RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of May 23, 2007 No. PP-642

About measures for implementation of the investment project with JSC Gazprom on conducting exploration works on investment blocks of the Ustyurt region of the Republic of Uzbekistan

According to the order of the President of the Republic of Uzbekistan of January 23, 2006 No. R-2428 "About measures for attraction of direct investments of JSC Gazprom on conducting exploration works in the Ustyurt region" and for the purpose of realization signed on January 25, 2006 between HXK "Uzbekneftegaz" and JSC Gazprom of the Agreement on the basic principles of carrying out geological studying of subsoil of investment blocks of the Ustyurt region of the Republic of Uzbekistan:

1. Take into consideration that:

the resolution of the Cabinet of Ministers of December 6, 2006 No. 254 "About carrying out geological studying of subsoil of investment blocks of the Ustyurt region of the Republic of Uzbekistan" approves the program of step-by-step conducting exploration works developed by JSC Gazprom together with NHK "Uzbekneftegaz" in the Ustyurt region of the Republic of Uzbekistan;

JSC Gazprom in accordance with the established procedure grants licenses for right to use by subsoil plots for geological studying on seven provided investment blocks;

JSC Gazprom authorized the subsidiary company Zarubezhneftegaz Ltd (further - the Operator) to carry out all works within realization signed between NHK "Uzbekneftegaz" and JSC Gazprom of the Agreement on the basic principles of carrying out geological studying of subsoil of investment blocks of the Ustyurt region of the Republic of Uzbekistan;

only for the purpose of the organization and conducting exploration works within the Agreement by the Operator creates Ustyurtzarubezhneftegaz LLC in the form of the legal entity - the resident of the Republic of Uzbekistan;

JSC Gazprom will provide timely and in full financing of exploration works and bears property responsibility for actions of the Operator, as for own;

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