The Group’s principal asset is its 99% interest in the BNG Contract Area.

The BNG Contract Area is in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometers of which 1,376 square kilometers has 3D seismic coverage acquired in 2009 and 2010. We became operators at BNG in 2011, since when we have identified and developed both shallow and deep structures.

Shallow Structures

The MJF and South Yelemes shallow structures produced in excess of 4.5 million barrel of oil between 2019 and 2025, when they were sold for a headline cash consideration of $88 million.

Deep Structures

We have identified two deep structures at the BNG Contract Area. The first is the Airshagyl structure, which extends to 58 km2. The second is the Yelemes Deep structure which extends over an area of 36 km2. In December 2025 the licences for both structure were reissued as appraisal licences at the same time as significant tax concessions were agreed.

Airshagyl Structure

Four deep wells have been drilled on the Airshagyl structure. Work continues to bring three of these wells into commercial production.

Yelemes Deep Structure

Three deep wells have been drilled and work continues to bring them into commercial production. Further deep well on the structure are planned.

Operations