MASTER DRILLING AGREEMENT TURNKEY OPERATIONS
This Master Drilling Agreement No. ______,
dated the 5 th day of May 2005, (the "Effective Date") is made by and between:
Kozhan LLP, hereinafter referred to as "Company", represented by F. K. Shakirov, President, acting
on the basis of the Charter,
and
Sun Drilling LLP , hereinafter referred to as "Contractor", represented by William Duncan acting on
basis of the power of attorney No. ____ issued on ___ __________ 2005
WHEREAS Contractor and the Company may individually be referred to as a "Party" and collectively
as "Parties;" and
WHEREAS, Company desires to have onshore wells drilled, produced or worked over in the
Morskoye oil blocklocated in Atyrau Region "Contract Area" of the Republic of Kazakhstan, as
specified by Company, and to have performed or carried out all auxiliary operations and services as
detailed in the Bid Sheet and Drilling Order hereto or as Company may require (hereinafter referred to
as "Work"); and
WHEREAS , by signing this Master Drilling Agreement, Contractor agrees that no promise of work is
made by the Company, and
WHEREAS , further to a tender based on the attached "Bid Sheet and Drilling Order" work was
awarded to the Contractor, and
WHEREAS the Parties agree that Company shall have the right to accelerate, decelerate, suspend,
stop or terminate WORK, all as set out in this Agreement, as its prerogative in the prudent management
of its business, and
WHEREAS Contractor covenants that it has the resources and skills of suitable quality and quantity to
perform the WORK hereunder and is willing and able to undertake the performance of the WORK in
accordance with the Terms and Conditions hereinafter contained; and
NOW THEREFORE , in consideration of the premises and the covenants and agreements herein, the
Parties agree as follows:
ARTICLE I
INTERPRETATION
1.1
Definitions
In this Agreement, unless the context otherwise requires:
(a) "Affiliated Company" means an