SPT Energy Group Inc. * 335,000,000 33,500,000 301,500,000 1.63 1.0%0.003% 0.005% 1.23 0.0001 1251 32 342C 1.631.23 1.631.0%0.003% 0.005%1.63 S *
9A www.spt.cn www.hkexnews.hk 1. 1992 2. 146 8227 126 848 1912 7119 18127 3. 4-4A 10 2325 3
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(1) (3) www.eipo.com.hk eipo (4) (5) 1,000,000 183171712 1716 (6) ii
................................................................... i......................................................................... iii......................................................................... 1......................................................................... 16..................................................................... 27................................................................... 30..................................................................... 31...................................................... 48............................................. 49.................................................... 52..................................................................... 55..................................................................... 57......................................................................... 73........................................................ 85......................................................................... 103...................................................... 141..................................................................... 149............................................................ 151......................................................................... 154..................................................................... 156...................................................... 196......................................................................... 197.............................................................. 204.................................................... 211........................................................ I-1............................................. II-1.......................................................... III-1.......................................................... IV-1.............................. V-1.................................................... VI-1................................. VII-1 iii
Spears and Associates Spears and Associates 5%0.5% 59.2% 59.0%57.9%70.0% 44.0% 53.4% Spears and Associates 13% 30.0%53.4%9.5%4.4%2.7% (1) 42.3%35.0%28.5% 28.0% (2) 24.1%18.7%21.0%19.7% (1) (2) 58.5 1
30 66.6%72.0%65.1%70.4%69.7% 82.3%90.6%87.1%88.9%82.3% 2.7 (5%) 2
Spears and Associates 35% 45%30% 40%25% 35% 1.8% PPS 200 3011 663.9911.5 1,050.4392.0408.5 146.7153.1180.958.5 68.695.3 84.8119.538.947.2 (1) % % % % %............................. 270,796 40.8 373,735 41.0 441,847 42.1 160,818 41.0 122,674 30.0....................... 263,487 39.7 357,776 39.3 462,137 44.0 148,376 37.9 218,309 53.4........................... 129,589 19.5 177,636 19.5 91,375 8.7 47,253 12.1 38,719 9.5........................... 2,333 0.2 40,549 3.9 30,107 7.7 17,917 4.4............................. 46 0.0 14,524 1.3 5,425 1.3 10,863 2.7............................. 663,872 100.0 911,526 100.0 1,050,432 100.0 391,979 100.0 408,482 100.0 (1) (a)(b) (a) 85.5% (b) 14.5% 177.691.4 3
86.4 (i) (7) (ii) (1) 40.5 148.4218.3. 263.5 357.8 462.1 148.4 218.3 21 CNPC-International Aktobe Petroleum FIAL Liability Partnership Sagiz Petroleum Company JSC PetroKazakhstan Kumkol Resources JSC CNPC-AiDanMunai Buzachi Operating Ltd. KazGerMunai LLP JV...... 102.3 116.6 305.0 134.7 105.5 3. 49.6 117.1 63.6 (3) 44.1 15.1 3........ (1) 13.5 25.0 (2) (2) 1........ 30.3 9.2 21.5 8.1 (2) (2) 4. (1) (1) 14.5 7.7 10.6 3 (4) (1) 4
........ 2.4 (5) 10.7 4.5 (2) 0.5 (2) 3........ 0.4 10.7 10.5 (2) 0.5 (2) 2........ 14.9 2.0 (5) 9.5 1.0 (2) 1.5 (2) 2........ 52.3 9.1 (6) 7.2 (2) 1.1 (2) 1........ (5) (5) 5.2 0.2 (2) 2.0 (2) 2........ 10.4 17.6 3.9 (5) 2.8 0.3 (2) 2 (1) (2) (3) 117.1 (4) (5) (6) 70% 20 Spears and Associates 15 5
(i) (ii) (iii) (iv) 21.0 6
7
(1)....................... 663,872 911,526 1,050,432 391,979 408,482 (2)... 18,168 (44,630) 4,206 (46) (4,964)............... (193,874) (273,814) (264,852) (101,046) (98,898)........... (99,088) (154,629) (208,952) (77,461) (91,784)........... (17,910) (27,623) (36,400) (14,464) (18,241)............... (33,655) (35,577) (51,228) (23,126) (24,508)............. (18,519) (26,854) (31,542) (15,446) (18,981) (3)............ (15,777) (90,990) (139,410) (48,348) (32,596)........... (58,536) (1,283).................... (97,990) (104,324) (141,321) (53,512) (48,675) (535,349) (713,811) (873,705) (333,403) (334,966).................... 146,692 153,085 180,933 58,530 68,552 8
.................... 665 278 339 234 152.................... (6,087) (5,582) (5,689) (1,855) (3,681)............... (5,422) (5,304) (5,350) (1,621) (3,529)............. 141,270 147,781 175,583 56,909 65,023.................. (45,926) (62,978) (56,140) (17,976) (18,663)............... 95,344 84,803 119,443 38,933 46,360........... 95,344 84,803 119,509 38,944 47,241.................. (66) (11) (881) 95,344 84,803 119,443 38,933 46,360 (1) 663.9247.737.3% 911.5138.915.2% 1,050.4 392.016.54.2% 408.5 (2) 18.2 44.6 4.2 5.0 46,000 (3) 15.875.2 476.7%91.048.4 53.2%139.4 54.6 48.315.832.6% 32.6 9
...................... 145,422 150,065 196,433 217,191............................... 243 118 760 644........................ 25,341 32,412 31,826 39,431.................. 2,959 1,832 7,156 9,019 173,965 184,427 236,175 266,285................................... 166,932 193,863 211,065 265,686 (1)............... 294,068 340,294 445,142 339,901.................. 37,233 37,436 95,888 87,019.......................... 1,922 12,455 10,694 2,446...................... 106,920 106,512 166,721 83,246 607,075 690,560 929,510 778,298................................. 781,040 874,987 1,165,685 1,044,583................................... 57 68 68 68............................... 28,756 63,937 313,330 151,426.......................... (42,148) (43,534) (15,228) (16,367)............................... 343,920 426,610 303,837 341,570.............. 330,585 447,081 602,007 476,697............................. (57) 27,809................................. 330,585 447,081 601,950 504,506........................ 1,060 434 434 56................................... 105,346 60,000 159,975 292,216 (2)......................... 109,668 108,947 269,210 188,721................ 118,215 108,076 61,114 37,744............................. 116,166 150,449 73,002 21,340 449,395 427,472 563,301 540,021................................. 450,455 427,906 563,735 540,077.......................... 781,040 874,987 1,165,685 1,044,583.......................... 157,680 263,088 366,209 238,277...................... 331,645 447,515 602,384 504,562 (1) 294.1 340.3 10
445.1339.9 (2) 108.9 269.2(i) (7) (ii) 188.7 (1)................................. 177.0 217.1 (2).............................. 0.13 0.16 (1) II3 (2) 1,335,000,000 1,335,000,000100,000,000 900,000,000335,000,000 1.23 1.63 (1).......................................... 1,642 2,176 (2)....................... 7.6 10.0 (3).................. 0.70 0.80 (1) 1,335,000,000 335,000,000 (2) 1.231.63 (3) 195 1.231.631,335,000,000 11
1.43 414.2 35%145.0 100 20%82.8 20%82.8 10.0 15%62.1 10%41.4 1.431.231.63 71.9 77.177.1 12
13
14 (SARS)(H5N1)HINI
15
CNEC CNEC LLP CNEC Netherlands CNEC Netherlands CNEC (Netherlands) B.V. SPT Luxembourg DFW DFW Oil Mechanical Services LLC SPT UZB Netherlands Dowell Kazakhstan Dowell LLP Dowell Netherlands Dowell Netherlands Dowell Holding (Netherlands) B.V. Constant Way Limited 70%30% Duwell (Luxembourg) S.a.r.l. Enecal Enecal Canada Corp. NAH Netherlands Enecal Netherlands Enecal Holding (Netherlands) B.V. SPT Luxembourg Enecal PTE Enecal PTE Limited FD Netherlands FD (Netherlands) B.V. SPT Luxembourg 16
FD Services FD Services LLP FD Netherlands HY Netherlands HY KAZ Holding (Netherlands) B.V. SPT Luxembourg HY Technology HY Oil Technology Service LLP HY Netherlands M-Tech M-Tech Service LLP M-Tech Netherlands M-Tech Netherlands M-Tech Service Holding (Netherlands) B.V. SPT Luxembourg MGD Services MGD Services LLP SPT Netherlands NAH Netherlands North America Holding (Netherlands) B.V. SPT Luxembourg NE TKM NE TKM Hyzmat NE TKM Netherlands SPT TKM Netherlands 51%49% NE TKM Netherlands NE TKM Holding (Netherlands) B.V. SPT Luxembourg 70%30% OS Netherlands OS KAZ Holding (Netherlands) B.V. SPT Luxembourg OS Technology OS Technology Services LLP OS Netherlands P.T. Enecal P.T. Enecal Indonesia Enecal Netherlands 17
Spears and Associates NAH Netherlands 95%2.73% 2.27% 95%2.7% 2.3% Spears and Associates, Inc. 82.5%17.5% 95%2.73% 2.27% SPT Luxembourg SPT Energy Luxembourg S.a.r.l. SPT Netherlands SPT Energy (Netherlands) B.V. SPT Luxembourg SPT OFS SPT Oil Field Service Inc. Limited SPT TKM Netherlands SPT TKM Holding (Netherlands) B.V. SPT Luxembourg 18
SPT UZB Netherlands SPT UZB Holding (Netherlands) B.V. SPT Luxembourg 67.03%32.97% ABCA 19
CNEC BVI Canadian National Energy Corp 54.2% 32.8%5.8%4%3.2% 32 32L Elegant Eagle Investments LimitedMagic Flute Holdings LimitedRed Velvet Holdings LimitedBest Harvest Far East Limited Widescope Holdings LimitedTrue HarmonyTruepath Limited 20
eipo 33,500,000 571 21
301,500,000 22
9A 1.631.23 23
50,250,000 15% 144A S S 24
144A 144A 0.0001 Truepath Limited 25
Truepath Limited 50,250,000 True Harmony True Harmony Limited True Harmony Trust Roger Dale Rion 95.66%4.34% eipo eipo www.eipo.com.hk eipo % 26
.............. API............................ CBM............................ 5,000 2,000 psi150............................................................................................ 27
............................................. 15,0004,500 150 10,000 psi (68.9MPa)........... 70......... 200 10,000 psi............................ 5,000 2,000 psi 150................ mmbtu................................... 28
.............. psi........................................................................................................................................ 29
30
BP p.l.c BP p.l.c 31
32 30 66.6%72.0%65.1% 69.7%25.3%25.4%28.8%24.9% 82.3%90.6% 87.1%82.3% 59.2%59.0%57.9%70.0%
84.0% 68.4%51.2%40.7% 60.5%43.2%17.6%14.1% 166.9193.9211.1 265.7248178180326 (i) (ii) (iii) 33
(iv) 69.4 58.5 10 150200 69.4 294.1340.3445.1 339.9 129125135173 34
35
98.167.9 16.8 17.5 36
37
(7) 98.8 63.635.2 38
58.1%56.0% OFAC 39
40
[2009]82 (i)(ii) (iii) (iv)50% [2009]82 25% 41
10% 25%5% [2009]601601601 10% 10% 10% 698 10% 698 698 [2007]39 42
1.5%3.0% 43
(SARS)(H5N1)HINI (SARS) (SARS) (SARS) 10% 50% 44
(i)(ii)(iii) (iv) (v) (vi) 45
53.4% 46
47
8.12 8.128.12 8.12 (a) 3.05 XI (b) (i) (ii) (iii) (c) (d) 3A.19 13.46 (e) (f) (g) 48
571V 49
(i) (ii)(iii) 44B(1) 50
0.81541 Spears and Associates Spears and Associates 51
231 51205 517501 506 21601 929 38 9B 38 B2113 52
46 46 8 227 15 33 12 6 100022 1 2206 19 15 12 8 20 100005 22 53
1 16 338 15 54
XI Scotia Centre, 4th Floor P.O. Box 2804, George Town Grand Cayman KY1-1112 Cayman Islands 83 B78 100088 15 33 www.spt.cn (ACS, ACIS) 231 51205 15 8 183 17 1712 1716 Appleby Trust (Cayman) Ltd. Clifton House, 75 Fort Street P.O. Box 1350 Grand Cayman KYI 1108 Cayman Islands 55
1 70 9 3201 32053210 16 18 25 56
BP 186 224 38.559.9 3.5% 0.2%0.1% 7% 1.6% 43%50% 3.3% % %........................... 25.1 24.6 25.0 29.2% 27.1% 0.0%................................. 20.6 20.2 20.6 23.9% 22.4% 0.0%.............................. 2.3 2.2 2.2 2.7% 2.4% (0.5)%.............................. 2.1 2.2 2.3 2.4% 2.5% 0.8%........................... 15.3 14.0 13.4 17.8% 14.5% (1.0)%........................... 8.4 7.7 8.0 9.8% 8.7% (0.4)%................................. 5.0 4.2 4.3 5.8% 4.7% (1.1)%................................. 2.2 2.4 2.5 2.6% 2.7% 1.1%.................... 1.1 1.1 1.1 1.3% 1.2% 0.3%........................... 48.8 46.3 46.4 56.7% 50.4% (0.4)%.............. 5.1 4.9 4.9 5.9% 5.3% (0.3)%............................. 2.9 2.8 2.7 3.4% 2.9% (0.5)%............................... 2.2 2.1 2.2 2.6% 2.4% 0.1%........................ 16.8 20.1 22.7 19.5% 24.6% 2.4%............................... 7.6 10.0 11.6 8.8% 12.6% 3.3%............................... 2.8 3.2 3.6 3.3% 3.9% 1.9%................ 6.3 6.9 7.6 7.3% 8.3% 1.5%................................... 6.4 7.2 7.8 7.4% 8.5% 1.5%................................... 3.1 3.5 3.6 3.6% 3.9% 1.2%................................. 6.0 6.6 6.7 7.0% 7.3% 0.9%................................... 2.4 2.8 3.0 2.8% 3.3% 1.8%............................. 3.6 3.7 3.7 4.2% 4.0% 0.3%........................ 37.3 42.4 45.7 43.3% 49.6% 1.6%............................... 86.1 88.7 92.1 100% 100.0% 0.5% 57
7.3 0.6% 0.4%0.9% % %............ 34.4 35.6 37.4 38.8 40.6% 42.1% 0.9%....................... 23.1 24.2 25.2 26.4 27.2% 28.7% 1.0%....................... 4.0 4.1 4.4 4.1 4.7% 4.5% 0.3%....................... 4.1 4.2 5.1 5.4 4.8% 5.9% 2.1%....................... 3.2 3.1 2.7 2.8 3.8% 3.0% (1.0)%.......... 50.4 49.9 51.3 53.3 59.4% 57.9% 0.4%................... 21.6 20.9 20.5 20.6 25.5% 22.4% (0.4)%............... 15.4 15.0 16.2 16.9 18.2% 18.3% 0.7%............... 5.4 5.2 3.5 3.1 6.4% 3.4% (4.2)%............... 0.8 0.8 0.7 0.7 0.9% 0.8% (0.5)%................. 28.8 29.0 30.8 32.7 34.0% 35.5% 1.0%.. 12.8 12.7 13.1 13.8 15.1% 15.0% 0.6%............ 7.8 7.8 7.4 7.4 9.2% 8.0% (0.4)%................... 4.1 4.0 3.8 4.0 4.8% 4.3% (0.1)%.... 1.5 1.5 1.6 1.5 1.8% 1.6% (0.2)%....................... 2.6 2.6 2.9 3.2 3.1% 3.5% 1.5%..................... 4.1 4.3 5.9 7.0 4.8% 7.6% 4.2%................... 84.8 85.5 88.7 92.1 100.0% 100.0% 0.6% WTI145 3140 Spears and Associates spears 5 58
(i)3.4 3.60.6%(ii)3% 100 Spears and Associates 12 2030/ 100110 26% 7.4% 2.9% 0.5% 59
% %.................. 27.3 27.2 28.3 27.4 29.2 26.1% 21.4% 0.2%........................ 22.0 21.7 23.0 21.7 22.6 21.2% 16.6% (0.2)%..................... 3.4 3.3 2.9 3.2 3.4 2.7% 2.5% 1.3%..................... 1.9 2.2 2.4 2.5 3.1 2.2% 2.3% 2.0%.................. 19.2 19.1 19.2 20.2 21.0 17.7% 15.4% 0.7%.................. 5.3 5.8 6.3 6.9 7.3 5.8% 5.4% 1.1%........................ 3.1 3.4 3.7 3.8 3.9 3.4% 2.9% 0.4%........................ 1.1 1.1 1.2 1.5 1.6 1.1% 1.2% 2.0%........... 1.1 1.2 1.3 1.7 1.8 1.2% 1.3% 2.4%.................. 51.8 52.1 53.7 54.5 57.4 49.5% 42.1% 0.5%..... 25.3 25.3 25.9 26.8 27.5 23.9% 20.2% 0.5%..................... 16.2 16.6 16.7 16.7 16.9 15.4% 12.4% 0.1%........................ 9.1 8.7 9.1 10.1 10.6 8.4% 7.8% 1.2%............... 8.5 9.6 10.5 16.7 20.4 9.7% 15.0% 5.3%........................ 1.7 2.0 2.5 4.9 6.3 2.3% 4.6% 7.4%........................ 1.3 1.4 1.5 3.1 3.9 1.4% 2.9% 7.6%......... 5.6 6.2 6.6 8.7 10.2 6.1% 7.5% 3.4%.......................... 9.8 10.3 10.7 16.2 18.4 9.9% 13.5% 4.2%.......................... 3.0 2.9 3.1 4.8 5.7 2.9% 4.2% 4.8%........................ 4.4 4.5 4.6 5.6 7.0 4.2% 5.1% 3.4%.......................... 0.7 0.7 0.7 1.1 1.5 0.6% 1.1% 6.0%.................... 3.7 3.8 3.9 4.6 5.5 3.6% 4.0% 2.7%............... 50.9 52.6 54.7 70.1 78.9 50.4% 57.9% 2.9%...................... 102.7 104.6 108.5 124.7 136.3 100.0% 100.0% 1.8% 2.0% 2.9% 0.2% 60
% %................. 19.2 20.3 19.4 20.1 18.0% 14.6% 0.4%............... 6.3 6.0 5.6 5.5 5.9% 4.0% (1.0)%............... 10.2 10.7 9.6 9.0 9.6% 6.5% (1.0)%................. 1.7 1.7 3.5 3.7 1.6% 2.7% 6.2%.... 1.7 1.7 2.4 2.5 1.6% 1.8% 3.0%........ 2.0 2.0 2.1 2.3 1.9% 1.7% 1.0%........ 39.5 40.8 40.2 40.5 37.1% 29.5% 0.2%............... 23.1 23.4 23.0 24.3 21.7% 17.7% 0.4%........... 7.3 7.8 9.2 9.5 6.8% 6.9% 2.1%................. 4.0 4.1 6.4 8.0 3.8% 5.8% 5.5%............... 2.2 2.7 6.4 7.4 2.1% 5.4% 9.8%........ 6.4 6.7 8.1 9.2 6.0% 6.7% 2.8%................. 5.3 5.4 8.2 9.0 5.0% 6.5% 4.2%........ 1.6 1.7 3.1 3.7 1.5% 2.7% 6.6%................. 2.4 2.7 2.9 3.0 2.3% 2.2% 1.8%........ 9.6 9.9 12.9 14.2 9.0% 10.3% 3.1%............... 5.2 5.3 6.6 8.7 4.9% 6.3% 4.0%.. 67.0 69.7 86.8 97.0 62.9% 70.5% 2.9%............. 106.6 110.5 126.9 137.5 100.0% 100.0% 2.0% 34% 63%55% Spears and Associates 4.16 61
(i)0.8 1.02.3%(ii)3% 3.55 Spears and Associates 145 31 40 62
9377 93 115 100 33%30% 4.2% 4,420 4,9004,540..................... 78.5 106.3 71.2 86.6 93.6................... 23.2 28.7 18.5 31.1 32.6..................... 230.2 318.6 305.1 324.1 363.3..................... 331.9 453.6 394.8 441.8 489.5 %..................... 12.6 35.4 (33.0) 21.6 8.1................... (4.1) 23.7 (35.5) 68.1 4.8..................... 32.5 38.4 (4.2) 6.2 12.1..................... 24.0 36.7 (13.0) 11.9 10.8 600 Spears and Associates 14.8%8.5% BPChevronConocoPhillipsENIExxonMobilOMVRepsol-YPFRoyal Dutch ShellStatoil 420260 63
...................... 15,137 19,000 14,000 24,728 26,117...................... 7,000 8,600 6,800 8,175 9,260...................... 3,904 5,191 6,600 6,540 7,050........................ 26,041 32,791 27,400 39,443 42,427........... 99,881 133,309 124,889 127,642 145,724............... 111,100 121,632 123,460 123,197 141,589 Spears and Associates 3.9% 9.2%6.1% 4.0% 10,000 6,239 6,467 6,685 6,887 7,065 7,254 7,450 7,653 7,862 8,078 7,500 485 466 476 448 457 835 877 912 939 958 977 997 1,017 1,037 1,058 5,496 418 431 439 383 402 268 5,000 1,872 1,946 2,025 2,105 2,188 2,276 2,367 2,462 2,560 2,662 781 206 231 1,807 366 143 381 212 218 414 224 323 336 193 199 167 151 397 297 177 310 182 188 350 135 159 168 431 178 178 101 50 105 51 112 52 121 52 128 53 382 54 391 55 406 56 421 57 437 58 453 2,500 36 307 346 355 365 373 1,851 2,174 2,232 2,281 2,330 2,361 2,393 2,424 2,457 2,489 2,522 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spears and Associates 3.3% 139,660 7.1%4,080 160,000 16,456 17,114 17,799 18,510 19,251 19,321 19,859 20,332 20,707 21,192 7,202 7,562 7,865 8,101 8,263 8,428 8,597 8,769 8,944 9,123 115,296 118,871 122,038 125,119 127,673 129,591 132,195 134,650 137,067 139,660 2,113 2,024 2,068 1,937 1,982 1,862 1,899 120,000 1,808 1,655 1,738 100,632 3,083 2,792 2,886 2,983 6,733 2,531 2,613 2,700 674 682 691 649 666 6,105 6,221 6,374 6,507 6,645 6,788 658 6,932 7,080 7,230 7,384 642 15,823 1,619 620 1,698 627 1,802 1,878 1,960 2,048 2,137 2,231 2,329 2,432 2,058 2,117 2,177 2,240 2,357 2,442 2,305 2,371 2,440 2,510 2,583 2,657 1,160 2,260 634 80,000 1,956 1,566 1,797 5,423 432 40,000 65,742 77,321 79,437 81,137 82,848 84,087 85,340 86,790 88,145 89,541 90,986 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spears and Associates 64
....... 126.7 157.1 164.7 171.9 179.4 185.7 192.3 199.6 206.8 214.3 222.2....... 18.6 23.6 25.3 27.3 29.3 31.4 33.8 36.3 38.9 41.8 44.9....... 1.1 1.7 1.8 1.9 2.1 2.2 2.3 2.5 2.6 2.8 3.0....... 7.0 7.9 8.7 9.6 10.5 11.4 12.5 13.6 14.8 16.2 17.6....... 8.2 10.5 11.4 12.4 13.4 14.5 15.7 17.0 18.4 19.9 21.5..... 9.2 10.7 11.8 12.7 13.8 14.9 16.1 17.4 18.8 20.4 22.1....... 24.7 27.0 29.5 32.2 35.2 38.4 40.5 43.7 46.9 50.2 53.9..... 8.4 9.8 10.9 11.8 12.8 13.7 14.7 15.8 16.9 18.2 19.5....... 1.1 1.8 1.9 2.1 2.3 2.5 2.6 2.8 3.0 3.3 3.5....... 205.0 250.1 266.1 282.1 298.7 314.8 330.4 348.6 367.3 387.0 408.2 Spears and Associates Spears and Associates 995 6.7% 1,910 240,000 180,000 120,000 60,000 0 99,468 16,655 29,665 53,147 2010 190,915 181,772 173,314 31,672 157,236 165,207 30,186 150,529 143,417 28,809 27,486 135,877 128,736 26,183 25,087 121,429 23,918 57,238 22,675 54,493 21,497 51,953 20,287 49,533 47,158 45,132 43,049 40,814 38,701 36,543 64,599 68,538 72,387 76,450 80,310 83,896 88,188 92,552 97,092 102,005 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Spears and Associates 65%1,780 65
............. 110 133 142 151 162 172 182 194 206 219 234............. 41 49 52 56 59 62 65 69 73 77 81............. 27 32 34 37 39 42 44 47 50 53 57................. 94 113 122 130 139 149 158 169 180 192 206................. 272 327 351 374 399 424 449 478 509 542 577............. 41% 41% 41% 41% 41% 41% 41% 41% 41% 41% 41%............. 15% 15% 15% 15% 15% 15% 15% 14% 14% 14% 14%............. 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%................. 35% 35% 35% 35% 35% 35% 35% 35% 35% 36% 36% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Spears and Associates 8.9% 71390% 60%70%...... 4.2 4.2 4.2 4.1 4.1 3.8 3.8 3.9 3.9 3.9 4.0...... 2.9 2.9 2.9 2.9 2.9 3.0 3.0 3.0 3.0 3.0 3.0...... 1,830 1,903 1,978 2,057 2,138 2,222 2,311 2,403 2,499 2,598 2,702................. 1,807 1,872 1,946 2,025 2,105 2,188 2,276 2,367 2,462 2,560 2,662................. 24 31 32 32 33 34 34 36 37 38 40........ 30.4 34.9 38.1 41.6 45.4 49.6 52.7 57.0 61.5 66.1 71.3................. 24.7 27.0 29.5 32.2 35.2 38.4 40.5 43.7 46.9 50.2 53.9................. 5.7 7.9 8.6 9.4 10.3 11.2 12.2 13.4 14.6 15.9 17.4 Spears and Associates 9.1% 136323 12.6%25 818.1% 18953 66
... 8,655 9,451 10,320 11,270 12,307 13,439 14,162 15,285 16,431 17,571 18,881... 2,473 2,835 3,244 3,703 4,219 4,800 5,260 5,896 6,573 7,279 8,092... 2,423 2,646 2,890 3,156 3,446 3,763 3,965 4,280 4,601 4,920 5,287....... 13,551 14,933 16,454 18,129 19,972 22,002 23,388 25,460 27,605 29,770 32,260 Spears and Associates Spears and Associates 85% 5%Spears and Associates 1,200 10% Spears and Associates....................................................... 78.40.......................................................................... 2.00.......................................................................... 1.70.......................................................................... 0.90............................................................. 0.44..................................................................... 0.40................................................................. 0.36 1,200............................................................. 8.00.............................................................................. 92.20 922 Spears and Associates 136 (1) Spears and Associates 925% Spears and Associates 75% (1) FactSet 1.000.1475 67
1,275 Spears and Associates 50802030150300 BP p.l.c. 10 200240 2288 Spears and Associates 4 2 BP p.l.c. 1,152 Spears and Associates 152,000 4.8 30 2030 400 68
30 Spears and Associates 600 62 400 130200 Sinopec International Exploration and Production Corporation SIPC Calgary-based Addax Petroleum75 SIPC ConocoPhillips Syncrude 9.03%46.5Repsol 40%71Occidental Petroleum 24.5 Chevron Bridas corporation 50%31 Chesapeake EnergyChesapeake 10.8 Chesapeake Denver-Julesburg Powder River Basins 570697 Chesapeake Tullow Oil 10.4% 54....... 3.0 3.1 3.1 3.2 3.3 3.4 3.5 3.5 3.6 3.7 3.8.... 6.8 7.2 7.6 8.1 8.5 8.9 9.0 9.1 9.1 9.2 9.3...... 305 421 442 459 473 483 492 502 512 522 533......... 268 383 402 418 431 439 448 457 466 476 485......... 37 38 40 41 42 43 44 45 46 47 48.. 2.0 2.7 3.0 3.3 3.6 3.8 4.1 4.4 4.7 5.1 5.4......... 1.1 1.8 1.9 2.1 2.3 2.5 2.6 2.8 3.0 3.3 3.5....... 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Spears and Associates 12.0% 619 12.0% 412 69
... 394 618 682 745 805 862 924 992 1,064 1,141 1,225... 113 177 195 213 230 246 264 284 304 326 350... 110 173 191 208 225 241 259 278 298 320 343....... 617 968 1,068 1,166 1,261 1,350 1,446 1,554 1,666 1,787 1,917 Spears and Associates Spears 92 5% Spears and Associates Spears 75%210160 Spears and Associates (Weatherford) 70
Spears and Associates Spears and Associates 35,000 BP Spears and Associates Spears and Associates Spears and Associates Spears and Associates Spears and Associates Drilling and Production Outlook (DPO)the Oilfield Market Report (OMR) Pipe Logix 71
DPODPO50 100 DPO OMR30 OMR250 OMR OMR Pipe Logix Spot Market Price report 30 The Key Market Factors report Spears and Associates 20 Spears and Associates Spears and Associates BPBP 50 BP plc OECD (Platts) Oil and Gas Journal Barclays Capital E&P Spending Survey Barclays Capital EIAEIA 72
73
3,000 3,000 2,000 100,000 500,000 74
75
33% 25% 10% 25% 10% 10% 76
698 698 698698 (i)12.5%(ii) 17% 10% 50% 77
75 75(a) (b) (c) 3075 75 20 78
(i) (ii)(iii) (iv).cn 79
80
(Kazakhstan Law on Licensing) (Kazakhstan Law on Subsoil and Subsoil Use) 291-IV (Kazakhstan Environmental Code) 81
(Labor Code) (Rules on Establishment of Quota) (Conditions and Order of Issue of Permits to Employers for Attraction of Foreign Labour Force to the Republic of Kazakhstan) 82
461-II 20% 57-III 234 83
(i) (ii) (iii)(iv)(v) 20% 15%11% 5% 12%12% (a) ABCA (b) ABCA ABCA (i)30,000(ii) (iii)(iv) 32M98 84
20 165 6,394120 18 KELA 2 KELA 203 65-40ADM 1,600 85
7" 8,023 (1) 2,000,0005%5%36%31% 23% 5% 36%41% 23% 23%18.54% 4.46% 95% 23%33.31%38.69% 95%95% 54.54%45.46% 4,363,200 3,636,8002,000,000 10,000,000 54.54%45.46% 86
54.55%45.45% 1,100,000 2,200,000 54.44%45.56% 7,800,000 2,200,00010,000,000 12%10% 78% 42.55%35.45% 42.55% 35.45% 54.55%45.45% 51.82% 43.18% 54.55% 45.45% 1,000,000 30,000,00040%60% 21.82%18.18% 21.82%18.18% 87
12,000,000 21.82%18.18%60% 30,000,000 15,600,000 18,000,0003,600,000 41.96%34.97%23.07% 70%30%1,000,000 40%60% 5,000,000 3,000,0007,000,00015,000,000 5,000,00030,000,000 16.67%33.33%50% (2) M-Tech M-Tech M-Tech 51%49% FD Services FD Services 51%49% M-Tech FD Services M-Tech M-Tech FD Services FD Services M-Tech M-Tech M-Tech Netherlands (4) M-Tech Mangistan CNEC CNEC BVI (1) (1) CNEC BVI 88
(3) Enecal (40%)(60%) (40.8%)(39.2%) (20%) (2) Enecal Enecal (45%) (55%)Enecal (40.8%)(39.2%)(20%) (3) (1) 50,000500,000,0000.0001 980.0001 51%49% True Harmony Limited Truepath LimitedWidescope Holdings LimitedJumbo Wind Limited Windsorland Limited Credit Suisse Trust Limited (2) 40% (i)(ii) 40.8%39.2%20.0% Enecal NAH Netherlands (5) (3) Enecal 4.2% Enecal 35%Enecal (i) Enecal (ii) Enecal 40.8%39.2%20.0% Enecal Enecal Enecal Enecal Enecal NAH Netherlands (5) 89
True Harmony Limited True Harmony Trust Roger Dale Rion 95.66%14.56%4.34%0.66%True Harmony Trust True Harmony Trust Credit Suisse Trust Limited True Harmony Trust True Harmony...... Truepath Trust Widescope Trust Jumbo Wind Trust Windsorland Trust True Harmony Trust (1). 48.7% 13.6% 10.8% 5.2% 15.2% (1) True Harmony Trust Widescope 1 True Harmony 2 Roger Dale Rion Truepath 3 Jumbo Wind 4 Windsorland 5 6 100% 100% 100% 100% 100% 100% Elegant Eagle Investments Limited () 100% Best Harvest Far East Limited ( ) Ample Sky Offshore Limited ( ) Dream Ahead Holdings Limited ( ) Magic Flute Holdings Limited () 100% Victory Cheer Investments Limited ( ) Famous Mansion Investment Limited ( ) Proactive Gain Investment Limited ( ) Rainstone Investment Consultants Limited ( ) Alpha Quality Holdings Limited ( ) Red Velvet Holdings Limited () 100% Starshine Investments Limited () 100% Tarkin Investments Limited () 100% 6.5% 73.3% 2.0% 6.6% 2.0% 6.6% 3.3% 2.0% 4.3% 100% Widescope Holdings Limited () True Harmony () Truepath Limited () Jumbo Wind Limited () Windsorland Limited () 13.6% 15.2% 48.7% 10.8% 5.2% () (1) Widescope Trust Widescope Trust (2) True Harmony Trust True Harmony Trust (3) Truepath Trust Truepath Trust (4) Jumbo Wind Trust (5) Windsorland Trust Windsorland Trust (6) 6,450,0006.5% 90
(2) 1,000,000 100,00010 51%49%1,000,000 SPT Luxembourg SPT Luxembourg 1111 SPT OFS 100,000SPT OFS 10,000 Constant Way LimitedAlibi Babayev Dowell Kazakhstan 70%30% 100 Dowell Kazakhstan 1,000,000 100% 91
() 100% () 70% 100% 63.1% 100% 4 () SPT Luxembourg () Enecal PTE 5 () SPT OFS () 100% 100% 100% () () 100% Dowell Netherlands () 100% Dowell Kazakhstan () 100% CNEC Netherlands () 100% CNEC () 100% M-Tech Netherlands () 100% M-Tech () 100% FD Netherlands () 100% FD Services () 100% OS Netherlands () 100% OS Technol ogy () 100% SPT Netherlands () MGD Services () 100% HY Netherlands () 100% NE TKM Netherlands () 100% SPT TKM Netherlands () 100% 100% 51% 49% 100% 100% 100% 95% 100% HY Technology () DFW () Enecal Netherlands () P.T. Enecal 6 () () 100% NAH Netherlands () 95% 1 () () 100% 82.5% 67.03% 32.97% 95% 95% 30% () 70% Enecal () () () 2 () NE TKM () SPT UZB Netherlands () 3 () 17.5% (1) 2.73%2.27% (2) 2.73%2.27% (3) 2.7%2.3% (4) Constant Way Limited Constant Way Limited Alibi Bahayev Dowell Kazakhstan (5) Enecal PTE (6) Hendri Saleh P.T.Enecal 92
(3) 33.33% 10,000,000 9,250,0003,970,000 30,000,00043,220,000 32.97%67.03% 95% 39.23%32.70% 2.7%2.3%95% 5,000,000 10,000,000 100%30% 100% 1,000,000 30% 736,236.04 30%70% 95% 8,438,397.84 7,034,441.2851.81%43.19% 2.73%2.27% 95% 77,758,137.48 64,807,201.9151.815%43.185% 2.73%2.27%95% 93
5,000,000 10,000,0005,000,000 82.5%17.5% 1,750,000 82.5%17.5% () 100% () () 30% () 70% 4 () 95% 1 () 82.5% 67.03% 32.97% 95% 2 () 95% 70% 100% () () 3 () () 17.5% (1) 2.73%2.27% (2) 2.73%2.27% (3) 2.7%2.3% (4) Constant Way Limited Constant Way Limited Alibi Bahayev Dowell Kazakhstan 94
(4) CNECFD-Services M-Tech 100 OS Technology MGD Services HY TechnologyOS Technology Atyrau Astana 70% 100 Dowell Kazakhstan 100% () 100% () 100% SPT Luxembourg () 100% 70% 1 () 100% 100% 100% 100% 100% 100% 100% () CNEC Netherlands () M-Tech Netherlands () FD Netherlands () OS Netherlands () SPT Netherlands () HY Netherlands () 100% 100% 100% 100% 100% 100% 100% Dowell Netherlands () 100% CNEC () M-Tech () FD Services () OS Technology () MGD Services () HY Technology () Dowell Kazakhstan () (1) Constant Way LimitedConstant Way Limited Alibi Bahayev Dowell Kazakhstan 95
(5) 1,000,000 500,000EnecalNAH Netherlands () 100% () 100% SPT Luxemburg () 100% NAH Netherlands () 100% 100% () 100% Enecal () (6) Enecal PTE Enecal PTE 40.8%39.2%20% Enecal PTE Enecal PTE 300,000 Enecal PTE 60% Enecal PTE 81,60078,40040,00016.3% 15.7%8% Enecal PTE Enecal PTE 600,000 Enecal PTE 63.2%Enecal PTE 131,600128,40050,00040,000 Enecal PTE Enecal PTE 13.9%13.5%5.3%4.2% Enecal PTE Enecal PTE Enecal PTE Enecal PTE Enecal PTE 10,000,000,000 Enecal PTE 96
P.T. Enecal Enecal Netherlands Hendri Saleh 95%5%1,000,000 DFW SPT UZB Netherlands 10,000 NE TKM NE TKM Netherlands 51%SPT TKM Netherlands 49%142,500 SPT OFS 100,000 97
() 100% () 100% SPT Luxemburg () 63.2% Enecal PTE () SPT OFS () 100% 100% () NE TKM Netherlands () 100% 100% SPT TKM Netherlands () 100% SPT UZB Netherlands () 100% Enecal Netherlands () 51% 49% 100% 95% NE TKM () DFW () P.T. Enecal () (7) 50%40% 10% Sinopetroleum International Ltd.National Energy Corp.CNEC BVI North Resources Corp.Sinopetroleum International Ltd. 50%40%10%National Energy Corp 47%45% 8%CNEC BVI 54.22%32.76%5.82%4.0%3.2%North Resources Corp. CNEC BVI National Energy Corp. CNEC BVI Enecal PTE Enecal PTE 98
Enecal PTE Enecal PTE 10% Enecal PTE (i) (ii) (iii) 285,144,000283,654,000 1,490,000 212,899,290 212,899,290 1 72,245,000 158,038,178.51 (8) 99
Widescope Trust 1 True Harmony Trust 2 Roger Dale Rion Truepath Trust 3 Jumbo Wind Trust 4 Windsorland Trust 5 6 100% 100% 100% 100% 100% 100% Elegant Eagle Investments Magic Flute Holdings Red Velvet Holdings Starshine Investments Tarkin Investments Limited Limited Limited Limited Limited () () () () () 100% 100% Best Harvest Ample Sky Far East Offshore Limited Limited ) ) ( ( Dream Ahead Victory Cheer Holdings Investments Limited Limited ) ) ( ( Famous Mansion Proactive Gain Investment Investment Limited Limited ) ) ( ( Rainstone Investment Alpha Quality Consultants Holdings Limited Limited ) ) ( ( 100% 100% 100% 6.5% 73.3% 2.0% 6.6% 2.0% 6.6% 3.3% 2.0% 4.3% Widescope Holdings Truepath Limited Jumbo Wind Windsorland Limited True Harmony () Limited Limited () () () () 13.6% 15.2% 48.7% 10.8% 5.2% () 100% () 70% 10 () SPT Luxembourg () 100% 63.2% 100% Enecal PTE 11 () SPT OFS () 100% 100% () 30% () () 95% 95% 70% 7 100% 100% () 8 () () 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 82.5% 67.03% 32.97% 95% () 100% Dowell Netherlands () CNEC M-Tech FD OS SPT HY NE TKM SPT TKM SPT UZB Enecal NAH Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands Netherlands () () () () () () () () () () () 10 9 () () () 17.5% 100% 100% 100% 100% 100% 51% 49% 100% 100% 100% 95% 100% 100% Dowell Kazakhstan () CNEC M-Tech ) ) ( ( FD Services ( OS Technol ogy ) ) ( MGD Services ( () ) HY NE TKM DFW Technology () () P.T. Enecal 12 () () Enecal () (1) Widescope Trust Widescope Trust (2) True Harmony Trust True Harmony Trust (3) Truepath Trust Truepath Trust (4) Jumbo Wind Trust Jumbo Wind Trust (5) Windsorland Trust Windsorland Trust (6) Skycharm Limited Heroic Time Investments Limited4,950,0001,500,0003,825,000 Skycharm Limited 1,125,000 Widescope Holdings LimitedHeroic Time Investments Limited Widescope Holdings Limited (7) 2.73%2.27% (8) 2.73%2.27% (9) 2.7%2.3% (10) Constant Way LimitedConstant Way Limited Alibi Bahayev Dowell Kazakhstan (11) Enecal PTE (12) Hendri Saleh P.T.Enecal 100
Widescope Trust 1 True Harmony Trust 2 Roger Dale Rion Truepath Trust 3 Jumbo Wind Trust 4 Windsorland Trust 5 6 100% 100% 100% 100% 100% 100% Elegant Eagle Investments Magic Flute Holdings Red Velvet Holdings Starshine Investments Tarkin Investments Limited Limited Limited Limited Limited () () () () () 100% 100% Best Dream Ample Sky Harvest Ahead Victory Cheer Famous Rainstone Offshore Far East Holdings Investments Mansion Proactive Gain Investment Alpha Quality Limited Limited Limited Limited Investment Investment Consultants Holdings Limited ( ( ( ( Limited Limited Limited ( ) ) ) ) ( ( ( ) ) ) ) 100% 100% 100% 73.3% 2.0% 6.6% 2.0% 6.6% 3.3% 2.0% 4.3% Widescope Holdings Truepath Limited Jumbo Wind Windsorland Limited True Harmony () Limited Limited () () () () 10.2% 11.4% 36.5% 8.1% 3.9% 4.8% 25.1% () 100% () 70% 10 () SPT Luxembourg () 100% 63.2% 100% Enecal PTE 11 () SPT OFS () 100% 100% () 30% () () 95% 100% () 100% 7 () () 100% Dowell Netherlands () 100% 100% CNEC Netherlands () 100% 100% M-Tech Netherlands () 100% 100% FD Netherlands () 100% 100% OS Netherlands () 100% 100% SPT Netherlands () 100% 82.5% 67.03% 32.97% 95% HY Netherlands () 100% NE TKM Netherlands () 100% SPT TKM Netherlands () 100% SPT UZB Netherlands () 100% Enecal Netherlands () 51% 49% 100% 100% 100% 95% 100% 100% 95% 70% NAH Netherlands () () () 8 () 17.5% 9 () 100% Dowell Kazakhstan () CNEC M-Tech () () FD Services () OS Technol ogy () MGD Services () () HY NE TKM DFW Technology () () P.T. Enecal 12 () Enecal () () (1) Widescope Trust Widescope Trust (2) True Harmony Trust True Harmony Trust (3) Truepath Trust Truepath Trust (4) Jumbo Wind Trust Jumbo Wind Trust (5) Windsorland Trust Windsorland Trust (6) Skycharm Limited Heroic Time Investment Limited4,950,0001,500,0003,825,000 Skycharm Limited 1,125,000 Widescope Holdings LimitedHeroic Time Investment Limited Widescope Holdings Limited (7) 2.73%2.27% (8) 2.73%2.27% (9) 2.7%2.3% (10) Constant Way LimitedConstant Way Limited Alibi Bahayev Dowell Kazakhstan (11) Enecal PTE (12) Hendri Saleh P.T.Enecal 101
11 (a) (b) 1111 11 11 (a) 11 (b) 75 7575 102
Spears and Associates Spears and Associates 5%0.5% 59.2% 59.0%57.9%70.0% 44.0% 53.4% Spears and Associates 13% 30.0%53.4%9.5%4.4%2.7% (1) 42.3%35.0%28.5% 28.0% (2) 24.1%18.7%21.0%19.7% (1) (2) 58.5 103
66.6%72.0%65.1%70.4%69.7% 82.3%90.6%87.1%88.9%82.3% 2.7 (5%) Spears and Associates 35% 45%30% 40%25% 35% 1.8% 104
PPS 200 3011 663.9911.5 1,050.4392.0408.5 146.7153.1180.958.5 68.695.3 84.8119.538.947.2 Spears and Associates 70% 663.9911.5 1,050.4 25.8% 392.0408.5 Spears and Associates 105
800 50,000 Spears and Associates 20,000psi20019 Spears and Associates 30 11 PPS 200 106
5,082 80 20 107
18.0 108
(i) (ii)(iii) Spears and Associates 75% 10% 109
(a) MWD (b) LWD (c) (d) MWDMWD LWD 110
(a) DST (b) PVT 111
(c) (d) (e) Navi (f) (a) (b) (c) (d) ESP (e) (a) PDMS (b) (c) DPT ESP 112
(d) (e) (f) (g) ESP (a) (b) (c) (d) (e) (f) 113
% % % % %......................... 110,589 16.7 310,162 (1) 34.0 343,822 32.7 117,079 29.9 128,707 (3) 31.5......................... 245,025 36.9 268,420 29.4 323,808 (2) 30.8 121,332 31.0 74,610 (4) 18.3......................... 308,258 46.4 332,944 36.6 382,802 36.5 153,568 39.1 205,165 50.2............................. 663,872 100.0 911,526 100.0 1,050,432 100.0 391,979 100.0 408,482 100.0 (1) 86.4 (2) 40.5 (3) 5.7 (4) 12.2 110.6310.2 343.8117.1128.716.7% 34.0%32.7%29.9%31.5% 3,100 114
115
8,023 15 116
15 4,000 1,000 117
245.0268.4 323.8121.374.6 36.9%29.4%30.8%31.0%18.3% API 6A 2030 118
ITest 150 ISO 9001 API Q1 119
50 120
308.3 332.9382.8153.6205.2 46.4%36.6%36.5%39.1%50.2% 121
5,986 50400 456,50080 100,000ppm 40,000 10,000 122
20 (1) (1) (1) (1) (2).............................. 1 60% 1 90% 1 90% 1 90% (3).............................. 9 70% 10 70% 10 80% 15 60% (4).......... 6 73% 6 67% 9 75% 8 65% (5)................................ 30 69% 32 73% 50 79% 51 70% (1) 300 150300 300 (2) (3) (4) 123
(5) 1515 2312 122412 12 Spears and Associates Spears and Associates 85%Spears and Associates 5%1,200 10% Spears and Associates 5%0.5% Spears and Associates 124
(Weatherford) Spears and Associates 125
44.0%53.4% Spears and Associates 20,000psi 200 Spears and Associates (1) % % % % %............................. 270,796 40.8 373,735 41.0 441,847 42.1 160,818 41.0 122,674 30.0....................... 263,487 39.7 357,776 39.3 462,137 44.0 148,376 37.9 218,309 53.4........................... 129,589 19.5 177,636 19.5 91,375 8.7 47,253 12.1 38,719 9.5........................... 2,333 0.2 40,549 3.9 30,107 7.7 17,917 4.4............................. 46 0.0 14,524 1.3 5,425 1.3 10,863 2.7............................. 663,872 100.0 911,526 100.0 1,050,432 100.0 391,979 100.0 408,482 100.0 (1) (a)(b) (a) 85.5% (b) 14.5% 177.691.4 86.4 (i) (7) (ii) 40.5 126
148.4218.3 52%75% 127
66.6%72.0%65.1%70.4%69.7% 25.3%25.4%28.8%30.1%24.9% 82.3%1.7% 90.6%0.9% 87.1%0.6%0.2% 88.9%1.2%0.2%82.3%0.1% 1.0% 40.6%31.4%42.8%47.0%32.0%59.4%68.6%57.2%53.0%68.0% 5% 42.1%44.0%8.7%3.9%1.3% 30.0%53.4%9.5%4.4%2.7% (1) 42.3%35.0%28.5%24.4%28.0% (2) 24.1%18.7%21.0%18.4%19.7% (1) (2) 58.5 128
5% 220.0 312.6328.3265.5 2045 5% 129
............ 263.5 357.8 462.1 148.4 218.3 21 CNPC-International Aktobe Petroleum FIAL Liability Partnership Sagiz Petroleum Company JSC PetroKazakhstan Kumkol Resources JSC CNPC-AiDanMunai Buzachi Operating Ltd. KazGerMunai LLP JV................. 102.3 116.6 305.0 134.7 105.5 3............ 49.6 117.1 63.6 (3) 44.1 15.1 3................... (1) 13.5 25.0 (2) (2) 1................... 30.3 9.2 21.5 8.1 (2) (2) 4............ (1) (1) 14.5 7.7 10.6 3 (4)................... 2.4 (5) 10.7 4.5 (2) 0.5 (2) 3................... 0.4 10.7 10.5 (2) 0.5 (2) 2................... 14.9 2.0 (5) 9.5 1.0 (2) 1.5 (2) 2................... 52.3 9.1 (6) 7.2 (2) 1.1 (2) 1................... (5) (5) 5.2 0.2 (2) 2.0 (2) 2................... 10.4 17.6 3.9 (5) 2.8 0.3 (2) 2 130
(1) (2) (3) 117.1 (4) (5) (6) 70% 20 Spears and Associates 15 131
(Sinopetroleum Natural Gas Co., Ltd) (1) (2) (1) (2) 132
PSE PPS 201 H3Ning 201 H1 030 H25030 H26 122 133
8.8 10.217.310.7 (i)(ii) (iii)(iv) PPS 200 C 80 20 6015 170.0 30.0 134
193.9273.8 264.9101.098.936.2% 38.4%30.3%30.3%29.5% 84.0% 68.4%51.2%40.7% 60.5%43.2%17.6%14.1% 5% (i) (ii) (iii) (iv) 135
ISO9001ISO14001 OHSAS 18000 API Specification Q1 Tarim Wusen 1656,394120 (i) (ii)(iii) (iv) 136
9.398.4204.843.947.8 5.660.2102.529.231.6 60.2%61.2%50.6%66.5%66.1% 174.3163.072.726.7 35.6 137
3011 260,574.4 256,430.44,144.0 14,720.3604.9 6828,455.12 47.1 138
43,355 23.2 6.5 27256,430.4 3814,720.3 4619,013.8 303,998.9 4,144.0 604.922 9,441.3 OHSAS 18000 139
140
............. 48............. 39............. 63............. 47............. 57............. 40............. 48............. 39............. 63............... 56............. 53 Rion, Roger Dale..... 61............. 36............... 45............... 40............... 57............. 51............. 51 48 26 141
39 19 63 37 47 25 382 142
57 32 AABSAABS 40 16 XV 13.51(2) 56 37 143
53 25 Microstep, Inc. Microstep, Inc. Rion, Roger Dale 61Rion Rion 30 Rion Rion Rion Shell International Petroleum Maatchappij BV (SIPM) Rion Rion Rion Rion 36 13 144
BI 45 25 Shell Canada Ltd. 40 19 57 28 51 27 145
Halliburton Services (Malaysia) Sdn. Bhd. dual-trip multi-zone single-trip multi-zone 51 30 Baker Hughes Asia Pacific (Baker Hughes Legal Resources University) FCPA 40 KCS Hong Kong Limited 15 KCS Hong Kong Limited 190987 2607958 10286868 3788 3.21C3 146
B1 3A.19 3A.23 3.85.3 7.14.4 29.731.0 147
0.91.12.3 1.0 2.33.1 7.9 9251,1521,6161,771.............................................................. 153..................................................... 321..................................................... 166..................................................... 446.............................................................. 933................................................... 10................................................... 397..................................................... 117.......................................................... 45........................................................ 59.......................................................... 11..................................................... 46.............................................................. 685.............................................................. 1,771 148
XV23 10% Widescope Holdings Limited.......... 135,872,000 10.2% Elegant Eagle Investments Limited (1).... 135,872,000 10.2% True Harmony...................... 152,200,000 11.4% Best Harvest Far East limited (2)......... 152,200,000 11.4% Majic Flute Holdings Limited (3)......... 152,200,000 11.4% Truepath Limited.................... 487,012,000 36.5% Red Velvet Holdings Limited (4)......... 487,012,000 36.5% Jumbo Wind Limited................. 108,000,000 8.1% Starshine Investments Limited (5)........ 108,000,000 8.1% Credit Suisse Trust Limited (6).......... 935,500,000 70.1% (7)........................... 775,084,000 58.1% (8)........................... 775,084,000 58.1% (9)...................... 108,000,000 8.1% (1) Windscope Holdings Limited Elegant Eagle Investments Limited 135,872,000 (2) Best Harvest Far East Limited True Harmony 73.3%152,200,000 (3) Best Harvest Far East Limited Majic Flute Holdings Limited Best Harvest Far East Limited 152,200,000 (4) Truepath Limited Red Velvet Holdings Limited 487,012,000 (5) Jumbo Wind Limited Starshine Investments Limited 108,000,000 (6) Credit Suisse Trust Limited Widescope TrustTrue Harmony TrustTruepath TrustJumbo Wind Trust Windsorland Trust Elegant Eagle Investments LimitedMagic Flute Holdings LimitedRed Velvet Holdings LimitedStarshine Investments Limited Tarkin Investments Limited True Harmony Limited Credit Suisse Trust Limited True Harmony Limited 935,500,000 (7) Truepath Trust Truepath Limited 775,084,000487,012,000135,872,000152,200,000 Truepath LimitedWidescope Holdings LimitedTrue Harmony Limited (8) Widescope Trust True Harmony Trust 775,084,000 487,012,000135,872,000152,200,000Truepath LimitedWidescope Holdings LimitedTrue Harmony Limited (9) Jumbo Wind Trust Jumbo Wind Limited 108,000,000 149
XV23 10% 150
Red Velvet Holdings Limited Truepath Limited 36.5%Red Velvet Holdings Limited Truepath Trust True HarmonyBest Harvest Far East Limited 73.3% 11.4%Best Harvest Far East Limited Magic Flute Holdings Limited Magic Flute Holdings Limited True Harmony Trust Elegant Eagle Investments Limited Widescope Holdings Limited 10.2%Elegant Eagle Investment Limited Widescope Trust Credit Suisse Trust Limited Truepath TrustTrue Harmony Trust Widescope Trust Truepath LimitedRed Velvet Holdings LimitedTrue HarmonyBest Harvest Far East LimitedMagic Flute Holdings LimitedWidescope Holdings Limited Elegant Eagle Investments Limited 58.1% Truepath LimitedRed Velvet Holdings LimitedTrue HarmonyBest Harvest Far East LimitedMagic Flute Holdings LimitedWidescope Holdings Limited Elegant Eagle Investments Limited Credit Suisse Trust Limited 151
55.1 (i) 20 1010 (ii) 12 (iii) 20 (iv) 10 (v) 80 (vi) 8 66.6% 152
72.0%65.1%69.7%25.3%25.4%28.8% 24.9%5% 84.0% 68.4%51.2%40.7%60.5%43.2% 17.6%14.1%5% 8.10 Truepath LimitedRed Velvet Holdings LimitedTrue HarmonyBest Harvest Far East LimitedMagic Flute Holdings LimitedWidescope Holdings LimitedElegant Eagle Investments Limited (i) (ii) (a)(b) 5%(i) (ii) (i) 30%(ii) 153
200,0002,000,000,0000.0001 100,000,000....................... 10,000 900,000,000......................... 90,000 335,000,000........................... 33,500 1,335,000,000................................................ 133,500 8.08 25% (a) 20% (b) 154
(a) (b) (c) 10% 5. (a) (b) (c) 155
Spears and Associates Spears and Associates 5%0.5% 59.2% 59.0%57.9%70.0% 44.0% 53.4% Spears and Associates 13% 30.0%53.4%9.5%4.4%2.7% 156
(1) 42.3%35.0%28.5% 28.0% (2) 24.1%18.7%21.0%19.7% 66.6%72.0%65.1%70.4%69.7% 82.3%90.6%87.1%88.9%82.3% 2.7 663.9911.5 1,050.4392.0408.5 146.7153.1180.958.5 68.6 (1) (2) 58.5 157
7%26% 3.3% 7.4% 42.1%44.0% 30.0%53.4% Spears and Associates 600 158
193.9273.8264.9 101.098.936.2%38.4% 30.3%30.3%29.5% 32.5%42.6%32.0%31.6%28.7% 33% 25% 24 159
30%20% 20%20%38%38%38%38% (i) (ii) 160
(iii) (iv) 161
......................................................... 1020.................................................. 510......................................................... 57............................................ 310........................ 663,872 911,526 1,050,432 391,979 408,482..... 18,169 (44,630) 4,206 (46) (4,964)............... (193,874) (273,814) (264,852) (101,046) (98,898)........... (99,088) (154,629) (208,952) (77,461) (91,784)........... (17,910) (27,623) (36,400) (14,464) (18,241)............... (33,655) (35,577) (51,228) (23,126) (24,508)............. (18,519) (26,854) (31,542) (15,446) (18,981)............. (15,777) (90,990) (139,410) (48,348) (32,596)........... (58,536) (1,283).................... (97,990) (104,324) (141,321) (53,512) (48,675) (535,349) (713,811) (873,705) (333,403) (334,966).................... 146,692 153,085 180,933 58,530 68,552.................... 665 278 339 234 152.................... (6,087) (5,582) (5,689) (1,855) (3,681)............... (5,422) (5,304) (5,350) (1,621) (3,529)............. 141,270 147,781 175,583 56,909 65,023.................. (45,926) (62,978) (56,140) (17,976) (18,663)............... 95,344 84,803 119,443 38,933 46,360........... 95,344 84, 803 119,509 38,944 47,241.................. (66) (11) (881) 95,344 84,803 119,443 38,933 46,360 162
.................... 110,589 310,162 (1) 343,822 117,079 128,707 (3).................... 245,025 268,420 323,808 (2) 121,332 74,610 (4).................... 308,258 332,944 382,802 153,568 205,165 663,872 911,526 1,050,432 391,979 408,482 (1) 86.4 (2) 40.5 (3) 5.7 (4) 12.2 (1)........................ 270,796 373,735 441,847 160,818 122,674.................. 263,487 357,776 462,137 148,376 218,309...................... 129,589 177,636 91,375 47,253 38,719...................... 2,333 40,549 30,107 17,917........................ 46 14,524 5,425 10,863 663,872 911,526 1,050,432 391,979 408,482 (1) (a)(b) (a) 85.5% (b) 14.5% 177.691.4 86.4 163
(i) (7) (ii) (1) 40.5 148.4218.3 56.7%34.1%41.3%40.7%36.5%....... 89,085 103,680 151,144 66,831 75,953................ 1,462 2,636 4,950 2,137 3,096............. 6,040 10,379 16,187 7,089 11,042..... 33,000 31,000......... 2,501 4,934 5,671 1,404 1,693 99,088 154,629 208,952 77,461 91,784 164
Kaz Batys Munai 165
.................... 13,579 14,569 14,790 6,568 3,898............. 12,147 13,424 13,469 5,060 2,190................ 1,435 3,151 6,902 4,382 1,206.................... 27,161 31,144 35,161 16,010 7,294.................... 8,594 13,823 16,106 5,856 4,443............. 7,417 10,927 13,800 4,864 2,340................ 1,670 3,599 6,007 4,773 1,343.................... 17,681 28,349 35,913 15,493 8,126............... 14,373 11,984 11,871 3,274 5,189.................... 4,116 4,477 11,169 2,239 2,046.................... 11,486 12,950 25,495 6,991 8,793.................... 4,875 3,018 4,690 1,598 5,986........................ 18,298 12,402 17,022 7,907 11,241 97,990 104,324 141,321 53,512 48,675 7.3%10.5%119.7% 1.5%0.3%119.0% 7.07.5 60.9%47.3%111.5%16.5%26.3% 67.0% 166
25% 30%20%20%20%20% 38% 31 167
EBITDA EBITDA.................... 110,589 245,025 308,258 663,872 EBITDA................................ 40,923 25,341 (1) 125,329 191,593 (2) EBITDA................. 37.0% 10.3% (1) 40.7% 28.9% (2).................... 310,162 268,420 332,944 911,526 EBITDA................................ 99,829 51,771 133,583 285,183 EBITDA................. 32.2% 19.3% 40.1% 31.3%.................... 343,822 323,808 382,802 1,050,432 EBITDA................................ 98,759 57,635 141,628 298,022 EBITDA................. 28.7% 17.8% 37.0% 28.4%.................... 117,079 121,332 153,568 391,979 EBITDA................................ 28,641 15,823 56,935 101,399 EBITDA................. 24.5% 13.0% 37.1% 25.9%.................... 128,707 74,610 205,165 408,482 EBITDA................................ 34,147 9,814 77,871 121,832 EBITDA................. 26.5% 13.2% 38.0% 29.8% (1) 58.5 EBITDA 83.934.2% (2) 58.5 EBITDA 250.1 37.7% EBITDA EBITDA........ 191,593 285,183 298,022 101,399 121,832............. (33,000) (31,000)............... 18,169 (44,630) 4,206 (46) (4,964)..... (44,551) (27,614) (58,753) (27,377) (29,335) (26,382) (105,244) (85,547) (27,423) (34,299) 165,211 179,939 212,475 73,976 87,533.................. (18,519) (26,854) (31,542) (15,446) (18,981).................... (6,087) (5,582) (5,689) (1,855) (3,681).................... 665 278 339 234 152.................. 141,270 147,781 175,583 56,909 65,023 168
392.0 16.54.2%408.5 117.1 11.69.9% 128.77.3 5.6 121.3 46.738.5% 74.616.0 117.1 29.0 153.6 51.633.6% 205.2 38.5 9.5 5.0 46,000 25.8 79.5 101.0 2.12.1%98.9 77.5 14.318.5%91.8 169