DEVELOPING UPSTREAM POTENTIAL

• We remain confident in our long-term growth strategy, while broadening our opportunities with investments in future growth best-in-class facilities and continuous improvement of our portfolio in the industry

• Complete drilling programme at Chinarevskoye field.
• Continue maintenance and workovers programme at Chinarevskoye field.
• Start of the Stepnoy Leopard field development, CPR to reclassify specific resources into reserves.

• Complete drilling of wells Ch-301 and Ch-41_1_1 on time and budget.
• Maximise uptime of existing wells and production facilities.
• Completion of CPR.

• Significant subsurface uncertainties and risks could negatively impact drilling and appraisal campaigns.
• Impact of equipment failure.
• At low production levels, unexpected sub-surface events could severely impact the Group’s operating
  cash flow.

• Successful and timely completion of drilling programme at Chinarevskoye field.
• Start of the Stepnoy Leopard field development, CPR to reclassify specific resources into reserves.
• Reduce decline rates in existing production wells.

PURSUING MIDSTREAM OPPORTUNITIES

• We have developed multiple strategies to commercialise the spare capacity in our world-class gas processing facilities.
• Well-positioned to become
  a major gas processor

• Advance ongoing discussions with third parties interested in supplying raw gas to take advantage of the Group’s gas processing capacity.
• Connect additional four wells from Ural O&G. Ural O&G to install a permanent line with a fiscal metering unit
  during 2024.

• Operational readiness for increased raw-gas supplies from Ural O&G.
• Conclude commercial processing contracts.
• Mechanical completion of the Sulphur Recovery unit upgrade without any major HSE incident.

• Ural O&G project execution delays with tie-back of additional wells due to weather and installation of fiscal metering.
• Ongoing negotiations with various counter-parties are complex and commercially sensitive, and there can be no certainty that agreement will be reached.

• Connect additional four wells from Ural O&G midstream project.
• Execute binding commercial contracts to fill the Group’s spare gas processing capacity with third-party volumes.

MANAGING OUR CAPITAL ALLOCATION

• We are structurally addressing our cost base and building a cost-conscious culture to support our growth ambitions, improve our balance sheet, offset inflationary pressures
• Cash flow growth through disciplined capital and cost management

• Continue to challenge costs whilst pivoting towards growth and transitioning into a multi-asset energy company.
• Evaluate all sales routes for sustainability and profitability.
• Assessment of the opportunities and their ranking for most efficient allocation of capital to maximise stakeholder returns.

• Control Opex and G&A.
• Balance sales mix and maximise netbacks.

• Challenges in attracting additional capital for execution of prospective opportunities.
• Sustained higher commodity prices can lead to cost inflation in Kazakhstan.
• Further spend on CHN reservoir development will likely be needed to satisfy regulatory and licence-to- operate requirements.

• Manage “operational” liquidity and cash reserves to ensure continuity of operations whilst unlocking the future growth opportunities.

FOCUSING ON ESG PERFORMANCE

• Strong ESG performance focus: contributing to energy security and transition to cleaner energy
• Strengthening of corporate governance with new, highly experienced BoD

• Safe operations and care for the environment.
• Fulfilling social responsibility.
• Transparency with all stakeholders by enhancing ESG Reporting.
• Board actively involved in the transformation/transition

• Total recordable injury frequency.
• Lost time injury frequency.
• Road traffic incidents.
• Greenhouse gas emissions.
• Focus on improvements across ESG and ultimate upgrade in rating.
• To further improve overall ESG risk rating.

• Legal framework for environmental protection and operational safety still being developed in Kazakhstan.

• Execution of the ESG plan.
• Achieve objectives set in the HSE plan (HSE Leadership, Incident management, Personal Safety, Contractor management, Process safety/Asset integrity).