Exhibit 15.4

March 3, 2014

China National Oil and Gas Exploration

And Development Corporation

International Holding Ltd (“CNODCI”)

No.6-1 Fuchengmen Beidajie

Xicheng District

Beijing, China 100034

Attention:	Mr. Bo Qiliang, President
Reference:	CNPC E&D Interest in PetroKazakhstan Inc. Evaluation of Crude Oil Reserves Third Party Report

Dear Sir:

1. INTRODUCTION

McDaniel & Associates Consultants Ltd. (“McDaniel”) was requested by PetroKazakhstan Inc. (“PKI”) to prepare an evaluation of the crude oil reserves and the net present values of these reserves for the interests of PKI in the South Turgai Basin, Republic of Kazakhstan, effective as of December 31, 2013. McDaniel submitted to PKI an Executive Summary Report and Detailed Technical Report for the evaluation of PKI in January 2014.

PKI is an integrated oil and gas company owned 67 percent by CNODCI and 33 percent by JSC KazMunaiGas Exploration Production (“KMG EP”). PKI requested McDaniel to prepare this Third Party Report for CNODCI based on the 67 percent interest owned by CNODCI in PKI for the assets of CNODCI that are held within three operating subsidiaries: PetroKazakhstan Kumkol Resources (“PKKR”), Kolzhan LLP (“Kolzhan”) and PetroKazakhstan Ventures Inc. (“PKVI”).

This report was prepared to support PKI’s and CNODCI’s annual securities filings with the SEC. The data employed in this evaluation and the assumptions and procedures used to estimate the reserves and net present values are consistent with standard industry reserves evaluation procedures.

2200, Bow Valley Square 3, 255 - 5 Avenue SW, Calgary AB T2P 3G6    Tel: (403) 262-5506    Fax: (403) 233-2744    www.mcdan.com

CNODCI Interest in PetroKazakhstan Inc. Evaluation of Oil and Gas Reserves – Third Party Report Page  2 March 3, 2014

2. METHODOLOGY

Crude oil reserves estimates and their associated net present values were evaluated in this report by McDaniel & Associates Consultants Ltd. for the interests of PKI in Kazakhstan.

Essentially all of the basic information employed in the preparation of this report was obtained from PKI including geological, geophysical, engineering and financial data. McDaniel utilized this data to prepare an independent assessment of the crude oil reserves as of December 31, 2013. The reserves estimates presented in this report have been prepared in accordance with the United States Securities and Exchange Commission (SEC) reserves definitions and guidance (see Section 3). Only the proved reserves and sub-classifications were included in this report.

Net present value estimates were calculated based on future revenue forecasts. As per SEC guidelines, the future net revenues and net present values presented were calculated using the first day of the month crude oil prices for each of the 12 months prior to the effective date of December 31, 2013 and were presented in United States dollars. No escalation of the prices were made nor were the operating and capital costs increased for inflation in this evaluation. Future capital costs and operating costs were based on PKI budgets for each respective property with adjustments as deemed appropriate by McDaniel.

3. RESERVES DEFINITIONS

The SEC reserves definitions are contained in the Final Rule of Modernization of Oil and Gas Reporting (17 CFR Parts 210, 211, 229 and 249) published by the SEC Regulation on January 14, 2009. A summary of the key proved reserves definitions in Regulation S-X 210.4-10 is presented below.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project. Note: Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should not be assigned to areas that are clearly separated from a known accumulation by a non- productive reservoir (i.e. , absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e., potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

(i) The area of the reservoir considered as proved includes:

(A) The area identified by drilling and limited by fluid contacts, if any, and

 

CNODCI Interest in PetroKazakhstan Inc. Evaluation of Oil and Gas Reserves – Third Party Report Page  3 March 3, 2014

(B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.

(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.

(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.

(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when:

(A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and

(B) The project has been approved for development by all necessary parties and entities, including governmental entities.

(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and estimation of recovery. When used to support proved reserves, an “analogous reservoir” refers to a reservoir that shares the following characteristics with the reservoir of interest:

(i) Same geological formation (but not necessarily in pressure communication with the reservoir of interest);

(ii) Same environment of deposition; (iii) Similar geological structure; and (iv) Same drive mechanism.

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.

 

CNODCI Interest in PetroKazakhstan Inc. Evaluation of Oil and Gas Reserves – Third Party Report Page  4 March 3, 2014

4. EVALUATION SUMMARY

4.1 NET RESERVES

The net share of proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2013 attributable to CNODCI for each of the three subsidiary companies are summarized below.

CNODCI’S NET ENTITLEMENT OF PROVED RESERVES⁽¹⁾

AS OF DECEMBER 31, 2013

	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		37,598		7,329		44,927
Kolzhan		10,544		7,957		18,501
PKVI		236		79		315
Total		48,378		15,365		63,743

(1) Net entitlement reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

4.2 GROSS RESERVES

The total proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2013 for each of the three subsidiary companies are presented below for reference purposes only. These gross reserves estimates are based on a 100 percent working interest in each of the properties and include all reserves attributable to government and working interest partners.

GROSS PROVED RESERVES

AS OF DECEMBER 31, 2013

	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		56,116		10,939		67,055
Kolzhan		19,760		21,122		40,882
PKVI		470		156		627
Total		76,346		32,217		108,564

4.3 NEW PRODUCTION CONTRACTS

In 2013 PKKR received two new production contracts: Contract #3889 for the North Nuraly field and Contract #3939 for the South West Karabulak field. Before 2013 PKKR conducted exploration and appraisal work on the North Nuraly and South West Karabulak oil fields within Exploration Contracts. A summary of the production and reserves assigned to the new production contracts are presented below.

 

CNODCI Interest in PetroKazakhstan Inc. Evaluation of Oil and Gas Reserves – Third Party Report Page  5 March 3, 2014

PKKR NEW PRODUCTION CONTRACT RESERVES

AS OF DECEMBER 31, 2013

	2013 Production Gross		2013 Production Net		Total Proved Gross		Total Proved Net
Crude Oil, MT
Contract #3889 – North Nuraly Field		89.7		89.7		411		411
Contract #3939 – South West Karabulak Field		345.0		345.0		1,158		1,158
Total

4.4 NET PRESENT VALUES

The net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2013 attributable to CNODCI for each of the three subsidiary companies are presented below. All of the net present values have been presented at a 10 percent discount rate.

CNODCI NET PRESENT VALUES DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2013, $MM

	Proved Developed		Proved Undeveloped		Total Proved
PKKR		711		123		834
Kolzhan		163		113		276
PKVI		5		1		5
Total		879		237		1,115

4.5 NET PRESENT VALUES SENSITIVITY ANALYSIS

A sensitivity analysis has been prepared for the net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2013 attributable to CNODCI for each of the three subsidiary companies. At the request of PKI, all of the oil prices, capital costs and operating costs have been escalated at 2 percent per year throughout the evaluation period.

CNODCI NET PRESENT VALUES SENSITIVITY DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2013, $MM

	Proved Developed		Proved Undeveloped		Total Proved
PKKR		723		128		851
Kolzhan		169		123		291
PKVI		5		0		5
Total		897		251		1,147

5 SUMMARY TABLES

Summary tables showing the reserves, future production forecasts and future revenue forecasts are presented in the Appendix for each of the three subsidiary companies.

 

CNODCI Interest in PetroKazakhstan Inc. Evaluation of Oil and Gas Reserves – Third Party Report Page  6 March 3, 2014

6 BASIS OF OPINION

McDaniel & Associates Consultants Ltd. has over 55 years of experience in the evaluation of oil and gas properties. McDaniel is registered with the Association of Professional Engineers and Geoscientists of Alberta (APEGA). All of the professionals involved in the preparation of this report have in excess of 5 years of experience in the evaluation of oil and gas properties. Mr. Bryan Emslie, Senior Vice President, supervised the preparation of this report. Mr. Emslie is a professional engineer registered with APEGA and has over 30 years of experience in the evaluation of oil and gas properties. All of the persons involved in the preparation of this report and McDaniel & Associates are independent of PKI and CNODCI.

In preparing this report, we relied upon certain factual information including ownership, well data, production data, prices, revenues, operating costs, capital costs, contracts, and other relevant data supplied by PKI. The supplied information was only relied upon where in our opinion it appeared reasonable and consistent with our knowledge of the properties however no independent verification of the information was made.

This report was prepared by McDaniel for the use of PKI and CNODCI for its securities filings with the SEC and is not to be used for any other purpose without the knowledge and consent of McDaniel & Associates Consultants Ltd.

We reserve the right to revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the preparation date and the evaluation date of this evaluation were to vary significantly from that forecast, or if any data provided was found to be erroneous.

Sincerely,

McDANIEL & ASSOCIATES CONSULTANTS LTD.

APEGA PERMIT NUMBER: P3145

B. Emslie, P. Eng.

Senior Vice President

BHE:jep

[13-0290]

 

CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Summary of Reserves and Net Present Values Effective December 31, 2013 Table 1

Summary of Reserves⁽¹⁾⁽²⁾

	Crude Oil Reserves – Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		56,116		37,598		37,598		—		—		—		—		—		—
Proved Undeveloped Reserves		10,939		7,329		7,329		—		—		—		—		—		—
Total Proved Reserves		67,055		44,927		44,927		—		—		—		—		—		—

	Crude Oil Reserves – Tonnes						BOE Reserves(3)
	Property Gross MT		Company Gross MT		Company Net MT		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		7,241		4,852		4,852		56,116		37,598		37,598
Proved Undeveloped Reserves		1,413		947		947		10,939		7,329		7,329
Total Proved Reserves		8,655		5,799		5,799		67,055		44,927		44,927

Summary of Company Share of Net Present Values Before Income Taxes

	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		1,325		1,199		1,095		1,010		938
Proved Undeveloped Reserves		305		259		224		195		172
Total Proved Reserves		1,630		1,458		1,319		1,205		1,109

Summary of Company Share of Net Present Values After Income Taxes

	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		876		785		711		651		601
Proved Undeveloped Reserves		176		146		123		104		90
Total Proved Reserves		1,051		930		834		755		690

(1) The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2) Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3) Based on a gas to BOE conversion of 6:1

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Forecast of Production and Revenues Proved Developed Reserves Effective December 31, 2013 Table 2

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM
2014		521		44,608		16,282		2,108		79		1,286		—		—		—		—		—		—		1,286
2015		523		34,299		12,519		1,621		79		993		—		—		—		—		—		—		993
2016		497		25,980		9,483		1,229		80		763		—		—		—		—		—		—		763
2017		451		19,414		7,086		918		81		571		—		—		—		—		—		—		571
2018		390		12,974		4,735		612		80		380		—		—		—		—		—		—		380
2019		264		7,690		2,807		359		79		223		—		—		—		—		—		—		223
2020		152		4,424		1,615		206		78		126		—		—		—		—		—		—		126
2021		138		2,517		919		117		78		71		—		—		—		—		—		—		71
2022		32		788		287		37		68		19		—		—		—		—		—		—		19
2023		26		575		210		27		67		14		—		—		—		—		—		—		14
2024		24		473		173		23		67		11		—		—		—		—		—		—		11
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						56,116		7,257				4,458		—				—		—				—		4,458

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM
2014		79		6		240		19		206		0		106		—		654		7		130		134		383
2015		58		6		187		19		190		0		100		1		457		7		89		77		283
2016		41		5		148		19		175		0		56		—		343		7		60		42		233
2017		28		5		112		20		157		1		23		—		251		6		39		19		187
2018		18		5		74		19		126		6		12		—		145		5		18		5		116
2019		11		5		42		19		93		11		2		—		65		3		9		1		51
2020		6		5		23		18		53		0		1		—		43		2		4		0		37
2021		3		5		13		18		35		8		—		—		12		1		1		—		9
2022		1		4		2		13		12		1		—		—		4		0		0		—		3
2023		1		4		2		12		9		—		—		—		3		0		0		—		3
2024		0		4		1		12		7		1		—		—		1		0		—		—		1
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		246		6		845		19		1,063		27		298		1		1,978		40		351		280		1,307

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow  B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2014		10,909		10,909		—		—		861		53		161		138		71		—		438		182		257
2015		8,388		8,388		—		—		665		39		126		127		67		0		306		116		190
2016		6,354		6,354		—		—		511		27		99		117		38		—		229		73		156
2017		4,748		4,748		—		—		383		18		75		106		15		—		168		43		125
2018		3,173		3,173		—		—		255		12		49		88		8		—		97		19		78
2019		1,880		1,880		—		—		149		7		28		70		1		—		43		9		34
2020		1,082		1,082		—		—		85		4		16		36		0		—		29		4		25
2021		616		616		—		—		48		2		9		29		—		—		8		2		6
2022		193		193		—		—		13		1		2		8		—		—		3		0		2
2023		141		141		—		—		9		0		1		6		—		—		2		0		2
2024		116		116		—		—		8		0		1		6		—		—		1		0		1
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		37,598		37,598		—		—		2,987		165		566		731		200		0		1,325		449		876

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Forecast of Production and Revenues Total Proved Reserves Effective December 31, 2013 Table 3

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM
2014		540		47,485		17,332		2,245		79		1,363		—		—		—		—		—		—		1,363
2015		574		40,983		14,959		1,939		79		1,177		—		—		—		—		—		—		1,177
2016		567		32,558		11,884		1,542		80		953		—		—		—		—		—		—		953
2017		528		24,845		9,068		1,177		80		729		—		—		—		—		—		—		729
2018		466		16,557		6,043		781		80		484		—		—		—		—		—		—		484
2019		314		9,620		3,511		448		79		278		—		—		—		—		—		—		278
2020		204		5,944		2,169		276		78		170		—		—		—		—		—		—		170
2021		188		3,535		1,290		164		78		100		—		—		—		—		—		—		100
2022		49		968		353		46		68		24		—		—		—		—		—		—		24
2023		38		675		247		32		67		16		—		—		—		—		—		—		16
2024		36		543		198		26		67		13		—		—		—		—		—		—		13
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						67,055		8,676				5,307		—				—		—				—		5,307

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow A. Tax US$MM
2014		83		6		253		19		212		0		158		—		658		7		137		142		371
2015		72		6		218		19		201		0		128		1		556		8		112		108		328
2016		51		5		184		19		188		0		71		—		458		8		84		70		297
2017		40		5		142		19		169		1		31		—		347		7		57		38		244
2018		23		5		93		19		137		6		15		—		210		6		30		11		162
2019		13		5		52		19		100		11		2		—		100		4		15		3		78
2020		8		5		31		19		60		0		1		—		70		2		8		0		59
2021		5		5		18		18		45		9		—		—		24		2		1		—		20
2022		1		4		3		13		13		1		—		—		6		0		1		—		5
2023		1		4		2		12		10		—		—		—		4		0		0		—		4
2024		1		4		2		12		9		1		—		—		1		0		—		—		1
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		297		6		999		19		1,144		29		404		1		2,433		45		446		373		1,569

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow  B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2014		11,612		11,612		—		—		913		56		169		142		106		—		441		193		248
2015		10,022		10,022		—		—		789		48		146		135		86		0		373		153		220
2016		7,962		7,962		—		—		638		34		123		126		47		—		307		108		199
2017		6,076		6,076		—		—		488		26		95		114		20		—		232		69		164
2018		4,049		4,049		—		—		324		16		63		96		10		—		140		32		109
2019		2,352		2,352		—		—		186		9		35		74		1		—		67		15		53
2020		1,454		1,454		—		—		114		5		21		40		0		—		47		7		39
2021		864		864		—		—		67		3		12		36		—		—		16		2		14
2022		237		237		—		—		16		1		2		9		—		—		4		1		3
2023		165		165		—		—		11		0		1		7		—		—		3		0		2
2024		133		133		—		—		9		0		1		7		—		—		1		0		1
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		44,927		44,927		—		—		3,556		199		669		786		271		0		1,630		579		1,051

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI Kolzhan LLP Summary of Reserves and Net Present Values Effective December 31, 2013 Table 4

Summary of Reserves⁽¹⁾⁽²⁾

	Crude Oil Reserves – Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Compan Net Mbbl
Proved Developed Reserves		19,760		10,544		10,544		—		—		—		—		—		—
Proved Undeveloped Reserves		21,122		7,957		7,957		—		—		—		—		—		—
Total Proved Reserves		40,882		18,501		18,501		—		—		—		—		—		—

	Crude Oil Reserves – Tonnes						BOE Reserves(3)
	Property Gross MT		Company Gross MT		Company Net MT		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		2,491		1,321		1,321		19,760		10,544		10,544
Proved Undeveloped Reserves		2,713		1,018		1,018		21,122		7,957		7,957
Total Proved Reserves		5,204		2,339		2,339		40,882		18,501		18,501

Summary of Company Share of Net Present Values Before Income Taxes

	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		354		311		278		251		229
Proved Undeveloped Reserves		385		296		235		191		159
Total Proved Reserves		739		607		513		442		388

Summary of Company Share of Net Present Values After Income Taxes

	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		216		186		163		145		131
Proved Undeveloped Reserves		196		146		113		89		73
Total Proved Reserves		411		332		276		235		203

(1) The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2) Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3) Based on a gas to BOE conversion of 6:1

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI Kolzhan LLP Forecast of Production and Revenues Proved Developed Reserves Effective December 31, 2013 Table 5

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM
2014		78		13,062		4,768		602		62		297		—		—		—		—		—		—		297
2015		80		9,935		3,626		457		63		227		—		—		—		—		—		—		227
2016		80		7,802		2,848		359		71		203		—		—		—		—		—		—		203
2017		78		6,328		2,310		291		71		164		—		—		—		—		—		—		164
2018		75		5,255		1,918		242		71		137		—		—		—		—		—		—		137
2019		73		4,057		1,481		187		71		105		—		—		—		—		—		—		105
2020		70		3,258		1,189		150		71		85		—		—		—		—		—		—		85
2021		64		2,175		794		100		71		56		—		—		—		—		—		—		56
2022		60		1,499		547		69		70		39		—		—		—		—		—		—		39
2023		31		766		279		35		68		19		—		—		—		—		—		—		19
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						19,760		2,491				1,331		—				—		—				—		1,331

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow  A. Tax US$MM
2014		14		5		22		7		52		0		40		7		161		1		36		53		72
2015		10		4		18		8		41		0		35		—		123		1		26		36		60
2016		8		4		28		14		40		0		23		—		103		1		20		19		62
2017		7		4		23		14		38		0		12		—		84		1		15		11		56
2018		6		4		19		14		37		0		8		—		67		1		12		6		48
2019		4		4		15		14		36		0		1		—		49		1		7		2		39
2020		4		4		12		14		34		0		1		—		35		1		5		0		29
2021		2		4		8		14		30		0		—		—		16		1		1		—		14
2022		2		4		5		14		27		0		—		—		5		1		0		—		4
2023		1		4		2		12		14		1		—		—		0		0		—		—		0
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		58		4		152		11		349		3		120		7		643		9		123		127		384

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow  B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2014		2,482		2,482		—		—		160		8		15		27		17		2		91		47		43
2015		1,921		1,921		—		—		124		6		12		23		15		—		69		33		36
2016		1,527		1,527		—		—		107		4		14		22		10		—		57		22		34
2017		1,237		1,237		—		—		87		4		12		21		5		—		46		15		31
2018		1,011		1,011		—		—		71		3		10		20		3		—		35		10		26
2019		792		792		—		—		56		2		7		20		1		—		26		5		20
2020		637		637		—		—		45		2		6		19		0		—		18		3		15
2021		437		437		—		—		31		1		4		16		—		—		9		1		8
2022		312		312		—		—		22		1		3		15		—		—		3		0		3
2023		187		187		—		—		13		1		2		10		—		—		0		0		0
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		10,544		10,544		—		—		715		32		83		193		51		2		354		138		216

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI Kolzhan LLP Forecast of Production and Revenues Total Proved Reserves Effective December 31, 2013 Table 6

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$MM		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$MM		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$MM
2014		81		14,697		5,364		678		62		330		—		—		—		—		—		—		330
2015		91		14,684		5,360		680		61		325		—		—		—		—		—		—		325
2016		101		14,732		5,377		683		73		390		—		—		—		—		—		—		390
2017		106		13,976		5,101		649		73		372		—		—		—		—		—		—		372
2018		105		12,340		4,504		574		73		329		—		—		—		—		—		—		329
2019		103		10,097		3,685		470		73		269		—		—		—		—		—		—		269
2020		97		8,398		3,065		391		73		224		—		—		—		—		—		—		224
2021		88		6,659		2,431		310		73		178		—		—		—		—		—		—		178
2022		81		5,119		1,868		238		73		137		—		—		—		—		—		—		137
2023		72		3,894		1,421		182		74		104		—		—		—		—		—		—		104
2024		27		2,289		836		108		75		63		—		—		—		—		—		—		63
2025		24		1,815		663		86		75		50		—		—		—		—		—		—		50
2026		22		1,439		525		68		75		40		—		—		—		—		—		—		40
2027		20		1,141		417		54		75		31		—		—		—		—		—		—		31
2028		18		723		264		34		75		20		—		—		—		—		—		—		20
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						40,882		5,204				2,862		—		—		—		—				—		2,862

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$MM		Total MET %		Export Rent Tax US$MM		Export Rent Tax %		Total Operating Costs US$MM		Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow  B. Tax US$MM		Property Tax US$MM		Corporate Tax US$MM		Excess Profits Tax US$MM		Net Cash Flow  A. Tax US$MM
2014		15		5		23		7		54		0		48		—		190		1		43		69		76
2015		15		5		20		6		46		0		52		7		186		1		41		64		80
2016		23		6		58		15		46		0		40		—		223		1		46		62		113
2017		20		5		56		15		46		0		22		—		227		2		44		60		121
2018		18		6		50		15		45		0		8		—		208		1		39		52		116
2019		15		6		41		15		43		0		1		—		169		1		31		38		99
2020		13		6		34		15		41		0		1		—		136		1		24		29		81
2021		8		4		27		15		37		0		—		—		106		1		19		22		64
2022		6		4		21		15		34		0		—		—		76		1		13		15		47
2023		5		4		16		15		30		2		—		—		52		1		9		10		33
2024		3		4		10		16		14		0		—		—		36		0		6		6		23
2025		2		4		8		16		13		—		—		—		27		0		5		3		18
2026		2		4		7		16		12		—		—		—		20		0		3		2		14
2027		1		4		5		16		10		—		—		—		15		0		2		1		11
2028		1		4		3		16		9		—		—		—		7		0		1		—		6
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		146		5		378		13		480		4		171		7		1,676		12		327		433		904

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$MM		Total MET US$MM		Export Tax US$MM		Operating & Aband. Costs US$MM		Capital Costs US$MM		Hist. Costs & Com. Bonus US$MM		Net Cash Flow  B. Tax US$MM		Total Taxes US$MM		Net Cash Flow A.T. US$MM
2014		2,711		2,711		—		—		173		9		15		28		21		—		101		56		45
2015		2,589		2,589		—		—		163		8		13		25		22		2		93		49		44
2016		2,510		2,510		—		—		179		10		25		25		17		—		102		48		54
2017		2,323		2,323		—		—		166		8		24		25		9		—		101		45		56
2018		2,009		2,009		—		—		144		7		21		24		3		—		89		37		52
2019		1,634		1,634		—		—		118		6		17		23		1		—		71		28		43
2020		1,346		1,346		—		—		97		5		14		22		0		—		56		21		35
2021		1,067		1,067		—		—		77		3		11		20		—		—		43		15		27
2022		807		807		—		—		58		2		9		18		—		—		30		10		19
2023		599		599		—		—		43		2		6		17		—		—		19		7		12
2024		280		280		—		—		21		1		3		5		—		—		12		4		8
2025		222		222		—		—		17		1		3		4		—		—		9		3		6
2026		176		176		—		—		13		1		2		4		—		—		7		2		5
2027		140		140		—		—		11		0		2		3		—		—		5		1		4
2028		88		88		—		—		7		0		1		3		—		—		2		0		2
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		18,501		18,501		—		—		1,288		65		167		243		72		2		739		327		411

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Summary of Reserves and Net Present Values Effective December 31, 2013 Table 7

Summary of Reserves⁽¹⁾⁽²⁾

	Crude Oil Reserves – Bbls						Natural Gas Reserves						Natural Gas Liquids Reserves
Reserve Category	Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl		Property Gross MMcf		Company Gross MMcf		Company Net MMcf		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		470		236		236		—		—		—		—		—		—
Proved Undeveloped Reserves		156		79		79		—		—		—		—		—		—
Total Proved Reserves		627		315		315		—		—		—		—		—		—

	Crude Oil Reserves – Tonnes						BOE Reserves(3)
	Property Gross MT		Company Gross MT		Company Net MT		Property Gross Mbbl		Company Gross Mbbl		Company Net Mbbl
Proved Developed Reserves		62		31		31		470		236		236
Proved Undeveloped Reserves		20		10		10		156		79		79
Total Proved Reserves		82		41		41		627		315		315

Summary of Company Share of Net Present Values Before Income Taxes

	$MM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		6		5		5		5		5
Proved Undeveloped Reserves		1		1		1		1		1
Total Proved Reserves		7		6		6		6		5

Summary of Company Share of Net Present Values After Income Taxes

	SMM US Dollars
Reserve Category	0.0%		5.0%		10.0%		15.0%		20.0%
Proved Developed Reserves		5		5		5		5		5
Proved Undeveloped Reserves		1		1		1		0		0
Total Proved Reserves		6		6		5		5		5

(1) The above reserves estimates are presented after applying license expiry and economic limit cutoffs.

(2) Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others.

(3) Based on a gas to BOE conversion of 6:1

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Forecast of Production and Revenues Proved Developed Reserves Effective December 31,2013 Table 8

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$M
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$M		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$M		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$M
2014		6		642		234		30		54,440		12,756		10,156		—		—		—		—		—		12,756
2015		6		399		146		19		54,440		7,922		8,095		—		—		—		—		—		7,922
2016		6		248		90		12		75,048		6,783		6,135		—		—		—		—		—		6,783
2017		—		—		—		—		—		—		4,741		—		—		—		—		—		—
2018		—		—		—		—		—		—		3,630		—		—		—		—		—		—
2019		—		—		—		—		—		—		2,717		—		—		—		—		—		—
2020		—		—		—		—		—		—		2,039		—		—		—		—		—		—
2021		—		—		—		—		—		—		1,564		—		—		—		—		—		—
2022		—		—		—		—		—		—		1,198		—		—		—		—		—		—
2023		—		—		—		—		—		—		902		—		—		—		—		—		—
2024		—		—		—		—		—		—		114		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						470		61				27,461		41,292				—		—				—		27,461

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$M		Total MET %		Export Rent Tax US$M		Export Rent Tax %		Total Operating Costs US$M		Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow  B. Tax US$M		Property Tax US$M		Corporate Tax US$M		Excess Profits Tax US$M		Net Cash Flow  A. Tax US$M
2014		319		3		—		—		4,961		18		441		—		7,017		2		431		—		6,584
2015		198		3		—		—		4,135		18		601		—		2,970		7		—		—		2,963
2016		302		4		1,114		16		3,537		54		359		115		1,302		11		—		—		1,291
2017		—		—		—		—		—		—		—		—		—		—		—		—		—
2018		—		—		—		—		—		—		—		—		—		—		—		—		—
2019		—		—		—		—		—		—		—		—		—		—		—		—		—
2020		—		—		—		—		—		—		—		—		—		—		—		—		—
2021		—		—		—		—		—		—		—		—		—		—		—		—		—
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		819		3		1,114		4		12,632		90		1,401		115		11,290		21		431		—		10,838

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$M		Total MET US$M		Export Tax US$M		Operating & Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow  B. Tax US$M		Total Taxes US$M		Net Cash Flow A.T. US$M
2014		118		118		—		—		6,410		160		—		2,502		222		—		3,526		218		3,309
2015		73		73		—		—		3,981		100		—		2,087		302		—		1,493		4		1,489
2016		45		45		—		—		3,408		152		560		1,804		180		58		654		6		648
2017		—		—		—		—		—		—		—		—		—		—		—		—		—
2018		—		—		—		—		—		—		—		—		—		—		—		—		—
2019		—		—		—		—		—		—		—		—		—		—		—		—		—
2020		—		—		—		—		—		—		—		—		—		—		—		—		—
2021		—		—		—		—		—		—		—		—		—		—		—		—		—
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		236		236		—		—		13,799		412		560		6,393		704		58		5,673		227		5,446

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Forecast of Production and Revenues Total Proved Reserves Effective December 31, 2013 Table 9

Property Gross Share of Production and Gross Revenues

			Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$M
Year	Producing Well Count		Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/bbl		Sales Revenue US$M		Annual Volume MMcf		Natural Gas Price US$/Mcf		Sales Revenue US$M		Annual Volume Mbbl		NGL Price US$/bbl		Sales Revenue US$M
2014		7		742		271		35		54,440		14,743		10,684		—		—		—		—		—		14,743
2015		7		527		192		25		54,440		10,471		9,247		—		—		—		—		—		10,471
2016		7		284		104		13		75,048		7,776		7,719		—		—		—		—		—		7,776
2017		7		164		60		8		75,048		4,493		6,509		—		—		—		—		—		4,493
2018		—		—		—		—		—		—		5,191		—		—		—		—		—		—
2019		—		—		—		—		—		—		3,975		—		—		—		—		—		—
2020		—		—		—		—		—		—		3,046		—		—		—		—		—		—
2021		—		—		—		—		—		—		2,373		—		—		—		—		—		—
2022		—		—		—		—		—		—		1,847		—		—		—		—		—		—
2023		—		—		—		—		—		—		1,425		—		—		—		—		—		—
2024		—		—		—		—		—		—		185		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						627		81				37,483		52,200				—		—				—		37,483

Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow

Year	Total MET US$M		Total MET %		Export Rent Tax US$M		Export Rent Tax %		Total Operating Costs US$M		Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow B. Tax US$M			Property Tax US$M		Corporate Tax US$M		Excess Profits Tax US$M		Net Cash Flow  A. Tax US$M
2014		369		3		—		—		5,433		18		2,341		—		6,583			12		608		—		5,962
2015		262		3		—		—		4,781		18		601		—		4,810			26		216		—		4,567
2016		346		4		1,278		16		3,955		18		359		115		1,705			27		—		—		1,678
2017		200		4		738		16		3,434		36		168		—		(83	)		26		—		—		(109	)
2018		—		—		—		—		—		—		—		—		—			—		—		—		—
2019		—		—		—		—		—		—		—		—		—			—		—		—		—
2020		—		—		—		—		—		—		—		—		—			—		—		—		—
2021		—		—		—		—		—		—		—		—		—			—		—		—		—
2022		—		—		—		—		—		—		—		—		—			—		—		—		—
2023		—		—		—		—		—		—		—		—		—			—		—		—		—
2024		—		—		—		—		—		—		—		—		—			—		—		—		—
2025		—		—		—		—		—		—		—		—		—			—		—		—		—
2026		—		—		—		—		—		—		—		—		—			—		—		—		—
2027		—		—		—		—		—		—		—		—		—			—		—		—		—
2028		—		—		—		—		—		—		—		—		—			—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—			—		—		—		—
Total		1,177		3		2,016		5		17,603		90		3,469		115		13,014			91		824		—		12,098

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014

Company Working Interest Share Summary

Year	Gross Annual Oil Production Mbbl		Net Annual Oil Production Mbbl		Net Annual Gas Production MMcf		Net Annual NGL Production Mbbl		Gross Sales Revenue US$M		Total MET US$M		Export Tax US$M		Operating & Aband. Costs US$M		Capital Costs US$M		Hist. Costs & Com. Bonus US$M		Net Cash Flow  B. Tax US$M			Total Taxes US$M		Net Cash Flow A.T. US$M
2014		136		136		—		—		7,408		185		—		2,739		1,176		—		3,308			312		2,996
2015		97		97		—		—		5,262		132		—		2,411		302		—		2,417			122		2,295
2016		52		52		—		—		3,907		174		642		1,997		180		58		857			14		843
2017		30		30		—		—		2,258		101		371		1,744		84		—		(42	)		13		(55	)
2018		—		—		—		—		—		—		—		—		—		—		—			—		—
2019		—		—		—		—		—		—		—		—		—		—		—			—		—
2020		—		—		—		—		—		—		—		—		—		—		—			—		—
2021		—		—		—		—		—		—		—		—		—		—		—			—		—
2022		—		—		—		—		—		—		—		—		—		—		—			—		—
2023		—		—		—		—		—		—		—		—		—		—		—			—		—
2024		—		—		—		—		—		—		—		—		—		—		—			—		—
2025		—		—		—		—		—		—		—		—		—		—		—			—		—
2026		—		—		—		—		—		—		—		—		—		—		—			—		—
2027		—		—		—		—		—		—		—		—		—		—		—			—		—
2028		—		—		—		—		—		—		—		—		—		—		—			—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—			—		—
Total		315		315		—		—		18,835		591		1,013		8,891		1,743		58		6,539			460		6,079

Petrokazakhstan Dec 2013 Final – PetroChina Third Party Report McDaniel & Associates Consultants Ltd. 12/02/2014