URALSK, June 12, 2008 – Zhaikmunai L.P. (LSE: ZKM), an independent oil and gas enterprise operating in Northwestern Kazakhstan, is pleased to report that Well #51, in the northern part of Chinarevskoye field in Western Kazakhstan, has been successfully flow tested at a rate of 1,134 barrels of oil per day from the Carboniferous Bashkirian Formation.

The drill stem test (DST) was conducted over a 10 meter open hole section between 3,645 and 3,686 meters and produced water free oil flow for a period of one hour. Zhaikmunai plans to carry out a longer term test at a later stage, once the well has been cased.

The Carboniferous Bashkirian Formation has never been flow tested before in the Chinarevskoye field and was not included as part of Ryder Scott’s 2P reserve estimates in July 2007.

Zhaikmunai holds a 100% interest in the Chinarevskoye PSA.

Further enquiries 

Zhaikmunai               info@zhaikmunai.com

www.zhaikmunai.com

Brunswick

Michael Harrison    +44 20 7404 5959

Carole Cable

Forward looking statements 

In the interests of providing Company shareholders and potential investors with information regarding the Company, including the Company’s assessment of its and its subsidiaries’ future plans and operations, certain statements included in this press release may constitute forward-looking information or forward looking statements (collectively, “forward-looking statements”). All statements contained herein that are not clearly historical in nature are forward-looking, and the words “anticipate”, “believe”, “expect”, “estimate” and similar expressions are generally intended to identify forward-looking statements. Many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. These forward-looking statements made as of the date hereof disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.