance with Section 9(n) hereof). The New Trustee, for itself and on behalf of the holders of the New Notes, hereby acknowledges and agrees that no
covenant, agreement or restriction contained in the New Indenture or in the “Security Documents” (as defined in the New Indenture) or otherwise shall be deemed to restrict in any way the rights and remedies of the Original Trustee or the
holders of the Original Notes with respect to the Shares as set forth in this Agreement and the Original Indenture or under applicable law (all proceeds of the Shares (howsoever realized and whomsoever realizing the same) in any event to be applied
ratably to the Secured Obligations in accordance with Section 9(n) hereof). 
 (n) Application of Proceeds. 

(i) After the exercise of remedies by (i) the Collateral Agent, (ii) the Original Trustee or the holders of the Original
Notes under Section 6.5 of the Original Indenture, or (iii) the New Trustee or the holders of the New Notes under Section 6.5 of the New Indenture, any Sales Proceeds, when received by any Secured Party in cash or its equivalent, will
be applied ratably in reduction of the outstanding Secured Obligations (and, as to the Secured Obligations in respect of the Original Indenture, in the order of priority set forth in the Original Indenture, and, as to the Secured Obligations in
respect of the New Indenture, in the order of priority set forth in the New Indenture), and each Issuer irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the Collateral Agent shall
have the continuing and exclusive right to apply and reapply any and all such proceeds in the Collateral Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 
  

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 (ii) In the event that the Collateral Agent receives the Sales Proceeds pursuant to any
exercise of remedies hereunder or under the Indentures, and any outstanding Secured Obligations with respect to which such proceeds are to be applied are not yet due and payable under the applicable Indenture, the Collateral Agent shall hold such
proceeds as additional Collateral security and will deposit such proceeds in a segregated non-interest bearing account, to be applied in reduction of such Secured Obligations as such Secured Obligations become due and payable in accordance with the
terms of the applicable Indenture. 
 (iii) Any Sales Proceeds that may be received by the Original Trustee or holders of the
Original Notes in violation of this Agreement shall be segregated and held in trust and promptly paid over to the Collateral Agent, for the ratable benefit of the Secured Parties entitled thereto, in the same form as received, with any necessary
endorsements, and the Original Trustee hereby authorizes the Collateral Agent to make any such endorsements as agent for the Original Trustee and the holders of the Original Notes (which authorization, being coupled with an interest, is irrevocable
until such time as this Agreement is terminated in accordance with its terms). Any Sales Proceeds that may be received by the New Trustee or holders of the New Notes in violation of this Agreement shall be segregated and held in trust and promptly
paid over to the Collateral Agent, for the ratable benefit of the Secured Parties entitled thereto, in the same form as received, with any necessary endorsements, and the New Trustee hereby authorizes the Collateral Agent to make any such
endorsements as agent for the New Trustee and the holders of the New Notes (which authorization, being coupled with an interest, is irrevocable until such time as this Agreement is terminated in accordance with its terms). 
 [signature page follows] 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of
the day and year first above written. 
  

					
	 The Bank of New York Mellon,
 not in its
individual capacity but solely as Original Trustee under the Original Indenture

		
	By:	 	/s/ Vanessa Mack
		 	Name:	 	Vanessa Mack
		 	Title:	 	Vice President
	
	 The Bank of New York Mellon,
 not in its
individual capacity but solely as New Trustee under the New Indenture

		
	By:	 	/s/ Vanessa Mack
		 	Name:	 	Vanessa Mack
		 	Title:	 	Vice President
	
	 The Bank of New York Mellon,
 not in its
individual capacity but solely as Collateral Agent under the Original Indenture and the New Indenture

		
	By:	 	/s/ Vanessa Mack
		 	Name:	 	Vanessa Mack
		 	Title:	 	Vice President
	
	JSC BTA Securities, as Securities Agent
		
	By:	 	/s/ Zhassulan Bekzhigitov
		 	Name:	 	Zhassulan Bekzhigitov
		 	Title:	 	Chairman, Management Board
	
	Transmeridian Exploration Inc., as an Issuer
		
	By:	 	/s/ Earl W. McNiel
		 	Name:	 	Earl W. McNiel
		 	Title:	 	Vice President

 Signature Page to Amended and Restated Securities Agency Agreement 

					
	Bramex Management, Inc., as an Issuer
		
	By:	 	/s/ Earl W. McNiel
		 	Name:	 	Earl W. McNiel
		 	Title:	 	Vice President

 Signature Page to Amended and Restated Securities Agency Agreement 

 EXHIBIT A 
 KAZAKHSTAN DOCUMENTS 
  

	1.	Amended and Restated Conditional Share Transfer Agreement, dated as of the date hereof, among JSC BTA Securities, Transmeridian Exploration Inc. and Bramex Management, Inc.

  

	2.	Brokerage Services Agreements (with nominal holding) entered into between each Issuer and Money Experts JSC, a joint stock company registered under the laws of Kazakhstan and
holding broker-dealer license No. 0401200555 (“Money Experts”) and the Securities Agent and Money Experts, each dated as of April 2, 2007. 

  

	3.	Amended and Restated Share Encumbrance and Pledge Agreement, dated as of the date hereof, among JSC BTA Securities, Transmeridian Exploration Inc. and Bramex Management, Inc.

  

	4.	Application to open “personal account” with JSC “Securities Registrar System”, License No. 20050017 of the National Companies and Securities Commission of
the Republic of Kazakhstan.Pledge Agreement

 Exhibit 10.4 
 EXECUTION VERSION 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Pledge Agreement”), dated as of October 24, 2008, is by and among each of the subsidiaries of
Transmeridian Exploration Incorporated (“Parent”) listed on the signature pages hereof (collectively, and together with the Additional Pledgors (as defined in Section 23), the “Pledgors”), The
Bank of New York Mellon (formerly known as The Bank of New York), in its capacity as Collateral Agent for the benefit of the Secured Parties referred to below (in such capacity, the “Collateral Agent”), The Bank of New York
Mellon, in its capacity as trustee under the Original Indenture referred to below (in such capacity, the “Original Trustee”), and The Bank of New York Mellon, in its capacity as trustee under the New Indenture referred to
below (in such capacity, the “New Trustee”). 
 RECITALS 
 WHEREAS, pursuant to that certain Indenture, dated as of December 12, 2005, as amended by the First, Second and Third Supplemental Indentures
thereto, dated as of December 22, 2005, May 24, 2006 and the date hereof, respectively, by and among each Pledgor, Transmeridian Exploration Inc. (“Issuer”), the Original Trustee and the other Guarantors from
time to time party thereto (as further amended, restated, supplemented or otherwise modified from time to time, the “Original Indenture”), Issuer has issued an aggregate $290 million principal amount of its senior secured
notes due 2010 (the “Original Notes”); 
 WHEREAS, pursuant to that certain Indenture, dated as
of the date hereof, by and among each Pledgor, Issuer, the New Trustee and the other Guarantors from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, the “New Indenture”
and, together with the Original Indenture, the “Indentures”), Issuer will issue its senior secured notes due 2010 (the “New Notes” and, together with the Original Notes, the
“Notes”) in exchange for all or a portion of the Original Notes; 
 WHEREAS, pursuant to the terms of the
Original Indenture, the Original Notes and each Pledgor’s payment obligations under the Original Indenture, including obligations to the Original Trustee, will be secured, in part, by a full and unconditional guarantee by such Pledgor (with
respect to each Pledgor, the “Original Guarantee”) and, in turn, the Original Guarantee will be secured by, in part, a pledge of all existing and future intercompany indebtedness owed to each such Pledgor by Parent, Issuer or
any other Restricted Subsidiary; 
 WHEREAS, pursuant to the terms of the New Indenture, the New Notes and each Pledgor’s payment
obligations under the New Indenture, including obligations to the New Trustee, will be secured, in part, by a full and unconditional guarantee by such Pledgor (with respect to each Pledgor, the “New Guarantee”) and, in turn,
the New Guarantee will be secured by, in part, a pledge of all existing and future intercompany indebtedness owed to each such Pledgor by Parent, Issuer or any other Restricted Subsidiary; 
 WHEREAS, pursuant to the terms of the Original Indenture and the New Indenture, each Pledgor shall have granted the security interests in the
Pledged Collateral (as defined below) contemplated under this Pledge Agreement in favor of the Collateral Agent for the ratable benefit of the holders of the Original Notes, the holders of the New Notes, the Original Trustee, the New Trustee and the
Collateral Agent (collectively, the “Secured Parties”) to secure the Secured Obligations (as defined below); and 

 WHEREAS, each Pledgor, the Collateral Agent, the Original Trustee and the New Trustee have each
agreed to enter into this Pledge Agreement pursuant to the terms of the Original Indenture and the New Indenture to provide that the security interests granted by each Pledgor in the Pledged Collateral in favor of the Collateral Agent shall be
granted for the ratable benefit of the Secured Parties, to secure, among other things, the obligations of each Pledgor under each of the Indentures. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. The following terms that are defined in the Uniform Commercial Code from time to time in effect in the State of New York (the “UCC”) are
used herein as so defined: Certificated Security, Control, Entitlement Order, Financial Asset, Instrument (as defined in Section 9-102(47) of the UCC), Investment Company Security, Securities Account, Security, Security Entitlement, Securities
Intermediary and Uncertificated Security. As used herein, the following terms shall have the meanings ascribed to such terms in each of the Indentures (and for greater certainty, shall be inclusive of all such meanings):
“Guarantor”, “Lien”, “Permitted Lien”, “Person” and “Restricted Subsidiary”. 
 2. Pledge and Grant of Security Interest. Subject to the terms and conditions of this Pledge Agreement and to secure the performance of the Secured Obligations,
each Pledgor hereby pledges and grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a continuing security interest in any and all right, title and interest of such Pledgor in and to the following, whether now owned or
existing or owned, acquired, or arising hereafter (collectively, the “Pledged Collateral”): 
 (a) Pledged Debt. All of the
existing and future indebtedness owed to such Pledgor by Parent, Issuer or any Restricted Subsidiary, including all indebtedness listed on Schedule 2(a) hereto and issued by the obligors named therein, and any future indebtedness owed to such
Pledgor by any obligor listed on Schedule 2(a) hereto (collectively, together with the other interests described in clauses (A) and (B) of this Section 2(a), the “Pledged Debt”), including, but not limited to, the following:

 (A) the instruments, if any, evidencing the Pledged Debt, and all interest, cash, instruments and other property from time
to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Pledged Debt; and 
 (B) all additional indebtedness from time to time owed to such Pledgor by any obligor listed on Schedule 2(a) or any other Restricted Subsidiary and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments
and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness, in each case whether or not reflected on Schedule 2(a) and whether or not Schedule 2(a) is amended
to refer to such additional indebtedness. 
 (b) Proceeds. All proceeds and products of the foregoing, however and whenever acquired
and in whatever form, subject to Section 10(d). 
 Without limiting the generality of the foregoing, it is hereby specifically
understood and agreed that each Pledgor may from time to time hereafter pledge and deliver additional indebtedness or instruments evidencing indebtedness, to the Collateral Agent as collateral security for the Secured Obligations. Upon such pledge
and delivery to the Collateral Agent, such additional indebtedness or debt instruments, as the case may be, shall be deemed to be part of the Pledged Collateral and shall be subject to the terms of this Pledge Agreement whether or not Schedule 2(a)
is amended to refer to such additional indebtedness or instruments. 
 3. Security for Secured Obligations. In the case of each Pledgor, the security
interest created hereby in the Pledged Collateral of such Pledgor constitutes continuing collateral security for all of the following, whether now existing or hereafter incurred (the “Secured Obligations”): (a) the

  

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Original Guarantee of such Pledgor and the payment and performance by such Pledgor of all of its obligations under the Original Guarantee; (b) the New
Guarantee of such Pledgor and the payment and performance by such Pledgor of all of its obligations under the New Guarantee; (c) all expenses and charges, legal and otherwise, incurred by the Collateral Agent, the Original Trustee and/or the
holders of the Original Notes in enforcing such Pledgor’s obligations under the Original Guarantee or in realizing on or protecting any security therefor, including without limitation the security granted hereunder; and (d) all expenses
and charges, legal and otherwise, incurred by the Collateral Agent, the New Trustee and/or the holders of the New Notes in enforcing such Pledgor’s obligations under the New Guarantee or in realizing on or protecting any security therefor,
including without limitation the security granted hereunder. 
 4. Delivery of the Pledged Collateral; Perfection of Security Interest. Each Pledgor
hereby agrees that: 
 (a) Delivery of Instruments. Such Pledgor shall deliver as security to the Collateral Agent,
(i) simultaneously with or prior to this Pledge Agreement becoming effective, all instruments representing or evidencing the Pledged Debt owned by such Pledgor (excluding, unless an Event of Default (as defined below) has occurred and is
continuing and the Collateral Agent has requested such delivery, Pledged Debt in an aggregate principal amount not in excess of $100,000), in each case together with the delivery of signed, undated instruments of transfer for the Pledged Debt to the
Collateral Agent or its designee; and (ii) promptly upon the receipt thereof by or on behalf of such Pledgor, all other instruments constituting Pledged Debt owned by such Pledgor (except, unless an Event of Default has occurred and is
continuing and the Collateral Agent has requested such delivery, instruments representing Pledged Debt in an aggregate principal amount not in excess of $100,000). Prior to delivery to the Collateral Agent, all such instruments constituting Pledged
Debt of each Pledgor shall be held in trust by each such Pledgor for the benefit of the Collateral Agent pursuant hereto. All such instruments shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed
instruments of transfer or assignment in blank, in forms reasonably acceptable to the Collateral Agent. 
 (b) Financing Statements; Other
Perfection Actions. Such Pledgor hereby agrees to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as are necessary or appropriate in order to
perfect and maintain the security interests granted hereunder in accordance with the UCC that specifically describes the Pledged Collateral in such manner as is necessary or advisable. Each Pledgor shall also execute and deliver to the Collateral
Agent and/or file such agreements, assignments or instruments (including affidavits, notices, reaffirmations, amendments and restatements of existing documents and, subject to the terms of each Indenture, any documents as may be necessary if the law
of any jurisdiction other than New York becomes or is applicable to the Pledged Collateral or any portion thereof, in each case, including as the Collateral Agent may reasonably request) and do all such other things as are necessary or appropriate
(i) to assure to the Collateral Agent its security interests hereunder are perfected, including such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments, including as the
Collateral Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC and any other personal property security legislation in the appropriate jurisdictions,
(ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Collateral Agent of its rights and interests hereunder. 
 5. Representations and Warranties. Each Pledgor hereby represents and warrants to the Collateral Agent for the benefit of the Secured Parties that: 
 (a) Authorization of Pledged Collateral. The Pledged Debt pledged by such Pledgor hereunder has been duly authorized, authenticated or issued and
delivered, is the legal, valid and binding obligation of the issuers thereof, is evidenced by one or more promissory notes (which promissory notes, to the extent required hereunder, have been delivered to the Collateral Agent) and is not in default.

  

 3 

 (b) Title. Such Pledgor has good and indefeasible title to the Pledged Collateral pledged by such
Pledgor hereunder and will at all times be the legal and beneficial owner of such Pledged Collateral free and clear of any Lien, other than Permitted Liens. 
 (c) Exercising of Rights. The exercise by the Collateral Agent of its rights and remedies hereunder will not violate any law or governmental regulation or any material contractual restriction binding on or
affecting such Pledgor or any of its property. 
 (d) Pledgors’ Authority. No authorization, approval or action by, and no notice
or filing with any governmental authority, the obligor of any Pledged Debt or third party is required either (i) for the pledge made by such Pledgor or for the granting of the security interest by such Pledgor pursuant to this Pledge Agreement
or (ii) for the exercise by any Secured Party of its rights and remedies hereunder (except as may be required by laws affecting the offering and sale of securities) in respect of the Pledged Collateral pledged by such Pledgor hereunder.

 (e) Security Interest/Priority. This Pledge Agreement creates a valid security interest in favor of the Collateral Agent, for the
ratable benefit of the Secured Parties, in the Pledged Collateral pledged by such Pledgor hereunder. The taking of possession by the Collateral Agent of the instruments (if any) representing the Pledged Collateral of such Pledgor and the relevant
instruments of transfer and all other instruments constituting Pledged Collateral of such Pledgor will perfect and establish the first priority of the Collateral Agent’s security interest in all such Pledged Collateral consisting of
Instruments. Upon the filing of a UCC financing statement describing the Pledged Collateral in the applicable filing office in the State of Texas or the District of Columbia, as applicable, and the filing of such other documents and/or the taking by
such Pledgor of such other actions as may be required in such Pledgor’s jurisdiction of organization and/or in the jurisdiction of organization of any applicable obligor, issuer, partnership or limited liability company in order to perfect such
security interest, the Collateral Agent shall have a first priority perfected security interest in all Pledged Debt of such Pledgor not evidenced by an Instrument. Except as set forth in this Section 5(e), no action is necessary to perfect the
Collateral Agent’s security interest in respect of the Pledged Collateral pledged by such Pledgor hereunder. 
 6. Covenants. Each Pledgor hereby
covenants and agrees with the Collateral Agent that it shall: 
 (a) Defense of Title. Warrant and defend title to and ownership of
the Pledged Collateral of such Pledgor at its own expense against the claims and demands of all other parties claiming an interest therein; keep such Pledged Collateral free from all Liens, other than Permitted Liens; and not sell, exchange,
transfer, assign, lease or otherwise dispose of such Pledged Collateral or any interest therein, except as permitted under the Indentures. 
 (b) Further Assurances. Subject to the terms of the Indentures, promptly execute and deliver at its expense all further instruments and documents and take all further action that may be necessary and desirable or that the Collateral
Agent may request in order to (i) perfect and protect the security interest created hereby in the Pledged Collateral of such Pledgor (including, without limitation, filing of UCC financing statements and any and all other actions reasonably
necessary to satisfy the Collateral Agent that the Collateral Agent has obtained a first priority perfected security interest in all such Pledged Collateral) and (ii) enable the Collateral Agent to exercise and enforce its rights and remedies
hereunder in respect of the Pledged Collateral pledged by such Pledgor hereunder. 
 (c) Amendments. Not make or consent to any
amendment or other modification or waiver with respect to any of the Pledged Collateral of such Pledgor or enter into any agreement or allow to exist any restriction with respect to any of such Pledged Collateral other than pursuant hereto or as may
be permitted under the Indentures. 
  

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 (d) Compliance with Securities Laws. File all reports and other information now or hereafter
required to be filed by such Pledgor with the United States Securities and Exchange Commission and any other state, federal or foreign agency in connection with the ownership of the Pledged Collateral of such Pledgor. 
 7. Performance of Obligations; Advances by Collateral Agent. (a) On failure of any Pledgor to perform any of the covenants and agreements contained herein,
the Collateral Agent may, at its sole option and in its sole discretion, but shall not be required to, perform or cause to be performed the same and in so doing may expend such sums as the Collateral Agent may reasonably deem advisable in the
performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a Lien or potential Lien (other than in either case a Permitted Lien), expenditures made in
defending against any adverse claim and all other expenditures which the Collateral Agent may make for the protection of the security interest hereof or may be compelled to make by operation of law. All such sums and amounts so expended shall be
repayable by the applicable Pledgor promptly upon timely notice thereof and demand therefor and shall constitute additional Secured Obligations. No such performance of any covenant or agreement by the Collateral Agent on behalf of any Pledgor, and
no such advance or expenditure therefor, shall relieve any Pledgor of any default under the terms of this Pledge Agreement or either Indenture. The Collateral Agent may make any payment hereby authorized in accordance with any bill, statement or
estimate procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim
except to the extent such payment is being contested in good faith by the applicable Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with generally accepted accounting principles in the
United States of America, as in effect from time to time. 
 (b) Each Pledgor covenants and agrees to indemnify the Collateral Agent to the
same extent as each of the Original Trustee and the New Trustee is indemnified under the terms of the applicable Indenture by Issuer, for any claims, costs, liabilities or expense of any kind (including the fees and expenses of counsel) arising out
of or in connection with performance of its duties hereunder or with respect to the Escrow Agreement, dated as of December 12, 2005, among Issuer, the Original Trustee and The Bank of New York, as escrow agent (as amended, restated,
supplemented or otherwise modified from time to time), and such expenses shall, until paid in full, constitute additional Secured Obligations. 
 8.
Events of Default. The occurrence of an event which under the Original Indenture would constitute an “Event of Default” (as defined in the Original Indenture), or the occurrence of an event which under the New Indenture would
constitute an “Event of Default” (as defined in the New Indenture), in each case shall be an event of default hereunder (each such event, an “Event of Default”). 
 9. Remedies. 
 (a) General Remedies. Upon the occurrence of an Event of Default and during the
continuation thereof, the Collateral Agent shall have, in respect of the Pledged Collateral, in addition to the rights and remedies provided herein and in the applicable Indenture, the rights and remedies of a secured party under the UCC or any
other applicable law. 
 (b) Sale of Pledged Collateral. Upon the occurrence of an Event of Default and during the continuation
thereof, without limiting the generality of this Section 9 and without notice, the Collateral Agent may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more parcels,
at public or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Collateral Agent may deem commercially reasonable, for cash, credit or for future delivery or otherwise in
accordance with applicable law. To the extent permitted by law, any holder of a Note may, in such event, bid for 

  

 5 

 
the purchase of such Pledged Collateral. Each Pledgor agrees that, to the extent notice of sale shall be required by law and has not been waived by such
Pledgor, any requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to such Pledgor, in accordance
with Section 16 at least ten (10) days before the time of such sale. The Collateral Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any
public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (c) Private Sale. Upon the occurrence of an Event of Default and during the continuation thereof, each Pledgor recognizes that the Collateral
Agent may deem it impracticable to effect a public sale of all or any part of the Pledged Collateral and that the Collateral Agent may, therefore, determine to make one or more private sales of any such Pledged Collateral to a restricted group of
purchasers. Each Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees
that such private sale shall be deemed to have been made in a commercially reasonable manner. Each Pledgor further acknowledges and agrees that any offer to sell such Pledged Collateral which has been (i) publicly advertised on a bona fide
basis in a newspaper or other publication of general circulation in the financial community of New York, New York, or (ii) made privately in the manner described above, shall be deemed to involve a “public sale” under the UCC, and the
Collateral Agent or any holder of the Notes may, in such event, bid for the purchase of such Pledged Collateral, in each case except to the extent limited or prohibited by applicable law. 
 (d) Retention of Pledged Collateral. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default and during the
continuation thereof, the Collateral Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC (or any successor sections of the UCC) or otherwise complying with the notice requirements of applicable law of the relevant
jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the Collateral Agent shall have provided such notices, however, the Collateral Agent shall not be deemed to have
retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason. 
 (e) Deficiency. In the event that the
proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Collateral Agent or any other Secured Party are legally entitled, each applicable Pledgor shall be liable for the deficiency, together with the costs of
collection and the reasonable fees of any attorneys employed by the Collateral Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to each applicable Pledgor or
to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 
 (f) Other Security. To the extent that any
of the Secured Obligations are now or hereafter secured by property other than the Pledged Collateral (including, without limitation, real and other personal property owned by any Pledgor), or by a guarantee, endorsement or property of any other
Person, then the Collateral Agent shall have the right to proceed against such other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Collateral Agent shall have the right, in its
sole discretion, to determine which rights, security, Liens, security interests or remedies the Collateral Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of
them, any of the Collateral Agent’s rights or the Secured Obligations under this Pledge Agreement or under either Indenture. 
  

 6 

 (g) Enforcement Not Limited. It is understood and agreed that (i) upon the occurrence and
during the continuation of an “Event of Default” (as defined in the Original Indenture), the Original Trustee may take and continue, and direct the Collateral Agent to take and continue, in each case to the extent permitted by the Original
Indenture and applicable law, any enforcement action with respect to the Note Obligations (as defined in the Original Indenture) and the Pledged Collateral in such order and manner as it may determine in its sole discretion and (ii) upon the
occurrence and during the continuation of an “Event of Default” (as defined in the New Indenture), the New Trustee may take and continue, and direct the Collateral Agent to take and continue, in each case to the extent permitted by the New
Indenture and applicable law, any enforcement action with respect to the Note Obligations (as defined in the New Indenture) and the Pledged Collateral in such order and manner as it may determine in its sole discretion; provided that,
(i) the Original Trustee and the New Trustee shall cooperate in good faith with the Collateral Agent in the orderly administration of the Pledged Collateral in connection with an exercise of remedies hereunder or under the applicable Indentures
and (ii) all proceeds of the Pledged Collateral (howsoever realized and whomsoever realizing the same) shall in any event be applied ratably to the Secured Obligations in accordance with Section 11 hereof. 
 10. Rights of the Collateral Agent. 
 (a) Power of
Attorney. Each Pledgor hereby designates and appoints the Collateral Agent, on behalf of the Secured Parties, and each of its designees or agents as attorney-in-fact of such Pledgor, irrevocably and with power of substitution, with authority to
take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 
 (i) to
demand, collect, settle, compromise, adjust and give discharges and releases concerning the Pledged Collateral of such Pledgor, all as the Collateral Agent may reasonably determine in respect of the Pledged Collateral; 
 (ii) to commence and prosecute any actions at any court for the purposes of collecting any of the Pledged Collateral and enforcing any
other right in respect thereof; 
 (iii) to defend, settle, adjust or compromise any action, suit or proceeding brought with
respect to the Pledged Collateral and, in connection therewith, give such discharge or release as the Collateral Agent may deem to be reasonably appropriate; 
 (iv) to pay or discharge taxes, Liens, security interests, or other encumbrances levied or placed on or threatened against the Pledged
Collateral; 
 (v) to direct any parties liable for any payment under any of the Pledged Collateral to make payment of any and
all monies due and to become due thereunder directly to the Collateral Agent or as the Collateral Agent shall direct; 
 (vi)
to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of or arising out of any of the Pledged Collateral; 
 (vii) to sign and endorse any drafts, assignments, verifications, notices and other documents relating to the Pledged Collateral;

 (viii) to execute and deliver and/or file all assignments, conveyances, statements, financing statements, continuation
statements, pledge agreements, affidavits, notices and other agreements, instruments and documents that the Collateral Agent may determine necessary in order to perfect and maintain the security interests and Liens granted in this Pledge Agreement
and in order to fully consummate all of the transactions contemplated herein; 
  

 7 

 (ix) to exchange any of the Pledged Collateral or other property upon any merger,
consolidation, reorganization, recapitalization or other readjustment of the obligor thereof and, in connection therewith, deposit any of the Pledged Collateral with any committee, depository, transfer agent, registrar or other designated agency
upon such terms as the Collateral Agent may determine; 
 (x) to sign an instrument in writing, sanctioning the transfer of
any or all of the Pledged Collateral into the name of the Collateral Agent or into the name of any transferee to whom the Pledged Collateral or any part thereof may be sold pursuant to Section 9 hereof; and 
 (xi) to do and perform all such other acts and things as the Collateral Agent may reasonably deem to be necessary, proper or convenient in
connection with the Pledged Collateral. 
 This power of attorney is a power coupled with an interest and shall be irrevocable for so long as any of the
Secured Obligations (other than contingent indemnity obligations that survive termination of the applicable Indenture pursuant to the stated terms thereof) remain outstanding. The Collateral Agent shall be under no duty to exercise or withhold the
exercise of any of the rights, powers, privileges and options expressly or implicitly granted to the Collateral Agent in this Pledge Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Collateral Agent shall not
be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This
power of attorney is conferred on the Collateral Agent solely to perfect, protect, preserve and realize upon its security interest in the Pledged Collateral. 
 (b) Assignment by the Collateral Agent. The Collateral Agent may from time to time assign the Secured Obligations or any portion thereof and/or the Pledged Collateral or any portion thereof to a successor
Collateral Agent, and the assignee shall be entitled to all of the rights and remedies of the Collateral Agent under this Pledge Agreement in relation thereto. 
 (c) The Collateral Agent’s Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Pledged Collateral while being held by the Collateral Agent hereunder, the Collateral
Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Pledgors shall be responsible for preservation of all rights in the Pledged Collateral, and the Collateral Agent shall be relieved
of all responsibility for the Pledged Collateral upon surrendering it or tendering the surrender of it to any Pledgor. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral
in its possession if such Pledged Collateral is accorded treatment substantially equal to that which the Collateral Agent accords its own property, which shall be no less than the treatment employed by a reasonable agent in the industry, it being
understood that the Collateral Agent shall not have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities or other matters relating to any Pledged Collateral, whether or not the
Collateral Agent has or is deemed to have knowledge of such matters, or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 
 (d) Distribution Rights in Respect of the Pledged Collateral. 
 (i) So long as no Event of Default shall have occurred and be continuing, each Pledgor may receive and retain any and all distributions or
interest paid in respect of the Pledged Collateral of such Pledgor to the extent they are allowed under the Indentures. 
  

 8 

 (ii) Upon the occurrence and during the continuation of an Event of Default: 

(A) all rights of each Pledgor to receive the distributions and interest payments which it would otherwise be authorized to receive and
retain pursuant to paragraph (i) of this subsection (d) shall cease and all such rights shall thereupon be vested in the Collateral Agent, which shall then have the sole right to receive and hold as Pledged Collateral such distributions
and interest payments; and 
 (B) all distributions and interest payments which are received by any Pledgor contrary to the
provisions of clause (A) of this subsection (ii) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other property or funds of such Pledgor, and shall be forthwith paid over to the Collateral Agent
as Pledged Collateral in the exact form received, to be held by the Collateral Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 
 (e) Release of Pledged Collateral. The Collateral Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without
altering, varying or diminishing in any way the force, effect, Lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first
priority Lien on all Pledged Collateral not expressly released or substituted. 
 11. Application of Proceeds. 
 (a) After the exercise of remedies by (i) the Collateral Agent, (ii) the Original Trustee (or the holders of the Original Notes under
Section 6.5 of the Original Indenture), or (iii) the New Trustee (or the holders of the New Notes under Section 6.5 of the New Indenture), any proceeds of the Pledged Collateral, when received by the Collateral Agent or any other
Secured Party in cash or its equivalent, will be applied ratably in reduction of the outstanding Secured Obligations (and, as to the Secured Obligations in respect of the Original Indenture, in the order of priority set forth in the Original
Indenture and, as to the Secured Obligations in respect of the New Indenture, in the order of priority set forth in the New Indenture), and each Pledgor irrevocably waives the right to direct the application of such payments and proceeds and
acknowledges and agrees that the Collateral Agent shall have the continuing and exclusive right to apply and reapply any and all such proceeds in the Collateral Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its
books and records. 
 (b) In the event that the Collateral Agent receives the proceeds of any Pledged Collateral pursuant to any exercise of
remedies hereunder or under the Indentures or the Security Documents, and any outstanding Secured Obligations with respect to which such proceeds are to be applied are not yet due and payable under the applicable Indenture, the Collateral Agent
shall hold such proceeds as additional Pledged Collateral security and will deposit such proceeds in a segregated non-interest bearing account, to be applied in reduction of such Secured Obligations as such Secured Obligations become due and payable
in accordance with the terms of the applicable Indenture. 
 (c) Any Pledged Collateral, including without limitation any such Pledged
Collateral constituting proceeds, that may be received by the Original Trustee or holders of the Original Notes in violation of this Pledge Agreement or the Indentures shall be segregated and held in trust and promptly paid over to the Collateral
Agent, for the ratable benefit of the Secured Parties entitled thereto, in the same form as received, with any necessary endorsements, and the Original Trustee hereby authorizes the Collateral Agent to make any such endorsements as agent for the
Original Trustee and the holders of the Original Notes (which authorization, being coupled with an interest, is irrevocable until such time as this Pledge Agreement is terminated in accordance with its terms). Any Pledged Collateral, including
without limitation any such Pledged Collateral constituting proceeds, that may be received by the New Trustee or holders of the New Notes in violation of this Pledge Agreement or the Indentures shall be segregated and held in trust and promptly paid
over to the 

  

 9 

 
Collateral Agent, for the ratable benefit of the Secured Parties entitled thereto, in the same form as received, with any necessary endorsements, and the New
Trustee hereby authorizes the Collateral Agent to make any such endorsements as agent for the New Trustee and the holders of the New Notes (which authorization, being coupled with an interest, is irrevocable until such time as this Pledge Agreement
is terminated in accordance with its terms). 
 12. Costs of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or
not, the Collateral Agent employs counsel to prepare or consider amendments, waivers or consents with respect to this Pledge Agreement, or to take action or make a response in or with respect to any legal or arbitral proceeding relating to this
Pledge Agreement or relating to the Pledged Collateral, or to protect the Pledged Collateral or exercise any rights or remedies under this Pledge Agreement or with respect to the Pledged Collateral, then each Pledgor agrees to promptly pay the costs
and expenses of the Collateral Agent in accordance with the terms of the Indentures, all of which costs and expenses shall constitute Secured Obligations hereunder. 
 13. Continuing Agreement. 
 (a) This Pledge Agreement shall be a continuing agreement in every
respect and shall remain in full force and effect so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the applicable Indenture pursuant to the stated terms thereof) remain outstanding.
Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Collateral Agent shall, upon the request and at the expense of the Pledgors, forthwith release all of the Liens and security interests granted
hereunder and shall deliver all UCC termination statements and/or other documents prepared by and reasonably requested by Pledgors evidencing such termination. Upon any sale, lease, transfer or other disposition of any item of Pledged Collateral of
any Pledgor in accordance with the terms of the Indentures, the Collateral Agent will, at such Pledgor’s expense, execute and deliver to such Pledgor such documents as such Pledgor shall reasonably request to evidence the release of such item
of Pledged Collateral from the assignment and security interest granted hereby. Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. 
 (b) This Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in whole or in part,
of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Collateral Agent or any other Secured Party as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as
though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including, without limitation, any
reasonable legal fees and disbursements) incurred by the Collateral Agent or any other Secured Party in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 
 (c) Upon the payment in full of the Secured Obligations in respect of the Original Indenture, the Collateral Agent and the Original Trustee, on behalf of
itself and the holders of the Original Notes, shall promptly execute and deliver such customary release documents and instruments and shall take such further actions (including any amendments hereto) as the Pledgors shall reasonably request to
evidence the release of the Liens hereunder in favor of the Original Trustee and the holders of the Original Notes. 
 (d) Upon the payment
in full of the Secured Obligations in respect of the New Indenture, the Collateral Agent and the New Trustee, on behalf of itself and the holders of the New Notes, shall promptly execute and deliver such customary release documents and instruments
and shall take such further actions (including any amendments hereto) as the Pledgors shall reasonably request to evidence the release of the Liens hereunder in favor of the New Trustee and the holders of the New Notes. 
  

 10 

 14. Amendments; Waivers; Modifications. This Pledge Agreement and the provisions hereof may be amended, waived,
modified, changed, discharged or terminated only by a written instrument signed by the parties hereto. 
 15. Successors in Interest. This Pledge
Agreement shall create a continuing security interest in the Pledged Collateral and shall be binding upon each Pledgor and its successors and assigns and shall inure, together with the rights and remedies of the Collateral Agent hereunder, to the
benefit of the Collateral Agent and the other Secured Parties and their respective successors and permitted assigns; provided, however, that no Pledgor may assign its rights or delegate its duties hereunder without the prior written
consent of the Collateral Agent. 
 16. Notices. Any notice, consent, or other communication required or permitted to be given under this Pledge
Agreement to the Collateral Agent or any Pledgor must be in writing in the English language and delivered in person, by facsimile or by registered or certified mail, return receipt requested, postage prepaid, as follows: 
  

			
	To Collateral Agent:	  	The Bank of New York Mellon
		  	101 Barclay Street – 4 East
		  	New York, NY 10286
		  	Fax No.: 212-815-5802 (or 5803)
		  	Attention: Global Structured Finance
		
	To any Pledgor:	  	c/o Transmeridian Exploration Incorporated
		  	5847 San Felipe, Suite 4300
		  	Houston, Texas 77057
		  	Telephone: 713-458-1100
		  	Fax No.: 713-781-6593
		  	Attention: Chief Financial Officer
		
	with a copy to:	  	Akin Gump Strauss Hauer & Feld LLP
		  	1111 Louisiana Street, 44th Floor
		  	Houston, Texas 77002-5200
		  	Telephone: 713-220-5800
		  	Fax No.: 713-236-0822
		  	Attention: James L. Rice III

 Any such notice, consent, or other communication shall be deemed to have been given when delivered in person, sent
by confirmed fax or, if given by mail, five (5) days after such communication is deposited in the mail, certified or registered with return receipt requested. 
 17. Counterparts. This Pledge Agreement and any Pledge Agreement Supplement may be executed in counterparts, each of which where so executed and delivered shall be an original, but all of which shall constitute one and the same
instrument. It shall not be necessary in making proof of this Pledge Agreement or any Pledge Agreement Supplement to produce or account for more than one such counterpart. Delivery of executed counterparts of this Pledge Agreement or any Pledge
Agreement Supplement by telecopy or in “pdf” or similar format by electronic mail shall be effective as an original and shall constitute a representation that an original shall be delivered upon the request of the Collateral Agent.

 18. Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning,
construction or interpretation of any provision of this Pledge Agreement. 
  

 11 

 19. Governing Law. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED
BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). 
 20. Severability. If any provision of this Pledge Agreement is determined to be illegal, invalid or unenforceable, such provision shall be fully severable and the
remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 
 21. Entirety. This Pledge Agreement and the Indentures represent the entire agreement of the parties hereto and thereto with respect to the subject matter herein, and supersede all prior agreements and understandings, oral or
written, if any, including any correspondence relating to this Pledge Agreement or either Indenture or the transactions contemplated herein and therein; provided that the Original Trustee shall not be charged with knowledge of any provisions
of the New Indenture or any “Security Documents” (as defined in the New Indenture) and the New Trustee shall not be charged with knowledge of any provisions of the Original Indenture or any “Security Documents” (as defined in the
Original Indenture). 
 22. Rights of Note Holders. All rights of the Collateral Agent hereunder, if not exercised by the Collateral Agent, may be
exercised by the Original Trustee or (subject to the terms of Section 6.5 of the Original Indenture) the holders of the Original Notes or by the New Trustee or (subject to the terms of Section 6.5 of the New Indenture) the holders of the
New Notes, subject in any such case to the proviso to Section 9(g) hereof. 
 23. Additional Pledgors. Upon the execution and delivery by any
Person of a pledge agreement supplement in substantially the form of Exhibit A hereto (each a “Pledge Agreement Supplement”), such Person shall be referred to as an “Additional Pledgor” and shall be
and become a Pledgor hereunder, and each reference in this Pledge Agreement to a “Pledgor” shall also mean and be a reference to such Additional Pledgor, each reference in this Pledge Agreement and the Indentures to the
“Collateral” or the “Pledged Collateral” shall also mean and be a reference to the Pledged Collateral granted by such Additional Pledgor and each reference in this Pledge Agreement to a Schedule shall also mean and be a reference
to the schedules attached to such Pledge Agreement Supplement. 
 24. Effective Time. This Pledge Agreement will not become effective until
(i) this Pledge Agreement has been executed and delivered by the parties hereto and (ii) the Original Notes are accepted for payment and exchange in the exchange offer described in the Offering Memorandum and Consent Solicitation Statement
dated July 23, 2008, as supplemented by the supplement thereto dated September 23, 2008. 
 [Remainder of Page Intentionally Blank]

  

 12 

 Each of the parties hereto has caused a counterpart of this Pledge Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	PLEDGOR:
	
	 BRAMEX MANAGEMENT, INC.,
 a British Virgin
Islands company

		
	By:	 	/s/ Earl W. McNiel
	Name:	 	Earl W. McNiel
	Title:	 	Vice President
	
	PLEDGOR:
	
	 TRANSMERIDIAN (KAZAKHSTAN) INCORPORATED,
 a
British Virgin Islands company

		
	By:	 	/s/ Earl W. McNiel
	Name:	 	Earl W. McNiel
	Title:	 	Vice President
	
	PLEDGOR:
	
	 JSC CASPI NEFT TME,
 a Kazakhstan joint stock
company

		
	By:	 	/s/ Anatole Kunevich
	Name:	 	Anatole Kunevich
	Title:	 	President
	
	PLEDGOR:
	
	 TMEI OPERATING INC.,
 a Texas corporation

		
	By:	 	/s/ Earl W. McNiel
	Name:	 	Earl W. McNiel
	Title:	 	Vice President

 [Signature Page to Subsidiary Pledge Agreement] 

			
	Accepted and agreed to as of the date first above written.
	
	COLLATERAL AGENT:
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Vanessa Mack
	Name:	 	Vanessa Mack
	Title:	 	Vice President
	
	ORIGINAL TRUSTEE:
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Vanessa Mack
	Name:	 	Vanessa Mack
	Title:	 	Vice President
	
	NEW TRUSTEE:
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Vanessa Mack
	Name:	 	Vanessa Mack
	Title:	 	Vice President

 [Signature Page to Subsidiary Pledge Agreement] 

 Schedule 2(a) 
 None. 

 Exhibit A 
 FORM OF PLEDGE AGREEMENT SUPPLEMENT 
 [Date of Pledge Agreement Supplement] 
 The Bank of New York Mellon, as the Collateral Agent for the 
 Secured
Parties referred to in the Pledge Agreement referred to below 
 The Bank of New York Mellon 
 101 Barclay Street – 4 East 
 New York, NY 10286 
 Attention: Global Structured Finance 
 [Name of Borrower] 
 Ladies and Gentlemen: 
 Reference is made to (a) the Indenture, dated as
of December 12, 2005, as amended by the First, Second and Third Supplemental Indentures thereto, dated as of December 22, 2005, May 24, 2006 and October 24, 2008, respectively, by and among Transmeridian Exploration Inc.
(“Issuer”), The Bank of New York Mellon, as Original Trustee, and the Guarantors from time to time party thereto (as further amended, restated, supplemented or otherwise modified from time to time, the
“Original Indenture”), (b) the Indenture, dated as of October 24, 2008, by and among Issuer, The Bank of New York Mellon, as the New Trustee, and the Guarantors from time to time party thereto (as
amended, restated, supplemented or otherwise modified from time to time, the “New Indenture” and, together with the Original Indenture, the “Indentures”) and (c) the
Pledge Agreement, dated as of October 24, 2008, by and among the Pledgors from time to time party thereto, The Bank of New York Mellon, as Original Trustee, The Bank of New York Mellon, as New Trustee, and The Bank of New York Mellon, as
Collateral Agent for the Secured Parties (as amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”). Terms defined in the Pledge Agreement and not otherwise defined
herein are used herein as defined in the Pledge Agreement. 
 1. Grant of Security. The undersigned hereby pledges and grants to the Collateral Agent,
for the ratable benefit of the Secured Parties, a continuing security interest in any and all right, title and interest of the undersigned in and to the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively,
the undersigned’s “Collateral”): all Pledged Debt (including, without limitation, the indebtedness set forth on Part I of Schedule I hereto) and all proceeds and products of the foregoing, however and
whenever acquired and in whatever form. 
 2. Security for Obligations. The grant of a security interest in the Collateral by the undersigned under
this Pledge Agreement Supplement and the Pledge Agreement secures the payment of all Secured Obligations of the undersigned now or hereafter existing under or in respect of the Indentures, whether direct or indirect, absolute or contingent, and
whether for principal, reimbursement obligations, interest, premiums, penalties, fees, indemnifications, contract causes of action, costs, expenses or otherwise. Without limiting the generality of the foregoing, this Pledge Agreement Supplement and
the Pledge Agreement secure the payment of all amounts that constitute part of the Secured Obligations and that would be owed by the undersigned to any Secured Party under the Indentures but for the fact that such Secured Obligations are
unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving any Pledgor. 

 3. Representations and Warranties. The undersigned hereby makes each representation and warranty set forth in
Section 5 of the Pledge Agreement with respect to itself and the Collateral granted by it. 
 4. Obligations Under the Pledge Agreement. The
undersigned hereby agrees, as of the date first above written, to be bound as a Pledgor by all of the terms and provisions of the Pledge Agreement to the same extent as each of the other Pledgors. The undersigned further agrees, as of the date first
above written, that each reference in the Pledge Agreement to an “Additional Pledgor” or a “Pledgor” shall also mean and be a reference to the undersigned, that each reference in the Pledge Agreement and the Indentures to the
“Pledged Collateral” or the “Collateral”, or any part thereof, shall also mean and be a reference to the undersigned’s Collateral or part thereof, as the case may be, and that each reference in the Pledge Agreement to a
Schedule shall also mean and be a reference to the schedules attached hereto. 
 5. Governing Law. This Pledge Agreement Supplement shall be governed
by, and construed in accordance with, the laws of the State of New York. 
  

					
	Very truly yours,
	
	[NAME OF ADDITIONAL PLEDGOR]
		
	By:	 	 
		 	Title:	 	
			
		 	Address for notices:	 	
		
		 	c/o Transmeridian Exploration Incorporated
		 	5847 San Felipe, Suite 4300
		 	Houston, Texas 77057
		 	Telephone: 713-458-1100
		 	Fax No.: 713-781-6593
		 	Attention: Chief Financial Officer

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