Developing upstream potential

• We remain confident in our long-term growth strategy, while broadening our opportunities with investments in future growth 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 fields development.

• Complete drilling of wells Ch-116_1 and Ch-725_1 on time and budget.
• Maximise uptime of existing wells and production facilities.

• 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 fields development.
• Reduce decline rates in existing production wells.

Pursuing new gas processing 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 in the region

• Advance ongoing discussions with third parties interested in supplying raw gas to take advantage of the Group’s gas processing capacity.
• Continue processing of Ural O&G volumes. Ural O&G to install a fiscal metering unit during 2025.

• Operational readiness for increased raw-gas supplies from Ural O&G.
• Conclude commercial processing contracts.

• Ural O&G project execution delays with 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.

• Installation of fiscal metering by Ural O&G.
• Execute binding commercial contracts to fill the Group’s spare gas processing capacity with third-party volumes.

Managing our capital allocation

• We are building a cost-conscious culture to support our growth ambitions, striving to improve our balance sheet, and focusing on 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 the transition to cleaner energy. Strengthening of corporate governance with new, highly experienced Board of Directors.

• 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).