Companies in this group include, amongst others,
Arawak Energy Limited, BMB Munai Inc., CanArgo Energy Corporation, Caspian Holdings PLC, Emir Oil LLP,
Kaspiy Neft, JSC Nostrum Oil & Gas and Victoria Oil & Gas PLC. Thus, the Company experiences competition in
identifying and acquiring exploration and development rights to attractive oil and gas properties in Kazakhstan, in
western Kazakhstan. The Company also faces competition for the skilled oil and gas employees and geologists who
work at its properties, and competition for such employees will increase as oil and gas activity in Kazakhstan