Letter from Investment Agency of Kazakhstan to Closed JSC Karakudukmunai Regarding License Status and Audit Requirements

Contract Categories: Intellectual Property › License Agreements
Summary

The Investment Agency of the Republic of Kazakhstan informs Closed JSC Karakudukmunai that, based on the company's satisfactory performance and investment of approximately $55 million, there are currently no reasons to terminate or suspend its license for hydrocarbon exploration and production at the Karakuduk deposit. The agency requests that, once Ernst & Young completes its audit of the company's activities, the results be submitted to the agency for review.

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EX-10.5 15 0015.txt LETTER Closed JSC Karakudukmunai The Investment Agency of the Republic of Kazakhstan, following consideration of a letter from the Central Asian oil firm (Guernsey) dated June 30, 2000, informs you of the following: Taking into consideration satisfactory activities of the company for the expired period, that is, the use of about US $55 mln. where the obligations amount to US $56 mln., currently, there are no grounds for termination or suspension of the operation of the License of the series M[GAMMA] No. 349 for the exploration and production of hydrocarbons in the Karakuduk deposit in Mangistau. After the auditing of the activities of the closed JSC Karadudukmunai by Ernst & Young is completed, we ask you to furnish the results of the audit to the Investment Agency of the Republic of Kazakhstan. Deputy Chairman B. Elemanov