RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of August 30, 2006 No. PP-457

About carrying out geological studying of the Uzbek part of the Aral Sea with the subsequent development of again found fields of hydrocarbons on terms of agreement about the Section of products

For the purpose of the accelerated conducting the exploration works aimed at providing the advancing stock gain of hydrocarbonic raw material and development of new oil and gas deposits, increase in hydrocarbon production:

1. Take into consideration that:

National holding company "Uzbekneftegaz", Korea National Oil Corporation, companies "Lukoil Oversiz Holding Ltd" (Russia), "Petronas Charigali Oversiz Sdn. Bkhd." (Malaysia) and "Si-En-Pi-Si International Ltd" (People's Republic of China) the Consortium of investors without formation of legal entity on carrying out search and prospecting works on the Uzbek part of the Aral Sea with the subsequent development of again found fields of hydrocarbons on terms of agreement about the Section of products is created;

Special state commission on development of conditions of use of subsoil plots and consideration of draft agreements on the Section of products together with Consortium of investors approves and prepares for signing the draft agreement on the Section of products concerning the Uzbek part of the Aral Sea between the Republic of Uzbekistan and Consortium of investors.

2. Approve the draft agreement on the Section of products providing:

carrying out within the first 3 years at the expense of direct investments and under risk of Consortium of investors of the minimum program of search and prospecting works including seismo-prospecting works as method 2D of 2300 running kilometers and drilling of two search wells for total amount is at least 99, 8 million US dollars;

in case of failure to carry out of the minimum work program, payment of investors by Consortium to authorized body of the Republic of Uzbekistan, within three months after the expiration of fixed term, penalty in the amount of the cost of the outstanding amounts of works included in the minimum program;

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