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Prospecting, exploration and production of hydrocarbons

Under Resolution №19 dated January,11 2019 of the Cabinet of Ministers of the Republic of Uzbekistan for the implementation of investment projects in the oil and gas industry with the participation of foreign investors, the Company has obtained exploration licenses for 5‘investment blocks’, 1 license for the development of fields and 2 licenses for the design and construction of oil and gas facilities, as well as for the sale of hydrocarbons. The Company plans to work on the following investment blocks: Kultak-Kamashi investment block; Surkhan investment block; Mubarek investment block; West-Ferghana investment block; Ustyurt investment block (Koskudyk and Ashibulak) Exploration will include seismic surveys and drilling of prospecting and exploratory wells. After approval of the reserves for each deposit, the development and settlement program of the field will be prepared with the choice of the best option to implement. With reserves of natural gas preliminary estimated at 561 bcm, it is currently envisaged that the total amount of capital expenditure in exploration, development and production over the lifetime of the investment blocks will be in the region of US$4.8-5.2 bn (Source: PwC, DeGolyer and MacNaughton, March 2019). The project is planned to be implemented under a public-private partnership agreement, on the terms of the direct sharing of all hydrocarbons produced between the State and the Investor.