Document:

Exhibit 10.4

                                 AMENDMENT No. 1
                            TO THE AGREEMENT FOR THE
                           PURCHASE AND SALE OF SHARES

     AMENDMENT  No.1 made  this 21st day of  September  2000  between  AIL Alpha
Corporation Ltd., a company  established under the laws of the Isle of Man, with
its legal address at Prospect  Chambers,  Prospect  Hill,  Douglas,  Isle of Man
(hereinafter  "Alpha"),  represented  by Murat  Beisenbekovich  Safinov,  acting
pursuant to authority granted in accordance with a power of attorney dated March
28, 2000;  Transmeridian  Exploration Inc., a company established under the laws
of the British Virgin Islands with its principal  offices  located at 85 Chester
Square,  London,  England  (hereinafter the "Purchaser"),  represented by Nurjan
Sarsekenovich  Kurmanov,  acting pursuant to a Power of Attorney dated September
21, 2000; and OJSC Caspi Neft  (hereinafter  "Caspi Neft"),  an open joint stock
company established under the laws of the Republic of Kazakhstan, represented by
Murat Beisenbekovich Safinov, acting pursuant to a power of attorney No. 2 dated
November 10, 1999. (Alpha and Caspi Neft are hereinafter referred to together as
the "Sellers,"  and Purchaser and the Sellers are from time to time  hereinafter
referred to individually as a "Party" and collectively as the "Parties".)

     RECITALS

     WHEREAS,  Sellers and Purchaser entered into the Agreement for the Purchase
and Sale of Shares dated March 24, 2000 (the "Sale and Purchase Agreement"),  in
accordance  with which Sellers agreed to sell, and Purchaser  agreed to purchase
the Shares of the subsidiary of Caspi Neft, "OJSC Caspi Neft TME";

     WHEREAS,  in  accordance  with  Section  II (E) of the  Sale  and  Purchase
Agreement Purchaser's payment of the Final Installment and Caspi Neft's delivery
of the Shares and transfer to Purchaser should take place on the Closing Date;

     WHEREAS,  on the Closing  Date (June 22, 2000) Caspi Neft  transferred  the
Shares to Purchaser,  but the  Purchaser's  obligation  for payment of the Final
Installment was not yet fulfilled;

     WHEREAS,  Purchaser  intends to extend the payment of the Final Installment
until November 15, 2000 and Sellers agree to such extension; and

     WHEREAS, the Parties,  although intending to effectuate the purposes of the
Sale and Purchase  Agreement also wish to amend the Sale and Purchase  Agreement
in light of the foregoing developments.

     NOW, THEREFORE, the Parties agree as follows:

I.   The capitalized  terms and  expressions  used in this Amendment No. 1 shall
     have the  meanings  ascribed to them as set forth in the Sale and  Purchase
     Agreement.

II.  Purchaser  shall be obliged to effect  payment of the Final  Installment to
     Alpha and Caspi Neft  pursuant to the procedure  established  in Section 11
     (G)(2) of the Sale

                                      138
<PAGE>

     and Purchase Agreement on or before November 15, 2000. Purchaser also shall
     be obliged to effect  payment of  additional  Five  Hundred  Thousand  U.S.
     Dollars  (US$500,000.00)  on  October  2,  2000  as  compensation  for  the
     extension  of the  Final  Installment,  In the event  payment  of the Final
     Installment  is not made  pursuant  to the terms of this  Amendment  No. 1,
     Purchaser  shall  convey  ownership  of the Shares to Alpha within ten (10)
     days after November 15, 2000.

III. This Amendment No.1 is an integral part of the Sale and Purchase Agreement.
     Except as expressly  amended by the terms of this Amendment No.1, all terms
     and  conditions  of the Sale and  Purchase  Agreement  shall remain in full
     force and effect.  This Amendment No.1 may be amended only by an instrument
     in writing signed by all of the Parties.

IV.  This  Amendment  No.1  has  been  executed   simultaneously   in  four  (4)
     counterparts,  two (2) in  Russian  and two (2) in  English,  each of which
     shall be deemed an original, but all of which together shall constitute one
     and the same instrument.  The English and Russian versions of the Amendment
     No.1 shall have equal force.

IN WITNESS  WHEREOF,  the Parties have executed this  Amendment No.1 on the date
first above written.

For Transmeridian Exploration Inc.

By: /S/ Nurjan Sarsekonovich Kurmanov
-------------------------------------
Name: Nurjan Sarsekonovich Kurmanov
Title: Authorized representative

For AIL Alpha Corporation Ltd.

By: /S/ Murat Beisenbekovich Safinov
-------------------------------------
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

For OJSC Caspi Neft.

By: /S/ Murat Beisenbekovich Safinov
-------------------------------------
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

                                      139Exhibit 10.5

                                 AMENDMENT No. 2
                            TO THE AGREEMENT FOR THE
                           PURCHASE AND SALE OF SHARES

     AMENDMENT  No.2  made  this  18 day of  December  2000  between  AIL  Alpha
Corporation Ltd., a company  established under the laws of the Isle of Man, with
its legal address at Prospect  Chambers,  Prospect  Hill,  Douglas,  Isle of Man
(hereinafter  "Alpha"),  represented  by Murat  Beisenbekovich  Safinov,  acting
pursuant to authority granted in accordance with a power of attorney dated March
28, 2000;  Transmeridian  Exploration Inc., a company established under the laws
of the British Virgin Islands with its principal  offices  located at 85 Chester
Square,  London,  England  (hereinafter the "Purchaser"),  represented by Nurjan
Sarsekenovich  Kurmanov,  acting pursuant to a Power of Attorney dated September
21, 2000; and OJSC Caspi Neft  (hereinafter  "Caspi Neft"),  an open joint stock
company established under the laws of the Republic of Kazakhstan, represented by
Murat Beisenbekovich Safinov, acting pursuant to a power of attorney No. 2 dated
November 10, 1999. (Alpha and Caspi Neft are hereinafter referred to together as
the "Sellers,"  and Purchaser and the Sellers are from time to time  hereinafter
referred to individually as a "Party" and collectively as the "Parties".)

                                    RECITALS

     WHEREAS,  Sellers and Purchaser entered into the Agreement for the Purchase
and Sale of Shares dated March 24, 2000 (the "Sale and Purchase Agreement"),  in
accordance  with which Sellers agreed to sell, and Purchaser  agreed to purchase
the Shares of the subsidiary of Caspi Neft, "OJSC Caspi Neft TME";

     WHEREAS,  in  accordance  with  Section  II (E) of the  Sale  and  Purchase
Agreement Purchaser's payment of the Final Installment and Caspi Neft's delivery
of the Shares and transfer to Purchaser should take place on the Closing Date;

     WHEREAS,  on the Closing  Date (June 22, 2000) Caspi Neft  transferred  the
Shares to Purchaser,  but the  Purchaser's  obligation  for payment of the Final
Installment was extended until November 15, 2000 according to Amendment No. 1 to
the Sale and  Purchase  Agreement  executed  on  September  21,  2000  among the
Parties:

     WHEREAS,  Purchaser  intends to extend the payment of the Final Installment
until January 31, 2001 and Sellers agree to such extension; and

     WHEREAS, the Parties,  although intending to effectuate the purposes of the
Sale and Purchase  Agreement also wish to amend the Sale and Purchase  Agreement
in light of the foregoing developments.

     NOW, THEREFORE, the Parties agree as follows:

I.   The capitalized  terms and  expressions  used in this Amendment No. 2 shall
     have the  meanings  ascribed to them as set forth in the Sale and  Purchase
     Agreement.

                                       140
<PAGE>

II.  Purchaser shall pay Alpha Two Million United States Dollars (USD 2,000,000)
     from the total amount of the Final  Installment  on December 18, 2000,  and
     shall pay the balance owing of the Final  Installment  in the amount of One
     Million Three Hundred  Eighty Five Thousand  Eight Hundred Forty Two United
     States Dollars (USD  1,385,842) to Alpha and Caspi Neft in accordance  with
     the  procedure  established  in Section II (G)(2) of the Sale and  Purchase
     Agreement on or before January 31, 2001.

III. This Amendment No.2 is an integral part of the Sale and Purchase  Agreement
     and is in substitution  of Amendment No. 1. Except as expressly  amended by
     the terms of this Amendment  No.2, all terms and conditions of the Sale and
     Purchase  Agreement  shall remain in full force and effect.  This Amendment
     No.2 may be amended only by an instrument  in writing  signed by all of the
     Parties.

IV.  This   Amendment  No.2  has  been  executed   simultaneously   in  six  (6)
     counterparts,  three (3) in Russian and three (3) in English, each of which
     shall be deemed an original, but all of which together shall constitute one
     and the same instrument.  The English and Russian versions of the Amendment
     No.2 shall have equal force.

IN WITNESS  WHEREOF,  the Parties have executed this  Amendment No.1 on the date
first above written.

For Transmeridian Exploration Inc.

By: /S/ Nurjan Sarsekonovich Kurmanov
-----------------------------.
Name: Nurjan Sarsekonovich Kurmanov
Title:  Authorized representative

For AIL Alpha Corporation Ltd.

By: /S/ Murat Beisenbekovich Safinov
-----------------------------.
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

For OJSC Caspi Neft.

By: /S/ Murat Beisenbekovich Safinov
-----------------------------.
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

                                      141Exhibit 10.6

                                 AMENDMENT No. 3
                            TO THE AGREEMENT FOR THE
                           PURCHASE AND SALE OF SHARES

     AMENDMENT No.3 made this 27 day of April 2001 between AIL Alpha Corporation
Ltd., a company  established  under the laws of the Isle of Man,  with its legal
address at Prospect Chambers,  Prospect Hill, Douglas,  Isle of Man (hereinafter
"Alpha"),  represented  by Murat  Beisenbekovich  Safinov,  acting  pursuant  to
authority  granted in accordance  with a power of attorney dated April 27, 2001;
Transmeridian  Exploration  Inc.,  a company  established  under the laws of the
British  Virgin  Islands  with its  principal  offices  located  at 11811  North
Freeway,  Suite  500,  Houston,  TX USA  77060  (hereinafter  the  "Purchaser"),
represented by Lorrie T. Olivier, acting pursuant to the Charter; and OJSC Caspi
Neft (hereinafter  "CaspiNeft"),  an open joint stock company  established under
the laws of the  Republic of  Kazakhstan,  represented  by Murat  Beisenbekovich
Safinov,  acting  pursuant  to a power of attorney  No. 2 dated April 27,  2001.
(Alpha and Caspi Neft are hereinafter referred to together as the "Sellers," and
Purchaser  and  the  Sellers  are  from  time to time  hereinafter  referred  to
individually as a "Party" and collectively as the "Parties".)

     RECITALS

     WHEREAS,  Sellers and Purchaser entered into the Agreement for the Purchase
and Sale of Shares dated March 24, 2000 (the "Sale and Purchase Agreement"),  in
accordance  with which Sellers agreed to sell, and Purchaser  agreed to purchase
the Shares of the subsidiary of Caspi Neft, "OJSC Caspi Neft TME";

     WHEREAS,  in  accordance  with  Section  II (E) of the  Sale  and  Purchase
Agreement Purchaser's payment of the Final Installment and Caspi Neft's delivery
of the Shares and transfer to Purchaser should take place on the Closing Date;

     WHEREAS,  on June 22, 2000 Caspi Neft  transferred the Shares to Purchaser;
and Purchase's  obligation for payment of the Final Installment was fulfilled in
full amount on April 27, 2001;

     NOW, THEREFORE, the Parties agree as follows:

IX.  The capitalized  terms and  expressions  used in this Amendment No. 3 shall
     have the  meanings  ascribed to them as set forth in the Sale and  Purchase
     Agreement.

X.   The Parties hereby  acknowledge and agree that Purchaser has paid the Final
     Installment,  the receipt and sufficiency of which is hereby  acknowledged.
     Further the Seller agree and acknowledge that Buyer has satisfied all other
     obligations  under,  and waive any claims  arising in connection  with, the
     Sale and  Purchase  Agreement.  Sellers  agree and warrant  that  Purchaser
     possesses unencumbered right and title to the Shares in accordance with the
     Sale and  Purchase  Agreement,  and that Buyer is the  lawful  owner of the
     Shares.

                                      142
<PAGE>

XI.  This Amendment No. 3 is an integral part of the Sale and Purchase Agreement
     and is in  substitution  of all  previous  Amendments.  Except as expressly
     amended by the terms of this  Amendment No 3, all terms and  conditions  of
     the Sale and Purchase Agreement shall remain in full force and effect. This
     Amendment No. 3 may be amended only by an  instrument in writing  signed by
     all of the Parties.

XII. This  Amendment  No.  3 has  been  executed  simultaneously  in  eight  (8)
     counterparts,  four (4) in Russian and four (4) in  English,  each of which
     shall be deemed an original, but all of which together shall constitute one
     and the same instrument.  The English and Russian versions of the Amendment
     No. 3 shall have equal force.

IN WITNESS  WHEREOF,  the Parties have executed this  Amendment No.3 on the date
first above written.

For Transmeridian Exploration Inc.

By: /S/ Lorrie T. Olivier
------------------------------------
Name: Lorrie T. Olivier
Title:  President and CEO

For AIL Alpha Corporation Ltd.

By: /S/ Murat Beisenbekovich Safinov
------------------------------------
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

For OJSC Caspi Neft.

By: /S/ Murat Beisenbekovich Safinov
------------------------------------
Name: Murat Beisenbekovich Safinov
Title:  Authorized representative

                                      143

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