This announcement is an advertisement and not a prospectus and investors should not subscribe for or purchase any common units representing limited partnership interests or other securities referred to in this announcement except on the basis of information in the prospectus to be published by Zhaikmunai L.P. in due course in connection with the admission of its global depositary receipts (GDRs) representing common units or other securities to the Official List of the Financial Services Authority. Copies of the prospectus will, following publication, be available from Zhaikmunai L.P.’s principal place of business. This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any GDRs representing common units or other securities of Zhaikmunai L.P., nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Zhaikmunai L.P.

Zhaikmunai L.P. announces offer price range of US$13 to US$16 per GDR

Zhaikmunai L.P. (‘Zhaikmunai’ or the ‘Partnership’), an independent oil and gas exploration and production business operating in northwestern Kazakhstan, today announces the indicative price range for the global offering of common units representing limited partnership interests to be offered in the form of global depositary receipts (‘GDRs’) by the Partnership and its limited partners to institutional investors. The Partnership intends to apply to have its GDRs admitted to listing on the Official List of the UK Financial Services Authority and admitted to trading on the London Stock Exchange under the symbol ‘ZKM’.

Highlights of the Offering

• Indicative price range of US$13 to US$16 per GDR, corresponding to an offer size, at the mid-point of the price range, of US$760 million (assuming exercise of an over-allotment option referred to below).

• The Offering will comprise of an offering by existing Zhaikmunai L.P. limited partners of limited partnership interests comprising common units in the form of GDRs, and an offer by the Partnership of common units in the form of GDRs.

• As part of the Offering, Scoulton Holdings Limited, one of the Partnership’s existing limited partners, has granted an over-allotment option to ING as Lead Manager to purchase additional limited partnership interests comprising common units in the form of GDRs comprising up to 15% of the total size of the Offering.

ING has been appointed as the Lead Manager, global coordinator and sole bookrunner for the Offering. Mirabaud Securities and Unicredit Markets & Investment Banking (CA IB Corporate Finance Limited) have been appointed as co-lead managers.

Commenting on today’s announcement, Mr. Frank Monstrey, the chairman of the general partner of Zhaikmunai, said:

‘This global offering marks an exciting stage in Zhaikmunai’s development. We have a strong, high-quality reserve base, good upside potential and a proven management team. The listing will help Zhaikmunai to achieve its goals of increasing oil production, improving the existing reserve base, exploiting our gas reserves and improving transport links’.

Notes to editors

About Kazakhstan

Kazakhstan ranks ninth in the world by oil reserves and eleventh by oil and gas reserves and is the second biggest oil producer (after Russia) among the former Soviet republics. It has the Caspian region’s largest recoverable crude oil reserves. Kazakhstan’s proved oil and gas reserves amounted to 39.8 billion barrels and 105.9 trillion cubic feet respectively as of 31 December 2006, according to the BP Statistical Review.

About the Group

Zhaikmunai’s name is derived from ‘Zhaik’, being the Kazakh name for the Ural River, and ‘munai’ which means oil or hydrocarbon in Kazakh. The Partnership is the indirect holding company of an independent oil and gas business (the ‘Group’) engaged in the exploration, production and sale of crude oil and gas condensate in northwestern Kazakhstan. The Group’s licence area is the Chinarevskoye field, which is located in the northern part of the oil-rich Pre-Caspian Basin. The Group entered into a Production Sharing Agreement with the Republic of Kazakhstan in 1997.

The Chinarevskoye field is located near the Kazakhstan-Russian border and close to several major pipelines. Based on a reserve report prepared by Ryder Scott Company L.P., Zhaikmunai’s estimated gross proven plus probable hydrocarbon reserves as at 1 July 2007 were 397 million boe. ‘Gross’ refers to such amount being inclusive of royalties and amounts due in kind or cash to the Kazakhstan government under the Production Sharing Agreement. Zhaikmunai began its first crude oil production in October 2000 and produced approximately 1,065,000 barrels of crude oil in 2006. Currently all crude oil production is exported. Gas sales are expected to begin following completion of a gas treatment facility by October 2008. The Group has 14 existing wells and four exploration wells under drilling and has invested approximately US$230 million in drilling and field infrastructure since its current management took control in 2004.

For the first seven months of 2007, the Group had revenues of US$52.7 million and EBITDA of US$32.7m compared with revenues of US$30.2 million and EBITDA of $25.1 million in the same period of 2006. The Group currently transports its crude oil by truck to a rail loading terminal 100km away in Uralsk, close to the Russian border. Zhaikmunai is constructing an oil pipeline from the Chinarevskoye field to the rail connection near Uralsk along with a new receiving oil loading terminal at this connection which will allow it to deliver its oil directly to the loading terminal for export by rail.

About the management

Mr. Frank Monstrey, 42, chairman of Zhaikmunai L.P., has 20 years experience in corporate finance and private equity and has been active in Kazakhstan since 1994. He is supported by a highly experienced management team led by Zhaikmunai’s chief executive Mr. Kai-Uwe Kessel. A graduate of the Moscow Academy of Oil and Gas, the German-born Mr Kessel has worked in the industry for 22 years and has held senior positions with EEG (Germany), Gaz de France and the Kazakhstan joint venture KazGermunai, where he was a member and chairman of the board.

Enquiries:

Media Contact:

Brunswick

Michael Harrison                                                +44 20 7404 5959

Carole Cable

ING

Mark Martin                                                     +44 20 7767 1000

Chris Godman

Forward-Looking Statements:

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Partnership or its officers with respect to various matters. When used in this document, the words ‘expects,’ ‘believes,’ ‘anticipates,’ ‘plans,’ ‘may,’ ‘will,’ ‘should’ and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements.

These forward-looking statements speak only as of the date of this document. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Partnership’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

These materials are not an offer for sale of the securities in the United States. The securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Partnership does not intend to register any portion of the offering in the United States or to conduct a public offering of the securities in the United States.

This communication is directed only at (i) persons who are outside the United Kingdom, (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the ‘Order’) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as ‘relevant persons’). Any investment activity to which this communication relates will only be available to and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

ING, Mirabaud Securities and Unicredit Markets & Investment Banking (CA IB Corporate Finance Limited) are acting exclusively for the Partnership and the interest holders and no one else in connection with the Offering. They will not regard any other person (whether or not a recipient of this announcement) as their respective clients and will not be responsible to anyone other than the Partnership for providing the protections afforded to their respective clients nor for giving advice in relation to the Offering, the contents of this announcement or any transaction or arrangement referred to herein.