BMB Munai, Inc. - Kazakhstan Oil - 500 Beiträge pro Seite

[Russland-Investor]

Weiterführung des alten Threads:
InterUnion (OTC-BB: IUFN)- Watchlist [Thread-Nr.: 787811]

I.M. erscheint mir die Marktkapitalisierung für BMB nach Abschluss der Finanzierung mit über 100 Mio $ viel zu hoch! Außerdem immer noch extrem umsatzschwach. Die Kurstaxen liegen am OTC-BB in US bei bid5.50/ ask10.25 $! Bleibt auf der Watchlist. Es scheint, dass die meisten Shares in festen Händen liegen, eine Anpassung des Kurses sollte aber noch erfolgen. Danach wird es interessant.


Press Release Source: BMB Munai, Inc.

BMB Munai, Inc. Issues Additional US$1,000,000 in Shares under over-Allotment Option
Monday December 15, 1:13 pm ET
Shares Quoted under New Symbol BMBM On a Post-Consolidated Basis

NEW YORK--(BUSINESS WIRE)--Dec. 15, 2003--BMB Munai, Inc. ("BMB Munai") (OTCBB: BMBM - News), formerly known as InterUnion Financial Corporation, is pleased to announce that its common shares are now trading on a post-consolidated (1 new for 10 old shares) basis. Additionally, BMB Munai is pleased to announce that, on December 12, 2003, Credifinance Securities Limited exercised its over-allotment option and completed the private placement of an additional US$1,000,000 worth of BMB Munai common shares at US$2.50 per share to cover over-subscriptions relating to the previously announced private placement of US$10,100,000. As well, Credifinance Securities Limited has informed BMB Munai that it has exercised its option for 200,000 common shares in BMB Munai which is subject to a one-year hold period pursuant to U.S. securities regulations. As a result of the exercise of these options, BMB Munai will have 20,429,292 common shares outstanding.

BMB Munai, Inc. (f/k/a InterUnion Financial Corporation) is a Delaware corporation, with offices in New York City and Almaty, Kazakhstan, which is engaged in the exploration, development, exploitation and production of crude oil and natural gas. The Company`s operations are primarily focused onshore in the hydrocarbon rich Caspian region in the Republic of Kazakhstan. Emir Oil LLC., a 70% subsidiary of BMB Munai, is a limited liability corporation organized under the laws of Kazakhstan. Emir Oil principal asset is its license for the ADE Fields - Aksaz, Dolinnoe and Emir - located 45 kilometers northeast of the Caspian Sea port city of Aktau, in the Mangistau Oblast of western Kazakhstan.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as are described in the Company`s annual report.

[Russland-Investor]

11-Dec-2003

Changes in Control of Registrant and Other Events

Item 1. Changes in Control of Registrant.

InterUnion Financial Corporation, a Delaware corporation, completed a statutory merger with BMB Holding Inc., a Delaware corporation on November 25, 2003 (the "Merger"), pursuant to a Plan and Agreement of Merger (the "Agreement"). InterUnion Financial Corporation, now known as BMB Munai, Inc. (the "Company"), is the surviving corporation.

The Merger

Pursuant to the terms of the Agreement, the Company issued an aggregate of 148,571,429 shares of its common stock to the shareholders of BMB Holding, Inc. The shareholders of BMB Holding, Inc. transferred all of their shares (being all of the issued and outstanding shares) of BMB Holding, Inc. to the Company.

As result, the former shareholders of BMB Holding, Inc. collectively control the Company. Immediately following the Merger, the Company had an aggregate of 153,987,978 common shares issued and outstanding, including the 148,571,429 common shares issued pursuant to the Merger. Additional shares of the Company have been issued as more fully described under Item 5 below.

Pursuant to Delaware Corporate Law, shareholders of each of the merging corporations holding at least a majority of the stock entitled to vote have approved the Merger by their written consent. As a result, the respective boards of directors of each of the merging companies was authorized to enter into and to take all measures required to give effect to the Merger.

Two of the shareholders of BMB Holding, Inc. were also creditors of BMB Holding, Inc. In partial consideration for the shares of the Company issued pursuant to the Merger, the creditors have released both the Company and BMB Holding, Inc. from obligation to pay the respective debts.

Corporate Changes -

Pursuant to the Merger, the Company has changed its name from InterUnion Financial Corporation to BMB Munai, Inc. The Company has also conducted a reverse-split of its common shares on the basis of ten old shares for one new share (10:1).

Further, the Company has effected a reduction in its authorized capital from 500,000,000 common shares to 50,000,000 common shares. The Company is authorized to issue preferred shares designated as Class "A," Class "B," and Class "C" preferred shares, of which no such shares have been issued by the Company.

Pursuant to the terms of the agreement, each of the following directors of the Company have resigned: Muriel Woodtli and Peter Prendergast. In addition, each of T. Jack Gary and Georges Benarroch have resigned as officers of the Company.

The new board of directors of the Company consists of: Boris Cherdabayev, Alexandre Agaian, Bakhtyev Baiseitov, Mirgali Kunayev, and Georges Benarroch. The officers of the Company are: Mr. Anuar Kulmagambetov, Chief Financial Officer; Mr. Boris Cherdabayev, Chief Operating Officer; Alexandre Agaian, President and Chief Executive Officer; and Gary Lerner, Corporate Secretary.

Board of Directors and Executive Officers - Georges Benarroch: Mr. Benarroch is also a Director of Credifinance Capital Corp., the Chief Executive Officer, and Chairman of the Board of Credifinance Securities Limited, President, Chief Executive Officer, and Chairman of the Board of Credifinance Capital Inc.

Dr. Alexandre Agaian: Since creating the first commercial bank in the USSR in 1988 (the Innovation Bank of St. Petersburg), Dr. Agaian has served as Chairman or director of a number of banks or financial institutions in Russia and the U.S.

Boris Cherdabayev: Mr. Cherdabayev has participated in the Kazakhstan petroleum and energy sector for 30. Mr. Cherdabayev has been on the board of directors or has been an executive of companies such as TCO TengizChevroil; national oil and gas company

Kazakhoil; Uzenmunaygas; Kazakhoil-Emba; Kazakhstancaspiyshelf;
MangistauMunaiGas, Mangyshlakneft; Karakadukmunai and many other entities;

Bakhtyev Baiseitov: Mr. Baiseitov, has participated in banking, business and political circles of Kazakhstan. After starting his career at the State Bank of Kazakhstan and acting as the Head of the Industrial Department of the Kazakh Republican Office of the State Bank of the USSR, Mr. Baiseitov founded Bank CenterCredit, the first private (cooperative) bank in the USSR of which he was and still is Chairman. Amongst a number of other positions held in the private and public sectors, Mr. Baiseitov is also Chairman of Kazakhstan International Bank and President of The Banking Association of Kazakhstan;

Dr. Mirgali Kunayev: Dr. Kunayev, a business man from Kazakhstan is the Chairman of the Board of AralParket, a joint venture between Parker Drilling, a U.S. drilling company and

AralNedra, a Kazakh company. Dr. Kunayev was a president of
KazakhstanCaspiShelf, a state oil company. He is now on the board of directors
of Bank CenterCredit, several oil & gas services companies operating on and
offshore in the pre-Caspian basin and serves as Chairman and CEO of a U.S.
public company, EMPS Corporation.

The Business of the Company - In exchange for an aggregate of 148,571,429 common shares of the Company, the shareholders of BMB Holding, Inc. transferred 1,000 common shares of BMB Holding Inc. (being all of the issued and outstanding shares of BMB Holding, Inc.) to the Company. The assets of BMB Holding, Inc consist of a 70% ownership in Emir Oil, LLC, a limited liability company existing under the laws of Kazakhstan. Emir Oil, LLC holds an exploration license and government contract with respect to certain oil and gas fields located in Kazakhstan.

The Company plans to focus operations onshore in proven oil and gas producing areas of the Caspian Sea region of Western Kazakhstan. The Akasz, Doninnoe and Emir fields to be developed are located 50 kilometres (approximately 35 miles) northeast of the Caspian port city of Aktau in the Manigstau oblast of western Kazakhstan. The Company plans to commence development of Dolinnoe and Emir oil fields and then to phase in development of the Akasz gas field.

Item 5. Other Events

The Financing - As a condition of the Merger, the Company was obligated to secure equity financing of at least $3,000,000. Credifinance Securities Limited (the "Agent") assisted in the financing of the Company. Pursuant to an Agency Agreement between the Company and the Agent, the Company has issued an aggregate of

4,430,494 common shares of the Company via private placement. These shares were issued in two transactions each of which closed on November 26, 2003. The first private placement consisted of an aggregate of 2,750,494 common shares at US $2.15 per share. The second private placement consisted of an aggregate of 1,680,000 shares at US $2.50 per share. The Agent received a commission equal to 8.5% of the gross proceeds received by the issuer other than for shares issued to US Persons. In addition, the Agent received Agent`s Warrants equal to 10% of the number of shares sold on behalf of the Company. Further, on November 19, 2003, the Company entered into two (2) stock option agreements with the Agent. Pursuant the first option agreement, the Agent may purchase up to two million (2,000,000) common shares of the Company at an exercise price of $0.10 per shares for a period of five (5) years from the date of the Merger. The second option agreement allows the Agent to purchase up to one million, four hundred twenty eight thousand, five hundred and seventy one (1,428,571) common shares of the Company at an exercise price of $0.35 per share for a period of five (5) years from the date of the Merger. The agent also received a fee of $150,000 for advisory services rendered to the Company in connection with the Merger.

[brokerbee]

Zahlen die auch Dividenden?????????

[Russland-Investor]

@ brokerbee

Nein.

Ich bin erstaunt. Die MK beträgt nach gestrigem Kurs 200 Mio $ !!! Es gibt zwar kaum Umsätze, aber genau das irritiert mich auch. Eigentlich müsste der Kurs auf ca. 3 $ (i.M. 10$) runter. Beobachten wir zunächst weiter...

[Russland-Investor]

Press Release Source: BMB Munai, Inc.

BMB Munai, Inc. Completes 3D Seismic on ADE License Territory
Wednesday January 7, 9:49 am ET

NEW YORK--(BUSINESS WIRE)--Jan. 7, 2004--BMB Munai, Inc. (OTC BB: BMBM.OB) announced today that last month its 70% subsidiary Emir Oil, LLC, a company existing under the Law of the Republic of Kazakhstan, completed 3D seismic on the territory of Aksaz, Dolinnoe and Emir oil and gas fields. The seismic work has been completed according to the company`s exploration program and within the planned terms and budget. The processing and interpretation of all data obtained during 3D seismic has already been commenced.

BMB Munai, Inc. is also pleased to announce that at the meeting of the Board of Directors held in Almaty at the end of December 2003, the Board approved Mr. Valery Tolkachev, a representative of the NAM Holding (one of the company`s major shareholder), as a new Director of the Company. The company`s Chairman and COO, Mr. Boris Cherdabayev has been appointed as co-CEO of the BMB Munai, Inc for the regions of Kazakhstan, Central Asia, Russia and Europe, retaining his position as the company`s COO.

The Board also approved and adopted the company`s Code of Ethics, Non-Discrimination Policy and Directors` Defense and Indemnification Policy.

BMB Munai, Inc. (formerly InterUnion Financial Corporation) is a Delaware corporation, with offices in New York and Almaty, Kazakhstan, which is engaged in the exploration, development and production of crude oil and natural gas. The Company`s operations are primarily focused onshore in the hydrocarbon rich Caspian region in the Republic of Kazakhstan. Emir Oil LLC, a 70% subsidiary of BMB Munai, is a limited liability corporation organized under the laws of Kazakhstan. Emir Oil principal asset is its license for the ADE Fields - Aksaz, Dolinnoe and Emir - located 45 kilometers northeast of the Caspian Sea port city of Aktau, in the Mangistau Oblast of western Kazakhstan.

Effective January 1, 2004 the new principal business address of BMB Munai, Inc. in the US is as follows:

BMB Munai, Inc.
500 Fifth Avenue
Ste. 4810
New York, NY 10110 USA
Ph: 212-730-7919, 212-730-7959
Fax. [phone]

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as are described in the Company`s annual report.
Contact:

BMB Munai
(In the US)
Alexandre Agaian, 212/730-7919
[e-mail]
or
(In Kazakhstan)
Boris Cherdabayev, [phone] (-47)
[e-mail]


Source: BMB Munai, Inc.

[Russland-Investor]

@ all

Hier ein Bericht von Aton, der genau mein Problem anspricht: PP zu 2,50$ (Preis nach Split), Marktpreis i.M. ohne nennenswerte Umsätze zwischen 5 und 10 $. Aton schreibt das etwas ungenau: die MK richtet sich natürlich letztlich nach den Börsenpreisen. Deswegen ist die MK natürlich i.M auch nicht 50, sondern tatsächlich zwischen 100 und (i.M.) 200 Mio $! Weiter Watchlist, werde mal Informationen über die Felder einholen.

16 December 2003, Tuesday
BMB Munai. Completes reverse takeover, name change


BMB Holding, Inc., a U.S.-based E&P company with assets in Kazakhstan, has completed the reverse takeover (RTO) of Interunion Financial Corporation, and following a name change to BMB Munai, Inc., the company is now trading under the ticker BMBM on the OTC BB (Over-The-Counter Bulletin Board).

As a result of the merger and a 10:1 reverse split of its common shares, BMBM had 15,398,798 common shares outstanding after the RTO’s close. In addition to the RTO, BMBM conducted a private placement of $10.1mn, which enjoyed high demand and was subsequently increased by $1mn (at $2.5 per share) using an over-allotment provision. Also, an option for 200,000 shares was exercised and, as a result of these transactions, BMBM now has 20,429,929 common shares outstanding.

The proceeds will be used to finance 3-D seismic exploration, well completion and other operating activities at the company’s Aksaz, Dolinnoe and Emir fields. BMBM expects to start production in 1Q04.

Based on the latest amount of shares outstanding and the recent placement price of $2.5 per share, BMBM now boasts a market cap of $51mn. As a result, the company now trades at $2.2/bbl of proven and $0.5/bbl of proven + probable (2P) reserves as per PGS reserve audit. Plugging in McDaniel reserve audit numbers, we receive a multiple of $1.6/bbl of 2P reserves. On balance, BMBM looks substantially undervalued on reserve multiples compared to regional peers.

We plan to initiate formal coverage of BMB Munai in 2004, but at present note that a combination of an attractive valuation of reserves, their excellent geographic location and a strong management team make BMB Munai one of the better ideas for investors seeking exposure to the Kazakhstan/Caspian oil theme.

[Russland-Investor]

Heute zieht das Angebot endlich etwas runter...aktuell 9.25 $

[Russland-Investor]

Gestern ebenfalls wieder etwas runter auf USD 8.50, ask USD 8,75.

Dennoch erscheint mir BMB noch zu teuer.
Die Frage ist, ob man wirklich noch zu unter oder um USD 5 reinkommen wird, da fast alle Stücke festliegen.
Ich würde jedoch ohne neue Infos zu den Feldern - ich versuche gerade ranzukommen- nicht zu den jetzigen Kursen reingehen.

Schaun wir mal...

[Russland-Investor]

Endlich kommen wir weiter runter, aber quasi ohne Umsatz.


Last Sale: 5.35 -3.15 -37.06%

Volume: 534 Previous Close: 8.5 (1/15/2004)
11:30:50 AM 1/21/2004

Today`s High: 5.35

Today`s Low: 5.35
Best Bid: 5.35 Best Ask: 7.5

[Russland-Investor]

Es bleibt also weiter fraglich , ob man zu ansprechenden Kursen einsteigen kann.
I.M. ist das wegen der Umsatzschwäche nicht möglich.

Warum sollen wir statt USD 2.5 USD 7 oder 8 zahlen...
USD 4 wäre dagegen schon reizvoll...

Da feste Hände im Spiel sind, kann ich mir vorstellen, dass wir nicht mehr unter 100 Mio $ MarketCap hereinkommen. Eine zu Beginn geschlossene Gesellschaft also ...

[petrolero]

recht hast Du!

hab vorher gedacht dass die noch super billig sein könnten,
so 10 mio $ oder so, aber zu den preisen niemals (zumindest ich)
in den sec-fillings hab ich was von 100 mio barrel gelesen.
aber auf mehreren feldern.
ich glaub ich diversifiziere lieber in aurado energy die könnten meiner meinung was werden.

leider bin ich einfach 3 oder 4 jahre zu spät nach kaz und russland gekommen... hmmm

[Russland-Investor]

Keine Umsätze.... scheint so, als ob man dort nicht sonderlich an freien Aktionären interessiert ist. Plazierung zu USD 2.50 und kaufen zu USD 8 (aktuelles Angebot)?! Das ist einfach zu happig...

[Russland-Investor]

Trades der letzten Wochen



Price Qty Time
↓ 10.000 100 02/10/04
↑ 10.500 100 02/10/04
↑ 8.000 500 02/10/04
↓ 6.000 25000 02/06/04
↑ 9.000 100 02/06/04
↓ 8.000 600 02/06/04
↑ 10.000 100 02/06/04
↑ 9.950 100 02/06/04
↓ 8.500 500 02/06/04
↑ 8.750 500 02/06/04
↑ 8.600 500 02/06/04
↑ 8.100 700 02/06/04
↑ 8.000 500 02/06/04
↓ 6.000 110 01/22/04
↑ 7.950 500 01/22/04
↓ 5.500 900 01/22/04
↓ 7.000 302 01/21/04
↑ 7.500 500 01/21/04
↓ 5.350 534 01/21/04

[Russland-Investor]

Die Altaktionäre geben nichts aus der Hand... ich würde trotzdem i.M. nicht einsteigen. Soetwas stinkt für mich. Muss nichts heißen für die weitere Entwicklung, die wahrscheinlich langfristig positiv verlaufen wird (Potenzial des Managements und der Assets).

Aktuell wieder bei 200 Mio USD Wert !!!

Schade deswegen, weil sehr interessant!!! Ich habe da aber meine Prinzipien.

Aus dem Stand auf 200 Mio $ Wert durch eine Kapitalspritze von ca. 10 Mio $ und die Lizenzen... alle Achtung. Da hat jemand wohl etwas Größeres vor.

[Russland-Investor]

17-Feb-2004

Changes in Certifying Accountant and Financial Statements & Exhibits

ITEM 4. CHANGES IN REGISTRANT`S CERTIFYING ACCOUNTANT

On February 11, 2004, the Company dismissed Mintz & Partners LLP, Chartered Accountants, from it position as the Company`s independent accountants. The Company`s board of directors participated in and approved the decision to change independent accountants.

The audit report of Mintz & Partners LLP, on June 19, 2003, for the years ended March 31, 2003 and 2002, contained no adverse opinion, disclaimer of opinion or qualification or modification as to uncertainty, audit scope or accounting principles.

In connection with its audits for the past two fiscal years and review of unaudited financial statements through September 30, 2003, there have been no disagreements with Mintz & Partners LLP, on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which if not resolved to the satisfaction of Mintz & Partners LLP, would have caused them to make reference thereto on the financial statements.

During the two most recent fiscal years and through September 20, 2003, there have been no reportable events (as defined in Regulation S-K, Item 304(a)(1)(v)).

The Company has provided Mintz & Partners LLP, a copy of this Form 8-K and has requested Mintz & Partners LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of the letter provided to the Company by Mintz & Partners LLP in response to this request is filed as Exhibit 16.1 to this Form
10-QSB.

On February 11, 2004, the Company engaged BDO Kazakhstanaudit, to serve as the Company`s independent auditors. During the two most recent fiscal years and through September 30, 2003, the Company has not consulted with BDO Kazakhstanaudit regarding (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company`s financial statements, and no written report or oral advice was provided to the Company by BDO Kazakhstanaudit that was an important factor considered by the Company in reaching a decision as to an accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of a disagreement, as that term is defined in Item 304(a)(1)(iv) of Regulation S-B and the related instructions thereto, or a reportable event, as that term is defined in Item 304(a)(1)(v) of Regulation
S-B.

[Russland-Investor]

Kurs kommt runter USD 6 zu 6.50 . Wird das noch was ???

TOTAL ASSETS $ 18,711,062

Später genauer Kommentar zum kompletten Bericht...hier Auszug 10Q

20-Feb-2004

Quarterly Report

Item 2. Management`s Discussion and Analysis or Plan of Operations

Overview

InterUnion Financial Corporation, a Delaware corporation, ("InterUnion"), was incorporated on February 7, 1994. Prior to the quarter ended December 31, 2003, the primary business strategy of InterUnion was to acquire majority interests in financial services businesses. On November 26, 2003, InterUnion executed an Agreement and Plan of Merger (the "Agreement") with BMB Holding, Inc., a Delaware corporation, formed on May 6, 2003, whereby BMB Holding merged into InterUnion, with InterUnion being the surviving corporation. For accounting purposes, the transaction is treated as a reverse merger under US GAAP with BMB Holding and its subsidiary, Emir Oil, treated as the surviving entity. At the time of the merger, the primary asset of BMB Holding was a seventy percent (70%) equity interest in Emir Oil, LLC, ("Emir Oil" or "Emir"). The primary assets of Emir Oil are a License and Contract. Emir Oil is a limited liability comradeship formed under the laws of the Republic of Kazakhstan for the sole purpose of acquiring the oil and gas exploration license AI No. 1552 (the "License") and Contract No. 482 for Exploration of Hydrocarbons in Aksaz-Dolinnoe-Emir oil fields, located in blocks XXXVI-10-C (Partially), F (Partially) XXXVI-11-A (Partially), D (Partially) (the "Contract"), in the Republic of Kazakhstan. As a result of the merger, Emir Oil became a 70% owned subsidiary of BMB Munai, Inc., (the "Company").

Pursuant to the terms of the Agreement, InterUnion issued an aggregate of 148,571,429 pre-split shares of its common stock to the shareholders of BMB Holding in exchange for the 1,000 issued and outstanding common shares of BMB Holding. As a result, the merger control of InterUnion passed to the shareholders of BMB Holding. In connection with the Agreement, InterUnion changed its name to BMB Munai, Inc., a new board of directors was elected and the outstanding common stock of the Company was reverse split on a one share for ten basis. The authorized common stock of the Company was also reduced from 500,000,000 to 50,000,000.

With the conclusion of the merger, the primary business pursuit of the Company will be to engage in the exploration, development and production of oil and gas properties in the Republic of Kazakhstan. Initially, the Company will focus its efforts on the exploration and development of Emir Oil`s exploration License and Contract to the Aksaz, Dolinnoe and Emir oil and gas fields (hereinafter referred to as the "ADE Block"). The ADE Block is located onshore, approximately 45 kilometers northeast of the Caspian Sea port city of Aktau, in the Mangistau oblast of western Kazakhstan.

The Government of the Republic of Kazakhstan (the "Government") initially issued the License to Zhanaozen Repair and Mechanical Plant on April 30, 1999. On June 9, 2000, the Contract was entered into between the Agency of the Republic of Kazakhstan and the Zhanaozen Repair and Mechanical Plant. On September 23, 2002, the license and contract were assigned to Emir Oil. The contract expires at the end of 2005. The Company has the right to extend the contract for two consecutive two year terms. The Company must also obtain a commercial production contract with the Government of Kazakhstan. To receive a commercial production contract certain activities have to be completed before the license expires. These activities primarily include the investment of at least $21,000,000 into development of the ADE Block, completion of 3D seismic research and the drilling of six new wells. The Company has an exclusive right to negotiate this contract and the Government of Kazakhstan is obligated to conduct these negotiations under the law of petroleum in Kazakhstan. If no terms can be negotiated, the Company has a right to produce and sell oil, including export oil, under the law of petroleum for the term of its existing contract through the end of 2005, unless extended by the Company.

If and when Emir Oil obtains a commercial production license for the ADE Block, as a condition to receipt of the commercial production license and contract for hydrocarbons Emir Oil would be required to assume a debt to the Government of $5,994,745, which represents the investment by the Government into exploration of the ADE Block. In the event Emir Oil chooses not to acquire a commercial production license this debt would not be assumed by Emir Oil.

Emir Oil, LLC

Emir Oil, LLC. is a limited liability company organized under the laws of the Republic of Kazakhstan. BMB Holding acquired its 70% interest in Emir Oil from its former sole interest holder, Mr. Toleush Tolmakov, in May 2003. Under the terms of the agreement between BMB Holding and Emir Oil at the time BMB Holding acquired its 70% interest; Mr. Tolmakov will remain a member of the board of directors of Emir Oil and will retain his position as General Manager for one year.

The following information contained in this analysis should be read in conjunction with the unaudited condensed consolidated financial statements and related disclosures.

Forward Looking Information and Cautionary Statement

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that certain statements set forth in this Quarterly Report on Form 10-QSB which provide other than historical information and which are forward looking, involve risks and uncertainties that may impact the Company`s actual results of operations. The Company faces risks and uncertainties, many of which are beyond its control, including: execution of a production contract; fluctuations in oil and gas prices; changes in capital spending by competitors for exploration, development and production; unsettled political conditions, civil unrest and governmental actions; foreign currency fluctuations; and environmental and labor laws. Readers should consider all of these risk factors as well as other information contained in this report.

Forward-looking statements are predictions and not guarantees of future performance or events. The forward-looking statements are based on current industry, financial and economic information, which the Company has assessed but which by its nature, is dynamic and subject to rapid and possibly abrupt changes. The Company`s actual results could differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with our business. The forward-looking statements should be considered in the context of the risk factors listed above.

The information contained in this analysis should be read in conjunction with the condensed consolidated financial statements contained herein and related disclosures.

Liquidity and Capital Resources

Prior to the merger, InterUnion had discontinued its operations and had realized no revenue from operations during the current fiscal year and a net loss through the nine months ended December 31, 2003, of $194,073. With completion of the merger, the Company has commenced the financing of its 70% owned subsidiary Emir Oil, in connection with exploration of the ADE Block. To develop the ADE Block to a level where it generates sufficient revenue to sustain the operations of the Company will require substantial additional funding. Moreover, prior to commencing oil production, the Company must obtain a commercial production contract with the Government of Kazakhstan if it wishes to produce oil and gas beyond the end of its contract in 2005, unless extended by the Company. These factors, among others, raise substantial doubt about the Company`s ability to continue as a going concern.

During the quarter ended December 31, 2003, the Company engaged in two private placements and certain options were executed raising net proceeds of approximately $11,300,000, of which, expenses, brokerage commission and advisory service fees, of approximately $1,327,000 were paid to Credifinance Securities Limited, which may be deemed a related party through a common director. These funds will primarily be used to fund exploration and development of the ADE Block. As of December 31, 2003, the Company had advanced approximately $8,450,000 to Emir Oil for expenses and activities including administrative costs, 3D seismic research, data processing and interpretation, engineering reports, environmental and feasibility studies, reverse merger and financing expenses, infrastructure, well re-conservation and drilling costs. The Company anticipates the need to raise a total of approximately $21,000,000 to $22,000,000 to complete exploration and development. The Company hopes to raise the required additional capital through obtaining a bank revolving credit facility, through the sale of additional equity or debt securities of the Company and through sales of oil yielded from testing wells. The Company has no firm commitments from any party to provide the required additional funding.

On September 15, 2003, BMB Holding, Inc. obtained a short-term financing to cover expenses related to the merger from one of its shareholders. The six-month loan was for $500,000 with an annual interest rate of 16.5%. The loan was repaid in November 2003 out of proceeds from the private placement.

Results of Operations

Management believes a comparison of the Company`s results of operations for the three and nine months ended December 31, 2003 to the same periods ended 2002, provides little material information regarding the Company`s current operations and capital resources given that during the last month of the quarter ended December 31, 2003, the Company completely changed the nature of its operations from financial services to oil and gas exploration, development and production. Therefore, rather than provide historical financial comparisons that would be of limited value, management will set forth the actions it has commenced and plans to undertake in the near future.

The Company will rely upon the funds raised in the private placement offerings to fund operations. The table below, and subsequent narrative information, sets forth the planned use of those proceeds and approximations of the actual capital and operational expenditures accrued as of December 31, 2003, and additional information regarding the activities the proceeds will be used to fund.

Actual Amount
Expenditures description Planned Amount as of Dec. 31, 2003
------------------------ -------------- -------------------
Wells re-conservation $ 400,000 $ 192,097
Drilling Cost $ 2,800,000 $ 19,168
Infrastructure (road, power, pipeline, insertion station, etc $ 600,000 $ 144,384
Engineering reports acquisition $ 500,000 $ 291,400
3D seismic, data processing and interpretation $ 3,600,000 $ 2,370,840
Environment and feasibility studies, development projects $ 200,000 $ 15,333
Start-up and Administrative cost $ 1,000,000 $ 273,916
Reverse Merger and Financing expenses $ 900,000 $ 1,371,231
Other $ 82,819
-----------
Total $10,000,000 $ 4,733,014
=========== ------------
Total Proceeds $ 11,113,562
Options $ 200,000
------------
Balance $ 6,552,374
============

Geological information and projects development

After evaluation of historical capital expenses carried out by the former Soviet geologists for the exploration of ADE Block, the Company acquired the available geological and geophysical information of the fields from the Center for Information and Analysis of the National Committee of Geology and Mineral Resources. The acquired information is being processed and analyzed for inclusion into the engineering reports of PGS Reservoir Consultants from Oslo (Norway) and McDaniel and Associates Consultants from Calgary (Canada). In the opinion of management after completion of 3D seismic processing and interpretation the Company will have sufficient information to re-evaluate the ADE Block oil and gas reserves.

During the quarter ended December 31, 2003, the Company entered into contracts to with leading companies in Kazakhstan to undertake the following activities:

- The Project for Exploration of Dolinnoe and Emir Fields.
- The 3D Seismic Project.
- Well Construction and Equipment Project for Dolinnoe Field.
- Well Construction and Equipment Project for Emir Field.
- Ecological and Environment Protection project.
- Emir Field Infrastructure Project.
- The Temporary Oil Collection Project.

Field Infrastructure

During the quarter ended December 31, 2003, an abandoned old rig at Emir Field has been dismantled at Emir-1 well. The rig belongs to MangistauMunaiGas, Inc., a state oil company, and has been used in the past for geological, exploration and drilling works at Emir Field. The rig`s presence did not allow our engineers to safely carry out Emir-1 well work-over and re-conservation, and further works on the well: preparation and actual test production, well performance observation and analysis.

The Company construed a temporary oil collection scheme for test production at the Emir-1 well. The current scheme is based on the delivery of oil collected in well oil tanks that can be transported by oil trucks to a nearby oil storage facility owned by the Company`s partner in Emir Oil. The storage facility is located approximately 25 km from ADE Block license territory. Collected oil could also be routed through an existing railroad terminal to buyers. The Company has negotiated for oil processing at Atyrau refinery for sale in a refined form. The following equipment has been acquired to implement the scheme:

- Three crude oil tanks (two - of 100 m3 and one of 50 m3 volume) - Gas separator - Four oil pumps - "Sputnik" equipment for measuring crude oil flow rate during the

test production
- Three fountain frames
- 40 tons of pipes for oil pumping, collection and compression
(73 mm diameter)
- Power converter
- Steam generator

The Company has completed construction work of approximately 10 km of high voltage electric power line from the Dolinnoe Field to the Emir Field. In the opinion of management, the existing electricity supply from the power line running along the railroad at the Emir Field could not be considered as a reliable source.

In connection with infrastructure development, the Company also began a road network improvement. Construction of 11 km long road with a sand-gravel surface has been commenced at the Dolinnoe and Emir oil and gas fields.

3D Seismic

The Company commenced 3D seismic fieldwork in September 2003, almost three months prior to the merger. The actual seismic exploration was completed by the end of December 2003 on the license territory. In total 200 km2 were covered with 3D seismic survey. All seismic data has been submitted for data processing, which was started in December 2003. The 3D seismic data processing is overseen daily by the supervisor from Emir Oil in accordance with an approved schedule. For the purpose of getting the highest possible quality of processing results the Processing Center is submitting weekly processing reports and together with Emir Oil`s supervisor makes all necessary corrections to the process.

The Company anticipates that the first definitive results from 3D seismic processing and interpretation should be available in April 2004.

Wells construction and drilling

In October 2003, the Company undertook steps to re-entering wells which were completed and tested but shut down in the late 1990s. Preliminary results indicate that this service work must be done to maintain a steady productivity rate on the Dolinnoe-1 well. The Emir-1 well showed very high pressure and good productivity, but in accordance with local regulations test production has been interrupted until local government inspectors approve a detailed work program with appropriate safety measures.

Well work-over was commenced on the Dolinnoe-1 and the Emir-1 wells in December 2003. The Company has contracted with a third party to undertake a major repair and re-conservation of the Dolinnoe-1 well.

The Company believes the condition of the Emir-1 well will not require major repair and the well is being prepared for test production. Samples of the crude oil and gas collected during several intervals of test production have been processed and full chemical content has been obtained. Stable test production at this well is anticipated to begin in February 2004.

The Company also began preparations for new well drilling, including:

- New wells spots setting - Platform construction for drilling rigs installation - Additional road construction - Camp settlement for workers and engineers

Management believes that the data obtained during 3D seismic survey and test production on existing wells will significantly improve its understanding and improve the interpretation of the reserves of the ADE Block.

Kazakhstan Business Environment

In recent years, Kazakhstan has undergone substantial political and economic change. As an emerging market, Kazakhstan does not possess a well-developed business infrastructure, which generally exists in a more mature free market economy. As a result, operations carried out in Kazakhstan can involve significant risks, which are not typically associated with those in developed markets. Instability in the market reform process could subject the Company to unpredictable changes in the basic business infrastructure in which it currently operates. Uncertainties regarding the political, legal, tax or regulatory environment, including the potential for adverse changes in any of these factors could significantly affect the Company`s ability to operate commercially. Management is unable to estimate what changes may occur or the resulting effect on such changes on the Company`s financial condition or future results of operations.

Legislation and regulations regarding taxation, foreign currency translation, and licensing of foreign currency loans in the Republic of Kazakhstan continue to evolve as the central Government manages the transformation from a command to a market-oriented economy. The various legislation and regulations are not always clearly written and their interpretation is subject to the opinions of the local tax inspectors. Instances of inconsistent opinions between local, regional and national tax authorities are not unusual.

[Russland-Investor]

BMB plant von den ca. 21-22 Mio Entwicklungskosten, 10 Mio. USD über Bankkredite zu finanzieren.

Die Lizenz der Tochter 70% Tochter Emir Oil LLC. kostete ursprünglich USD 1.300.000,-.

6 Wells sollen auf dem ADE Block gebohrt werden, der inkl. 3D Seismic.

Fördervertrag muss noch verhandelt werden, Lizenz läuft erstmal bis Ende 2005.

[Russland-Investor]

Endlich!

BMBM diese Woche bis auf USD 3 runter! Umsätze allerdings immer noch sehr schwach.

[Russland-Investor]

BMB Munai heute sogar auf USD 2.75 Jetzt kommen auch langsam etwas höhere Umsätze!
Man kann spekulativ nun bei Preisen um USD 2 einsteigen, obwohl wir ohne neue News -oder mit negativer News- sogar bis zu USD 1 fallen könnten. Das halte ich aber wegen der geschlossenen Runde eher für sehr unwahrscheinlich!

Da sieht man wieder, dass Unsinn eben nicht auf Dauer bezahlt wird.

[m.a.x.]

Hallo Ruin,

scheint ja auch ein Stock mit einer bewegten Vergangenheit zu sein. Gehe der Sache seit deinem Hinweis vor einigen Wochen nach. Bin gerade drüber, den letzten SEC Bericht durchzugehen, komme nicht ganz mit, wieviel Aktien tatsächlich im Umlauf sind, bzw. bereits freigegeben sing. Kannst Du mir eventuell auf die Sprünge helfen??

Vielen Dank schon im Voraus!

The authorized common stock of the Company was also reduced from
500,000,000 to 50,000,000.

BMB Munai, Inc. Capital Structure on December 31, 2003.

The resulting capital structure of the Company after the reverse merger, its
financing activities and a 10 for 1 share consolidation as of the end of the
reporting period is shown in the following table:
<TABLE>
<CAPTION>
Number Interest
of shares (fully diluted) Share price Amount raised
--------- --------------- ----------- -------------
<S> <C> <C> <C> <C> <C>
BMB Shareholders 14,857,143 70.62%
IUFC Shareholders 541,785 2.58%
Private Placement Investors 2,750,494 13.07% $2.15 $5,913,562.10 1st tranche
Private Placement Investors 1,680,000 7.99% $2.50 $4,200,000.00 2nd tranche
Private Placement Investors 400,000 1.90% $2.50 $1,000,000.00 3rd tranche

Total Amount Raised $11,113,562.10
------------------- --------------
Options exercised 200,000 0.95% $1.00 $200,000.00 Credifinance
Outstanding shares 20,429,422
Warrants and Options 607,977 2.89%
Fully Diluted 21,037,399 100.00%
</TABLE>

Sind es die 21,037,399 Fully Diluted Shares oder die 50 Mio des authorized common stock?



Wird bei Emir #1 schon eine Testproduktion gefahren?? Wie sind die Ergebnisse??

[m.a.x.]

@ Ruin

ach ja fast vergessen, hat man schon Infos, wieviel Öl sich in den 3 Feldern "versteckt" haben soll? Wäre auch interessant zu wissen.

Was hältst Du von Ivanhoe Energy?? Ist auch ganz schön zurückgekommen...

[thamakuas]

hallo m.a.x
da du ja, wie ich inzwischen nachvollziehen kann, ein kenner der szenerie bist, sage mir bitte aus deiner sicht, wie du das von mir einmal im EUGS-board eingestellte,
vergleichende "absolut-umlauf-shares-verhältnis" zum
momentanen ivanhoe-kurs siehst.
wenn der i-kurs auch zurückgekommen ist, so hat der -meine meinung - doch eine gewisse aussagekraft, oder?
(ganz unabhängig was da war/ist)
danke für info#
thamakuas

[Russland-Investor]

Sind es die 21,037,399 Fully Diluted Shares oder die 50 Mio des authorized common stock?

AW: 21 sind, bis zu 50 können ausgegeben werden. Je nach weiterer Finanzierung, s.o., kommen evt. weitere dazu (Risikofaktor)


Wird bei Emir #1 schon eine Testproduktion gefahren?? Wie sind die Ergebnisse??

AW: In Kürze wird es darüber einen Pressrelease geben.


Wieviel Öl sich in den 3 Feldern " versteckt" haben soll?

AW Nach McDaniels Reserve Audit:
1P (Proven reserves) : 22.9 mn bbls
2P (+Probable reserves) : 101.6 mn bbls

[m.a.x.]

@ russland investor

vielen Dank, hilft mir weiter, BMB Munai und Ivanhoe bleiben auf der Watch/Invest List, sind mir aber im Moment noch zu teuer (besonders Ivanhoe, Munai ist da bei 21 Mio Shares um einiges besser dran.

@ thamaskuas

bei ca. 1 - 1,5 US$ werde ich mir mal ein paar Ivanhoe reinlegen, denke, da sie direkt im Zukunftsmarkt China produzieren, kann es durchaus wieder gehörig nach oben gehen. Aber ca. 300 Mio US$ MK ist für mich im Moment noch zuviel bei der momentanen Lage.

[Russland-Investor]

So langsam pendelt sich der Kurs ein. Heute USD 2,25.

Gemesen an 40 Mio $ MK bei knapp 2 $ würde man sich als Investor noch tiefere Einstiegskurse für ein langfristiges Investment wünschen (bis zu 1 USD). Vielleicht klappt es, vielleicht nicht. Um 2 kann man auf jeden Fall mit einem Einstieg langsam beginnen...

Wenn die Umsätze auf ein relativ gutes und gleichmäßiges Niveau steigen, werden wir den Boden bilden. Wir sind gerade dabei...

[Russland-Investor]

In Kürze steht ein Pressrelease von Munai an !

Kurs wieder bei USD 4,- .Umsätze besser, allerdings immer noch zuwenig Liquidität. Wer schon bei 2 rein ist, kann sich erstmal freuen.

[m.a.x.]

Hast recht, ein Einstieg unter oder um die 2 $ sollte sich langfristig ähnlich wie bei TMXN auszahlen. Bleibt interessant!!!

[JosedelaVega]

@ RI

die Felder scheinen mir ein wenig "klein" auf den ersten Blick

was meinst du

José

[m.a.x.]

Jose, ich glaub du kannst nicht alles mit TMXN vergleichen. Ist sicherlich auf den ersten Blick nicht so der Renner wird aber vorausgesetzt die 21 Mio Finanzierung klappt, auch seinen Weg machen.

@ RI,

glaubst Du die bekommen das Geld auch wirklich zusammen um das Feld voll entwickeln zu können?? oder wird es dann eher eine weitere Verwässerung durch Aktienausgabe geben??

Ich versuch einfach mal ein Limit zu setzen, kann nicht schaden mal ein paar von denen im Depot zu haben. Bei guten News gehen die auf jeden Fall wieder etwas hoch.

[Russland-Investor]

@ Josè

Zur Höhe der Reserven: Sind tatsächlich erstmal nicht besonders hoch für eine Gesellschaft, die nur in Kaz. operiert, noch nicht produziert und zeitweise eine 200 Mio MK hatte. Aber: Die 1P und 2P`s waren zum Zeitpunkt der letzten Erhebung etwas größer als die von TMXN .

Es kommt (wie auch bei TMXN) darauf an, ob diese durch die Bohrungen bestätigt und evt. erhöht werden können, d.h. ob das Potenzial der drei Felder steigerungfähig ist und validiert werden kann.

TMXN hat noch nicht soviel proven reserves aber jede Menge Potenzial angegeben. Darin liegt die Chance und das Risiko. Bei Munai ist es i.M. schwierig an eine vernünftige Einschätzung zum möglichen weiteren Potenzial zu kommen. Ich kümmere mich drum...

Ansonsten ist, wie ich selbst beschrieb, erst eine Bewertung um 2 $ ein vernünftiger Einstieg gewesen, da sonst die bisher bekannten Potenziale ZUM JETZIGEN ZEITPUNKT eine 200er MK nicht rechtfertigen. Ich denke aber, da ist noch Potenzial für den Nachweis weiterer Reserven, ähnlich TMXN.

@ max

Ca 11 Mio. $ stehen ja schon ... es kommt auf die nächsten ca 10 Mio. $ an, die sollen über Kredit finanziert werden. Man sieht aber an TMXN, dass das eben nicht heisst: no dilution, da wurde ein Kredit umgewandelt in 50% Feld. Ich denke, ganz ohne weitere Verwässerung kommt Munai nicht aus, egal ob direkt oder indirekt.

Insgesamt operieren sowohl TMXN und Munai in einem boomenden Gebiet. Beide bleiben aussichtsreich, wobei Munai i.M. um 2-3 $ das bessere Aufschlagspotenzial hat, wg. der i.V. geringeren Bewertung.

[m.a.x.]

@RI

Ich sehe es ähnlich, wobei ich eine TMXN nicht verkaufen werde, es geht nur um Neuinvest. Danke für die Info!!

[petrolero]

leider haben die ja nicht die informativste website, doch die felder sind in ihrer ausdehnung ziemlich gross.
ein hinweis könnten wohl die flussraten der tesquellen liefern.
doch im moment einfach keine infos. Wieso eigentlich?
eine primitive proviwebsite kostet sicher nicht mehr als 3000 dollar auf der alle infos zu finden wären.
das gefällt mir nicht. was nichts heissen soll.
so kriegen die nie einen kredit...
ansonsten kostet wohl die erschliessung genau soviel wie bei tmxn und das wären nicht 20 mio sondern 50 oder 60.
alles andere ist doch illusion(behaupte ich jetzt mal)
dazu weiss ja keine sau wie tief gebohrt werden muss. und damit weiss auch niemand wieviel das ungefähr kosten könnte.
dazu haben sie ihren accountant gewechselt (was wiederum noch nichts bedeutet)
und wieso eigentlich die illusionäre marketcap von 200 mio am anfang sich so lange halten konnte und warum sie überhaupt entstanden ist frage ich mich auch..

[viena]

petro, bei den Kosten der Erschliessung gibt es Riesenunterschiede.
So bohrt z.B. TMEI sehr,sehr tief....

[petrolero]

@viena

allerdings kann tief auch gut sein, wenn es um reserven pro bohrung geht.(aufgrund des druckes)

sicher interessante firma aber so wenig infos

[petrolero]

habe ich da etwa jemandem die suppe versalzen?

jedenfalls mein beitrag, der von den entwicklungskosten handelt, und die tatsache, dass diese wohl deutlich höher, wenn nicht das doppelte wie veranschlagt sein werden, ist verschwunden.
Sicher, richtig profi bin ich nicht, doch beiträge löschen sollte man nicht, besonders wenn eh niemand eine ahnung haben kann, weil ja die informationen bei dieser firma völlig fehlen.

zuletzt kommt trotzdem die warheit heraus, wenn die aktie was ist dann steigt sie auch ohne beiträge zu löschen.

[Russland-Investor]

@ petrolero

??? siehe # 32

[petrolero]

ich idiot!

[m.a.x.]

Kurs und Umsatzmässig geht hier zur Zeit gar nichts tststss.

@ RI

rum drehen die im EUGS Thread alle durch?? Geht da irgendwann mal was oder gehen die Lichter aus??

[kazman]

>Sicher, richtig profi bin ich nicht, doch beiträge löschen >sollte man nicht, besonders wenn eh niemand eine ahnung >haben kann, weil ja die informationen bei dieser firma völlig >fehlen.

@petrolero

ich finde Deine Beiträge ganz gut.
Mehr als irgendwie den gesunden Menschenverstand gebrauchen können wir ohnehin nicht machen.
Ist dann oft so, dass es einer ausspricht und alle Anderen denken dann ... hmmh ja, hat er irgendwie recht

Vieles was die Leute hier als "Expertenwissen" präsentieren ist entweder Insiderwissen oder reines Buchhalterwissen.
Die Buchhaltung läuft inkl. der offziellen Eingaben ohnehin automatisiert ab, und Insiderwissen können wir nicht beeinflussen.
Bleibt uns also nur auf Basis von Spekulationen und Visionen mit Hilfe unseres Verstandes eigenes Wissen aufzubauen, um letztendlich zu einer Bewertung zu kommen.
Als ich hier 1999 Hurricane bei 0,27 cents empfohlen habe, hatte ich vorher eigentlich nur eine Weltkarte in die Hand genommen .. das wars.
Irgendwie war der Dierckeatlas wesentlich interessanter als die Quartalszahlen damaliger Hypeunternehmen .. und so kam es dann auch.
Ich will hier nicht den Profi rauskehren - das bin ich mit Sicherheit nicht, und habe schon sehr viel Sch.... geschrieben - aber wenn ich dann in manchen Threads so ein Stuss lese wie "ICh bin ein stiller Leser.. " oder "ein stiller Leser bedankt sich ... etc" komme ich schon ins grübeln.
Was verdammt nochmal hindert diese Menschen daran hier Ihre Meinung zu posten ??? Sie können das sogar fast anonym tun -und komischerweise ist die Meinung von uns "Nixnutzen" dann offensichtlich sogar so wichtig, dass die tollen "Experten" hier auf breiter Front mitlesen.
Also - kann hier nur jeden ermuntern so wie Petrolero seinen gesunden Menschenverstand zu gebrauchen, und hier zu posten.

[m.a.x.]

Ein kleines Mosaiksteinchen kann man aus vielen Postings rausziehen. Und wenns mal ne unbequeme Frage ist, auf welche man selbst noch nicht gekommen ist, weiter bringt uns fast alles...

Hast schon recht, nur die Berichte der SEC sagen uns halt letztendlich, um was es geht.

[Russland-Investor]

BMB Munai, Inc. Enters First Oil Sale Contract and Makes Progress on ADEFields


NEW YORK, NEW YORK, Mar 31, 2004 (CCNMatthews via COMTEX) -- BMB Munai, Inc. (OTCBB:BMBM.OB) announced today that the first oil sale contract has been signed for the oil produced during the test production on Emir-1 well. A prepayment for first 100 tons of oil has been received.

During the first quarter of 2004 the company finished construction of the ground facilities for oil collection and pre-sale processing at Emir-1 well with capacity to connect additional seven wells for combined collection and processing. The facilities present a complete technological system and provide full cycle of processing, including oil separation from gas and water, oil heating, oil flow measurements, oil storage reservoir, drain reservoir, operator system and anti-flare system. Due to unstable oil flow at Emir-1 well the company also conducted a geophysical research at the well, which showed with high probability that the producing horizon and borehole are blocked with impurities and sand. Subsequently the underground repair has been started for the well clean-up. The well underground repair is anticipated to be completed within 30 days.

In the course of well work over at Dolinnoe-1 oil well the perforating tape abandoned by MangistauMunaiGas during geophysical works in 1994-1996 has been found at a depth of 3529 meters. The company considers different resolutions for the situation, including possibility of conducting a well test at the depths of 3518 to 3529 meters.

BMB Munai contracted a drilling company Saipem to drill a new well at Dolinnoe oil field.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as described in the Company`s annual report.


CONTACT: BMB Munai, Inc.
In the US:
Alexandre Agaian
212-730-7919
[e-mail]
or
In Kazakhstan:
Boris Cherdabayev
[phone] (-47)
[e-mail]


Copyright (C) 2004, CCNMatthews. All rights reserved.


NEWS RELEASE TRANSMITTED BY CCNMatthews -0-



INDUSTRY KEYWORD: OIL - Oil (Integrated Majors)
SUBJECT CODE: NWS - SPECIAL NEWS EVENTS

STOCK SYMBOLS: [(otc bulletin board:bmbm)]

[the champion]

Hier eine Meinung vom EMERGING MARKETS INVESTOR. Wurde heute per Mail versendet.

Wer eine Explorationsgesellschaft kaufen will, die heute da steht, wo DRAGON OIL vor einem Jahr war, der kauft BMB MUNAI! Es handelt sich um eine am OTC BB in New York gelistete Gesellschaft, die die Explorationsrechte an drei Ölfeldern in Westkasachstan mit geprüften und möglichen Reserven von 150 Mio. bbl hält.

BMB MUNAI hat sich kürzlich USD 11 Mio. über eine überzeichnete Privatplatzierung besorgt und beginnt in diesen Wochen mit der Förderung. Der erste Kontrakt über 100 Tonnen Öl wurde bereits per Termin verkauft, BMB MUNAI hat dafür schon die ersten Einnahmen erzielt. Es geht also im operativen Bereich gerade los. Und ebenso spannend: Aton Capital, die bereits vor einem Jahr als einziges Investmenthaus DRAGON OIL, ANGLO-SIBERION OIL und SIBIR ENERGY zum Kauf empfohlen hatten (alle drei Aktien haben sich anschliessend verdrei- bis verfünffacht), bezeichnet BMB MUNAI als billigsten Kasachstan-Ölplay, der mit 50% bis 80% Discount gehandelt wird und rechnet mit einer schnellen Kursverdoppelung. Aber Achtung: Obwohl die Marktkapitalisierung über USD 70 Mio. beträgt, sind die Umsätze extrem niedrig, da so gut wie niemand verkauft. Limitieren Sie deshalb streng mit USD 4.50 in New York. Unser 12-Monatskursziel lautet USD 10-USD 15! (WKN AOBK50, Reuters BMBM)

Schönen Abend

the champion

[Topcis]

Emerging Markets Investor, dat ist doch das Puscherblättchen.
Die kaufen die Papiere und dann werden diese Aktien gepuscht!

[the champion]

Was du von dem Blatt hälst, ist mir wurscht.
Ich habe den Text nur zur Info reingestellt.
Jeder kann sich auf Grund der Info`s hier im Thread seine Meinung bilden.

the champion

[Russland-Investor]

@ Chmap

So ganz traue ich dieser Sache auch nicht...allerdings halte ich es für möglich, dass BMB von den Reserven wesentlich größer als TMEI ist. Anders ist i.M. nicht zu erklären, dass die MK bei erst einer Bohrung ohne genaue Infos größer oder gleich ist. Da wissen einige schon mehr über die Felder... . TMEI hat ja bei den Reserven schon draufgesattelt durch die Bohrungen.
Denn so langsam läuft die Marktfindung bei BMB und wenn es eine Merger-bedingte Fehleinschätzung aufgrund des etwas undrurchsichtigen Vorgehens gegeben hat, müsste diese sich jetzt nach einigen Monaten ausgependelt haben. Wir werden sehen.

28.04.04
MK BMBM 113.38 Mio $ (5.55$)
MK TMEI 106.26 Mio $ (1.36$)

Entweder sind einige doof, oder einige schlau...oder beides oder nur eins!

[Russland-Investor]

@ champ 2.

Bei BMB 2 zu TMEI 2 kürzlich war BMB wesentlich aussichtsreicher, wie bereits ausführlich begründet. Bei 5,5 zu 1,3 wechselt es langsam wieder zu TMEI.

Beide sind und bleiben hochspekulative und sicher i.M. nicht stark unterbewertete Stocks! Denn die Vergangenheit zeigt, nicht nur mögliche Reserven zählen... Da müssen bei beiden nun neue und gute Fundamentals kommen! Dann kann schnell ein neuer Sprung erfolgen.

[Russland-Investor]

Thursday 27 May 2004 - London
The Caspian region, particularly Kazakhstan and Turkmenistan, offers opportunities for emerging market and sector investors seeking exposure to an area rich in oil and consumption growth plays, including telecoms.
As the first Russian investment bank to comprehensively cover the region, Aton Capital Group will be hosting a conference giving investors a chance to hear presentations and meet management from the following companies:

Aurado Exploration
BMB Munai
Burren Energy
Dragon Oil
EMPS Corporation
Kazakhtelecom
PetroKazakhstan
Seimar
Santo

Government officials from Kazakhstan and Turkmenistan will also be giving an overview of the economic prospects of their respective countries and the region as a whole.
On behalf of Aton Capital Group, we look forward to welcoming you to our conference which promises to be a very interesting day.

Alexander Kandel, CEO, Aton Capital Group

Thursday 27 May 2004 - London
08:30 Registration and morning coffee
09:00 — 10.00 Investment Experience in Caspian Countries: a Success Story Alexander Kandel, CEO, Aton Capital Group
Moderator: Alexander Kandel, CEO, Aton Capital Group Official representative of the Government of Kazakhstan
Bernard Isautier, Chairman, President & CEO, PetroKazakhstan
10:00 — 11:30 New Investment Opportunities in Kazakhstan Boris Cherdabaev, Chairman & CEO, BMB Munai
Moderator: Steven Dashevsky, Director of Research, Aton Capital Group Paul Roberts, COO & Director on the Board, EMPS Corporation
David Robinson, Vice - Chairman & CEO, Aurado Energy
11:30 Refreshment Break
12:00 — 13:30 Turkmenistan Petroleum Sector: Opportunities for Investment Official representative of the Government of Turkmenistan
Moderator: Timerbulat Karimov, Vice-President, Aton Capital Group Hussain Sultan, Chairman & CEO, Dragon Oil
Finian O’Sullivan, CEO, Burren Energy
13:30 Lunch
15:00 — 16:30 Kazakhstan’s Economic Potential: Investing in Continued Growth Arnur Nurkatov, General Treasurer, Director of Financial Department,
Moderator: Michael Jordan, CEO, Aton Securities, New York Kazakhtelecom
Kairat Omarov, CEO, Santo
Erlan Seisembayev, President, Seimar
16:30 Refreshment Break
17:00 — 18:30 Real Life Experience of Investing in the Caspian: Harvey Sawikin, Principal, Firebird Management
Fund Managers Roundtable John Coast Sullenger, Portfolio Manager, Lombard Odier*
Moderator: Matthew Arnold, Director of Institutional Sales, Aton Capital Group Per Brillioth, Portfolio Manager, Vostok Nafta
18:30 — 20:00 Cocktail Reception
*Subject to Confirmation

[Russland-Investor]

BMB Munai Receives Preliminary Report on Dolinnoe and Emir Oil Reserves

NEW YORK, May 20, 2004 (CCNMatthews via COMTEX) -- BMB Munai, Inc. (OTC BB: BMBM.OB) announced today that it has received a preliminary report on the results on 3D seismic data processing and interpretation from PGS-GIS Data Processing. The Company commissioned PGS-GIS in December 2003 after completing 3D seismic survey of the Company`s Aksaz, Dolinnoe and Emir Fields (ADE Block) located in western Kazakhstan.

The preliminary report contains oil reserve estimates for the Company`s Dolinnoe and Emir Fields. Reserves figures for the company`s Aksaz field will be released at a later date. According to the PGS-GIS 3D preliminary report, Dolinnoe and Emir Oil field reserves are estimated as follows:


PGS-GIS Dolinnoe and Emir Oil Reserves Evaluation, 000` Bbl

P1 P2 P1+P2
(Proven) (Probable) Proven + Probable

Dolinnoe 26,655 42,454 69,109

Emir 15,847 19,257 35,104
--------------------------------------------------------------

Total 42,502 61,711 104,213

Dr. Alexandre Agaian, President and CEO of BMB Munai, Inc. stated, "The data obtained during 3D seismic is of a very high quality and resolution. The full detailed report will augment the information previously obtained from incomplete 2D seismic and geological data obtained from former Soviet geologists, which the Company used as the basis for engineering reports for ADE Block previously prepared by PGS, Gubkin Institute of Russia and McDaniel and Associates of Canada."

The full report is due to be released to the Company at the end of June, 2004. The complete report will cover more geological, technical and financial issues and will also contain Aksaz field reserves evaluation and ADE Block gas reserves evaluation. Dr. Agaian also said, "The report is expected to improve the Company`s understanding of ADE Block geology for both Jurassic and Triassic formations and define more precisely pay zones and reservoir sizes and structures. The results of the data processing are expected to significantly improve location of drilling sites and reduce drilling risks."

Contacts:

In the US: Alexandre Agaian, Ph.D, President and CEO [phone], E-mail: [e-mail]

In Kazakhstan: Boris Cherdabayev, Chairman and co-CEO [phone], E-mail: [e-mail]

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as described in the Company`s annual report.


CONTACT: BMB Munai, Inc.
Alexandre Agaian, Ph.D, 212-730-7919
email: [e-mail]
or
Boris Cherdabayev, [phone]
email: [e-mail]

[Russland-Investor]

Press Release Source: BMB Munai, Inc.

BMB Munai, Inc. Obtains Listing on German XETRA
Friday May 21, 6:00 pm ET

NEW YORK--(BUSINESS WIRE)--May 21, 2004--BMB Munai, Inc. (OTCBB:BMBM.OB - News) announced today that on May 5th, 2004, the Company`s common shares were approved for listed trading on XETRA, the Deutsche Borse electronic trading system, under SE code DL-,001 DMW US09656A1051. The Company`s listing was sponsored by ATON Capital Group, an investment bank with its principal offices in Moscow, Russia.

BMB Munai`s President and CEO Dr. Alexandre Agaian said, "We believe this is an important step in our continuing investor relations program. We expect this listing will increase market exposure of the Company in an important European market where investors have shown strong interest in the rapid growth of natural resource businesses operating in the Caspian region."

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan with administrative offices in New York, New York, and Almaty, Kazakhstan. The Company is conducting oil and gas exploration, development and production in the Emir, Dolinnoe and Aksaz oil and gas fields.

In furtherance of its goal to improve the Company`s transparency and timely dissemination of news to shareholders and other interested parties, BMB Munai, Inc. has established an Internet web site at www.bmbmunai.com. The web site will keep interested parties updated on Company developments, industry news and announcements, and provide a direct access to the Company periodic reports and filings with the Securities and Exchange Commission.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially.

Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as described in the Company`s annual report.
Contact:

BMB Munai, Inc.
In the US:
Alexandre Agaian, Ph.D., 212-730-7919
[e-mail]
or
In Kazakhstan:
Boris Cherdabayev, [phone]
[e-mail]


Source: BMB Munai, Inc.

[Russland-Investor]

a) Munai also nach Xetra Listing jetzt mit neuer Website:

http://www.bmbmunai.com


b) Hier noch ein aktueller, gestriger Kommentar von Aton Brokerage.
BMB Munai: Die vorläufigen geprüften Reserven führen zu einer Verminderung des Zielkurses.

PGS-GIS Dolinnoe and Emir Oil Reserves Evaluation, 000` Bbl
P1 P2 P1+P2
(Proven) (Probable) Proven + Probable
Dolinnoe 26,655 42,454 69,109
Emir 15,847 19,257 35,104
--------------------------------------------------------------
Total 42,502 61,711 104,213


Auf die Schnelle kommentiert:
Zunächst etwas schwer nachzuvollziehen, weil die 1p + 2p Schätzungen für zunächst zwei Felder i.V. zu früher dreien gesamt etwas angehoben wurden:


Vergleich alte Schätzung und Grundlage der Aton Kalkulation:
AW Nach McDaniels Reserve Audit:
1P (Proven reserves) : 22.9 mn bbls
2P (+Probable reserves) : 101.6 mn bbls

[Russland-Investor]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[zarewitch]

mit welchem Barrel-Preis könnte man die nachgewiesenen Vorkommen von 42,5 Mio Barrel, um den sozusagen garantierten Unternehmenswert zu ermitteln.?
Ist die MK im Moment bei 115 Mio $?

[Russland-Investor]

Stand 10.Mai 04 Aton Brokerage
Bewertung Kurs, $ Zielkurs, $ Erwarteter Gewinn Mkap, $Mill Reserven (Mill bbls Öl, 2P) Förderung,(04F, Mill bbls Öl) Wichtigste Faktoren
PetroKasachstan PKZ Buy 25.4 36.3 43% 2028.6 490.0 58.4 Anhaltendes Wachstum, FCF positiv, Größe
Chaparral CHAR Buy 1.3 3.3 161% 47.8 37.1 2.2 Sehr günstig, FCF positiv, Akquisitionsziel?
Nelson NLG CN Buy 1.1 2.1 85% 847.0 182.0 6.3 Schnelles Wachstum erwartet, vernünftige Größe
Burren Energy BUR LN Buy 4.0 6.5 63% 549.9 119.30 5.3 Hohes Wachstum, PSA, Reserven werden angehoben
Dragon Oil DGO LN Buy 0.72 0.95 33% 289.5 389.0 2.5 Große Offshore PSA, hohes Wachstum
Transmeridian TMXN Hold 1.31 1.55 19% 103.7 51.2 1.0 Früher Einstiegspunkt, gute Felder
Canargo Energy CNR Hold 0.75 0.99 31% 82.0 31.9 0.9 CF positiv und verbesserte Erholungsmöglichkeiten
Arawak Energy ABG CN Hold 0.63 0.80 27% 57.3 15.4 NM Felder in Azerbaidjan werden nun ausgebeutet
BMB Munai BMBM Buy 5.5 9.2 67% 112.4 101.6 NA Gutes Reservenpotenzial, gutes Management
Aurado AEO CN Buy 0.11 0.27 142% 56.4 70.80 NA Großes Potenzial, nahe der Infrastruktur
EMPS Corp. EPSC NR 4.0 NA NA 120.0 NA NA Einzigartige Möglichkeit auf die Nachfrage nach Ölservicedienste zu setzen

[Russland-Investor]

Press Release Source: BMB Munai, Inc.


BMB Munai Announces Purchase of Emir Oil Minority Interest and Commencement of Test Production on Dolinnoe-1 Oil Well
Tuesday May 25, 2:28 pm ET


NEW YORK, May 25 /PRNewswire-FirstCall/ -- BMB Munai, Inc. (OTC Bulletin Board: BMBM - News) announced today that following several months of negotiation, the company has signed an agreement to purchase the 30% interest of its minority partner in Emir Oil, LLP, a Kazakhstan company (Emir). The acquisition is being made in exchange for 3,500,000 common shares of BMB Munai. As a result of the acquisition BMB Munai will be the sole owner of Emir. Emir holds a hydrocarbons exploration contract from the Government of the Republic of Kazakhstan over the Aksaz-Dolinnoe-Emir (ADE Block) oil and gas field in the Mangistau oblast in Kazakhstan.
BMB Munai`s President Dr. Alexandre Agaian said, "We are pleased to conclude this acquisition. It evidences the confidence which our partner has in the ability of BMB Munai to expand development of the oil and gas exploration and production opportunities in the ADE Block as well as direct the company to new oil and gas ventures in the future."

BMB Munai made its initial acquisition of a 70% interest in Emir in June of 2003. Since that time the company has assumed management of Emir and responsibility to raise the required investment capital, conduct seismic studies and construct field infrastructure in the ADE Block.

BMB Munai completed a private round of financing in November 2003, using the services of Credifinance Securities Limited of Toronto, Canada and ATON Capital of Moscow, Russia as placement agents. In December 2003, the company announced completion of a 3D seismic survey of the ADE Block by PGS-GIS. In the first calendar quarter of 2004, reworking and testing on the Dolinnoe-1 and Emir-1 oil wells was completed and test production was sold. In May 2004, PGS-GIS issued its preliminary engineering report on the ADE Block oil reserves.

On May 12, 2004, the company began test production at the Dolinnoe-1 well.


During test production the well will be tested with different choke diameters
and different modes. On initial tests using both 6 and 8 mm chokes the
Dolinnoe-1 well yielded results to support expected outflows averaging 500
barrels per day with the surface pressure of approximately 46MPa. The company
anticipates that additional funding will be pursued on a private placement
basis to pursue expansion plans as the need arises using the services of the
same placement agents.

Contacts:
In the US: Alexandre Agaian, Ph.D., President
[phone]
E-mail: [e-mail]

In Kazakhstan: Boris Cherdabayev, Chairman
[phone]
E-mail: [e-mail]

[Russland-Investor]

Press Release Source: BMB Munai, Inc.


BMB Munai, Inc. Begins Regular Oil Shipments to Domestic Market
Thursday June 24, 9:50 am ET


NEW YORK--(BUSINESS WIRE)--June 24, 2004--BMB Munai, Inc. (OTCBB: BMBM.OB - News) announced today that its Kazakhstan operating subsidiary, Emir Oil, LLP (Emir Oil) has commenced regular production and sale of crude oil from its Dolinnoe-1 well. Emir Oil is a license and contract holder for Aksaz, Dolinnoe and Emir oil and gas fields, located near Caspian Sea port city of Aktau, in western Kazakhstan.
The first sale of 100 tons of oil was made in April 2004 following a planned test production of Dolinnoe-1 well. The well is currently test producing at a steady average oil flow rate up to 500 barrels of oil per day (bopd) with a producing horizon pressure of approximately 46MPa. The current sales are directed to the Kazakhstan domestic market. Delivery is made by railroad from storage and loading facilities on the Emir Oil property to an oil refinery in Atyrau. The terms of sale are on a 50% prepayment and 50% net 15 days.

BMB Munai`s President and CEO Dr. Alexandre Agaian said, "We are pleased to begin generating revenue from our first producing well; it marks an important step in our company`s progress. But more importantly we believe the future looks bright as we continue to implement our development plans. If we are successful attracting desired investment funds we anticipate that our field production can be increased to 3,000 bopd in 2005 and will allow us to begin making oil export to Europe and other markets."

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan with administrative offices in New York and Almaty, Kazakhstan. The Company is conducting oil and gas exploration, development and production in the Aksaz, Dolinnoe and Emir oil and gas fields.

The information contained in this release includes forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied. Forward-looking statements involve risks and uncertainties, including but not limited to, such risks as the availability of funds and other risks described in the Company`s periodic reports on file with the Securities and Exchange Commission.



--------------------------------------------------------------------------------
Contact:
BMB Munai, Inc.
In the US:
Alexandre Agaian, Ph.D, 212-730-7919
E-mail: [e-mail]
or
In Kazakhstan:
Boris Cherdabayev, [phone]
E-mail: [e-mail]



--------------------------------------------------------------------------------
Source: BMB Munai, Inc.

[Russland-Investor]

The following discussion is intended to assist you in understanding our results of operations and our present financial condition. Our Consolidated Financial Statements and the accompanying notes included elsewhere in this Form 10-KSB contain additional information that should be referred to when reviewing this material.

Statements in this discussion may be forward-looking. These forward-looking statements involve risks and uncertainties, including those discussed below, which could cause actual results to differ from those expressed. Please read Forward-Looking Information on page 27.

We operate in one segment, natural gas and oil exploration and development.

Overview

Prior to November 26, 2003, the Company existed under the name Inter Union Financial Corporation ("InterUnion"). The primary business strategy of InterUnion was to acquire majority interests in financial services businesses. On November 26, 2003, InterUnion executed an Agreement and Plan of Merger with BMB Holding, Inc., a private Delaware corporation, formed for the purpose of acquiring and developing of oil and gas fields in the Republic of Kazakhstan. Pursuant to the Agreement, BMB Holding merged into InterUnion, with InterUnion being the surviving corporation. For accounting purposes, the transaction was treated as a reverse merger under accounting principles generally accepted in the United States, with BMB Holding and its then 70% owned subsidiary, Emir Oil, treated as the surviving entity. BMB Holding was incorporated on May 6, 2003. Following the merger, we changed our name to BMB Munai, Inc.

Since incorporation on May 6, 2003, our primary focus has been the acquisition, exploration, development, exploitation and production of natural gas and crude oil in Kazakhstan. With the acquisition of the exploration and development license and contract of Emir Oil, we are focusing our efforts on the development of the Aksaz, Dolinnoe and Emir Oil and Gas Fields in Kazakhstan.

We anticipate spending between $10 million and $20 million in the continued exploration and development of the ADE Block in the next twelve months. As we have limited resources, we anticipate the need to soon seek additional capital to fund all or a significant portion of this capital budget. We expect a portion of the funds needed to continue exploration and development will come from the sell of oil produced during testing of the wells.

New Wells

Assuming we can raise sufficient funding, during the next twelve months we intend to spend between $4 million and $11 million to drill new exploratory wells. Initially we will focus our drilling efforts in the Dolinnoe Oil Field, were we hope to drill at least three new exploratory wells. As of the date of this report, we have undertaken activities in preparation of drilling the proposed Dolinnoe-2 well. We expect drilling of this well to commence in July 2004. We plan to drill this well to 4,000 meters and to carry out geological, geophysical and technical study of the field. We also plan to commence drilling in the Emir Field by the end of 2004 and intend to complete two new wells in the Emir Field by April 2005.

Acquisition of Additional Reserves

Depending on available funds, during the next twelve months, we also expect to spend between $5 million and $6 million dollars toward increasing our oil and gas reserves through the identification, investigation and acquisition of additional oil and gas concessions in Kazakhstan.

Work Over of Existing Wells

In the next twelve months we will continue work over on existing wells in the ADE Block. We recently completed work over to the Emir-1 well and will begin work over of the Aksaz-1 well shortly. Thereafter, we will complete work over of the Dolinnoe-1 well. We also intend to investigate other wells in the ADE Block that were previously spudded to determine the commercial viability of additional drilling at these sites. We anticipate these activities will cost between $600,000 and $800,000 over the next twelve months.

Infrastructure Improvements

If we are able to raise sufficient capital we plan to spend between $700,000 and $1 million on building and improving existing infrastructure in the ADE Block. In August 2004, we plan to begin construction of a 14 kilometer long pipeline from the Aksaz-1 well to the temporary collection and processing facility at the Emir-1 well. Our plans also include the reconstruction of ground fuel tanks at the oil and fuel storage facility we are currently using. We intend to increase above ground storage capacity from 300 cubic meters to 2300 cubic meters. This should allow us to collect volumes sufficient for exporting. This work should begin in July or August 2004. We also plan to acquire a railroad line and terminal located within the Aksaz Field territory, with plans to build a storage facility and pouring station at the terminal to allow for oil transportation via railroad. This should help us create our own transportation route for export and domestic oil sales. We expect to finalize acquisition of the rail line and terminal early in 2005. Additionally, in the next twelve months we plan to improve power supply to the ADE Block through the acquisition of a 20 kilometer, 6 Kilowatt power line running through the ADE Block. We will also continue expanding the road network within the ADE Block.

Oil Production and Sale

Subsequent to year-end, in April 2004, we made our first sale of 1,000 barrels of crude oil from test production at the Dolinnoe-1 well. Since May 12, 2004, a steady flow rate of 500 barrels of crude oil per day has been produced from the well and sold to the domestic market.

Our revenue, profitability and future growth rate will depend substantially on factors beyond our control, such as economic, political and regulatory developments and competition from other sources of energy. Oil and natural gas prices historically have been volatile and may fluctuate widely in the future. Sustained periods of low prices for oil or natural gas could materially and adversely affect our financial position, our results of operations, the quantities of oil and natural gas reserves that we can economically produce and our access to capital.

Results of Operations

As discussed above, we incorporated on May 6, 2003, therefore, we have no prior fiscal year results against which to compare.

Revenues. We realized no revenues in the period from inception on May 6, 2003, to March 31, 2004. This is primarily the result of our beginning operations and seeking to acquire rights to oil and gas properties. We expect to realize revenues in the upcoming fiscal year.

Expenses. During the period from May 6, 2003, to March 31, 2004, we incurred expenses of $786,757. These expenses were primary attributable to general and administrative expenses of $781,757. Our general and administrative expenses were largely related to the hiring of personnel to operate our business, as well as travel and professional expenses including accounting and legal fees. We also incurred amortization and depreciation expenses of $4,758. We anticipate that as we execute our planned business activities over the next twelve months our expenses will continue to increase.

Loss from Operations. Since May 6, 2003, we have incurred losses from operations totaling $786,515. These losses are the result of our incurring numerous expenses in connection with the development of our oil fields before they produce any oil or gas. If we are unable to develop our oil and gas fields to a level where oil and gas production and sales offset the costs of exploration, development and production, we will continue to generate operating losses. At this time, it is unclear when we will generate sufficient oil and gas to offset expenses, if at all.

Other Income. During the period from May 6, 2003, to March 31, 2004, we recognized total other income $254,717. This included realized gains on marketable securities of $19,368, unrealized gain on marketable securities of $248,407 and exchange gain of $70,949, offset by net interest expense of $84,007. During the year we raised approximately $12 million through the sale of our securities in private placement transactions. Therefore, at times during the year, we had funds that were not being used in operations that we invested in marketable securities. We anticipate the funds held in marketable securities will be used to fund our operations and therefore expect gains from marketable securities, both realized and unrealized, to decrease in the next twelve months.

Net Loss. Since May 2003, we have realized a net loss of $613,782. As discussed above this net loss is largely the result of our incurring expenses in connection with the development of our oil and gas fields before they produce any oil or gas. We will continue to realize a net loss from operations until such time as revenues generated from oil and gas production and sales and other income offset our expenses. At this time, it is unclear when or if that may occur.

Liquidity and Capital Resources

Since May 6, 2003, our capital resources have consisted of funds raised through the sale of our common stock and debt convertible to our common stock. We anticipate our capital resources in the upcoming twelve months will likewise consist primarily of funds raised in financing activities.

Note B of the Notes to the Financial Statements discloses that we will need significant additional funding to develop the geographical area covered by our exploration and development license. Moreover, prior to commencing commercial oil production, we must obtain a commercial production contract from the ROK. While we are legally entitled to receive this commercial production contract and have the exclusive right to negotiate such with the ROK, and the ROK is required to conduct the negotiations under the Law of Petroleum in Kazakhstan, there is no guarantee that we will be awarded a production contract. If we cannot obtain a production contract, we will only be able to produce and sell oil under the Law of Petroleum for the term of the existing contract, which expires June 9, 2007. These factors, among others raise substantial doubt about our ability to continue as a going concern.

Cash Flows

During the year, cash was primarily used to fund exploration and development expenditures. We had a net increase in cash of approximate $2 million during 2003. See below for additional discussion and analysis of cash flow.


Period from inception (May 6, 2003)
through March 31, 2004


-------------------


Net cash used in operating activities $ (3,486,661)
Net cash used in investing activities (6,523,008)
Net cash provided by financing activities 12,136,024


NET INCREASE IN CASH AND CASH EQUIVALENTS $ 2,126,355
===================

Our primary source of cash has been cash flows from equity and debt offerings. During the period ended March 31, 2004, we generated $12,136,024 from the sale of stock and issuance of debt. We primarily used this cash to fund our capital expenditures. At March 31, 2004, we had cash on hand of $2,126,355.

We continually evaluate our capital needs and compare them to our capital resources. Our budgeted capital expenditures for the upcoming 12 months are $10 million to $20 million for exploration, development, production and acquisitions. We expect to fund these expenditures primarily from additional capital we will seek and cash on hand. In the event we are not successful in raising the anticipated funds from the sale of our securities, we nevertheless believe capital expenditures of approximately $5,000,000 could be financed through cash on hand, the sale of marketable securities and revenues from anticipated oil production. The minimum level of capital expenditures on the ADE Block is dictated by the exploration contract. The amount of funds we devote to any particular activity in excess of the minimum required capital expenditures may increase or decrease significantly depending on available opportunities, cash flows and development results, among others.

If we are not successful in obtaining funding, we anticipate that we will instead seek to develop existing wells and infrastructure in hopes of generating sufficient revenue to finance our operations. This development would be funded by cash and cash equivalents and the sale of marketable securities we currently hold. If the funding is limited to these sources, our anticipated development activities would be significantly more limited than anticipated under our present business plan.

As discussed in Note B to the consolidated financial statements and the Report of our Independent Registered Public Accounting Firm we will require substantial additional funding, and must obtain a commercial production contract with the Government of Kazakhstan to fully develop their business. These conditions raise substantial doubt about our ability to continue as a going concern.

Contractual Obligations and Contingencies

The following table lists our significant commitments at March 31, 2004, excluding current liabilities as listed on our consolidated balance sheet:


Payments Due By Period
----------------------------------------------------------------------
Less than After
Contractual Obligations Total 1 year 1-3 years 4-5 years 5 years
----------------------- ----- ------ --------- --------- -------
Capital Expenditure Commitment(1) $21,300,000 $7,000,000 $14,300,000 $ -- $ --
Due to the Government of Kazakhstan(2) 5,994,745 -- -- 5,994,745 --
Due to Reservoir Consultants 500,000 278,000 222,000 -- --
Liquidation Fund 20,000 -- 20,000 -- --
----------- ---------- ----------- ---------- -----
Total $27,814,745 $7,278,000 $14,542,000 $5,994,745 $ --
=========== ========== =========== ========== =====
---------------------
(1) Under the terms of our Contract with the ROK, we are required to
spend a total of at least $21.5 million dollars in exploration, development and

improvements within the ADE Block during the term of the license, including $7 million during the 2004 calendar year and $9.3 million in the 2005 calendar year. If we fail to do so, we may be subject to the loss of our Contract.

(2) In connection with our acquisition of the License and Contract, we will be required to repay the ROK for exploration and development expenditures incurred by it prior to the time we acquired the License and Contract. The repayment terms of this obligation will not be determined until such time as we are granted a commercial production contract. Prior to commencing commercial oil production, we must obtain a commercial production contract from the ROK. While we are legally entitled to receive this commercial production contract and have the exclusive right to negotiate such with the ROK, and the ROK is required to conduct the negotiations under the Law of Petroleum in Kazakhstan, there is no guarantee that we will be awarded a production contract. Moreover, at this time it is unclear when might apply for a production contract or when it might be issued, if at all. Therefore, we have made our best estimate as to when we anticipate becoming subject to this repayment obligation.

Off-Balance Sheet Financing Arrangements

As of March 31, 2004, we had no off-balance sheet financing arrangements.

Critical Accounting Policies

We have identified the policies below as critical to our business operations and the understanding of our financial statements. The impact of these policies and associated risks are discussed throughout Management`s Discussion and Analysis and Plan of Operations where such policies affect our reported and expected financial results. A complete discussion of our accounting policies in included in Note A of the Notes to Consolidated Financial Statements.

Development Stage and Going Concern

We are a development stage company and have not yet commenced our primary revenue-generating activities, which is the production and sale of oil and gas. Our ability to realize the carrying value of our assets is dependent on being able to produce and sell oil from the ADE Fields. Our financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have accumulated losses totaling $613,782 and have incurred some amount of debt in the development phase of our operations. To fully develop the Fields and achieve positive cash flow, we will require substantial additional funding. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities which might be necessary should the Company be unable to continue in existence.

Principles of Consolidation

Our consolidated financial statements include all of our consolidated subsidiaries. Our consolidated financial statements include the accounts of Emir Oil, LLP, our 70% owned subsidiary. All significant inter-company transactions have been eliminated.

[Upturner]

eine neue analyse (engl.) ist online unter

http://www.russia4u.de/

---> Aton Analysen aus Moskau

[Upturner]

[Russland-Investor]

Press Release Source: BMB Munai, Inc.


BMB Munai, Inc. Begins Drilling Well in the Dolinnoe Field
Monday August 2, 3:32 pm ET


NEW YORK, Aug. 2 /PRNewswire-FirstCall/ -- BMB Munai, Inc. (OTC Bulletin Board: BMBM - News) announced today that its Kazakhstan operating subsidiary, Emir Oil, LLP (Emir Oil) has begun drilling an oil well designated as Dolinnoe-2 under the Company`s exploration license with the Republic of Kazakhstan. The anticipated depth of a new well is approximately 4,000 meters. The drilling site is in the Dolinnoe oil and gas field located in the Company`s ADE block near the Caspian Sea port city of Aktau, in western Kazakhstan.
The well site was selected by the Company earlier this year based on the results of a 3D seismic study prepared by PGS-GIS Data Processing. The site preparation and drilling rig placement was completed in July 2004. The Company has contracted with a Saipem S.p.A. a prominent European oil drilling and service company, to drill and complete the well.

Currently the Company has regular test production of crude oil from its Dolinnoe-1 well. The current oil production is sold to the Kazakhstan domestic market. The Company expects to continue sales exclusively within Kazakhstan until oil production levels are increased to quantities that make exporting feasible.

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in New York, New York and Almaty, Kazakhstan.

[Russland-Investor]

Press Release Source: BMB Munai, Inc.


BMB Munai, Inc. Announces Completion of Private Placement
Wednesday August 4, 8:42 pm ET


NEW YORK--(BUSINESS WIRE)--Aug. 4, 2004--BMB Munai, Inc. (OTCBB: BMBM.OB - News) announced today that it had successfully completed a private placement of its common shares at $4.00 per share raising gross proceeds of $15,737,360. Credifinance Securities Limited and Aton Securities, Inc. acted as co-placement agents for the private placement.
Alexandre Agaian, President of the Company stated, "We are gratified by the positive response this offering received from both individual and institutional investors in North America and Europe. We believe it evidences a vote of confidence in the management of the Company and acknowledges the substantial progress made by the Company in executing its oil exploration and development activities in the Republic of Kazakhstan during the past nine months."

The shares of the Company`s common stock issued in conjunction with the private offering were issued pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws and are "restricted securities." Such shares may not be offered or sold in the United States absent registration with the Securities and Exchange Commission under the Securities Act, or an applicable exception therefrom. The Company has agreed to use its best efforts to register the shares of common stock issued to the investors for resale under the Securities Act upon the request of a majority of the investors.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy any such shares, nor shall there be any sale of the Company`s common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

BMB Munai is an independent oil and gas company engaged in the exploration, development and production of crude oil and natural gas in western Kazakhstan. The Company maintains administrative offices in New York, New York and Almaty, Kazakhstan.

[Russland-Investor]

@ all

Gutes voluminöses Placement (knapp doppelter Preis wie letztes Jahr) und gutes Volumen mir Preissteigerung am BB

[petrolero]

PGS-GIS Dolinnoe and Emir Oil Reserves Evaluation, 000` Bbl

P1 P2 P1+P2
(Proven) (Probable) Proven + Probable

Dolinnoe 26,655 42,454 69,109

Emir 15,847 19,257 35,104
--------------------------------------------------------------

Total 42,502 61,711 104,213


tatsächlich die 104 mio barrel sind gar nicht die P3 reserven, na gut so schlecht ist BMB wirklich nicht.

habe immer assoziiert die dritte reihe wären wohl die P3 reserven


RUIN was kostet denn eigentlich eine quelle zum bohren bei BMB, weiss man das schon?

[bordighera]

Hier scheint alles ausgestorben.....

Hat jemand nähere und vor allem aktuelle Infos zu dem Wert? Die Kursbewegung der letzten Monate verheisst nicht unbedingt Gutes, aber davon kann man sich bei einem Explorer im Anfangsstadium bekanntlich nicht leiten lassen (vgl. Aurado).

Wäre um Hinweise dankbar.

[Topcis]

Jetzt wird erstmal die Aktie Eurogas vom Threadanführer gepuscht, anschließend Transmeridian Exploration und zum Schluß BMB Munai

[Upturner]

es gibt news

mal bei
http://www.russia4u.de/start/start.html

vorbeischauen
in der mitte unter ad hoc

bmb

chaparral

tmxn

und pkz

anklicken. kamen alle in den letzten tagen mit news

[matthiasch]

BMB Munai fördert aktuell 1000bpd, Ziel sind 2-2,5mbpd zum Jahresende.
Dies soll durch die Privatplatzierung, die zuletzt bei 3,1 Mio ausgegebenen Aktien zu 5$ 15 Mio$ in die Kasse spülten, sichergestellt werden.

Gruß Matthias