Exhibit 15.4

February 10, 2016

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. Lv Gong Xun, President
Reference:	CNODCI 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, 2015. McDaniel submitted to PKI an Executive Summary Report and Detailed Technical Report for the evaluation of PKI in February 2016.

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.

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, 2015. 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.

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

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Evaluation of Oil and Gas Reserves — Third Party Report	February 10, 2016

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

(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.

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Evaluation of Oil and Gas Reserves — Third Party Report	February 10, 2016

(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.	Page 4
Evaluation of Oil and Gas Reserves — Third Party Report	February 10, 2016

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, 2015 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, 2015

	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		24,043		2,505		26,547
Kolzhan		10,057		4,706		14,763
PKVI		467		—		467
Total		34,567		7,210		41,777

(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, 2015 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, 2015

	Proved Developed		Proved Undeveloped		Total Proved
Crude Oil, Mbbl
PKKR		35,885		3,738		39,623
Kolzhan		22,493		12,814		35,306
PKVI		929		—		929
Total		59,307		16,552		75,858

4.3 NET PRESENT VALUES

The net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2015 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.

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Evaluation of Oil and Gas Reserves — Third Party Report	February 10, 2016

CNODCI NET PRESENT VALUES DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2015, $MM

	Proved Developed		Proved Undeveloped		Total Proved
PKKR		168		16		184
Kolzhan		55		22		77
PKVI		4		—		4
Total		227		38		265

4.4 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, 2015 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 two percent per year throughout the evaluation period.

CNODCI NET PRESENT VALUES SENSITIVITY DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2015, $MM

	Proved Developed		Proved Undeveloped		Total Proved
PKKR		171		17		188
Kolzhan		57		23		80
PKVI		4		—		4
Total		232		40		272

5 SUMMARY TABLES

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

6 BASIS OF OPINION

McDaniel & Associates Consultants Ltd. has over 60 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. Paul Taylor, Vice President, supervised the preparation of this report. Mr. Taylor 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.

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Evaluation of Oil and Gas Reserves — Third Party Report	February 10, 2016

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

P. Taylor, CEng MEI, P. Eng.	C. Boulton, P. Eng.
Vice President	Associate

PT/CB:jep

[15-0243]

CNODCI Interest in PKI	Table 1
PetroKazakhstan Kumkol Resources
Summary of Reserves and Net Present Values
Effective December 31, 2015

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		35,885		24,043		24,043		—		—		—		—		—		—
Proved Undeveloped Reserves		3,738		2,505		2,505		—		—		—		—		—		—
Total Proved Reserves		39,623		26,547		26,547		—		—		—		—		—		—

	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		4,642		3,110		3,110		35,885		24,043		24,043
Proved Undeveloped Reserves		488		327		327		3,738		2,505		2,505
Total Proved Reserves		5,130		3,437		3,437		39,623		26,547		26,547

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		246		229		214		202		191
Proved Undeveloped Reserves		28		24		20		18		16
Total Proved Reserves		274		253		235		220		207

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		194		180		168		158		149
Proved Undeveloped Reserves		22		19		16		14		12
Total Proved Reserves		216		199		184		172		161

(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 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 2
PetroKazakhstan Kumkol Resources
Forecast of Production and Revenues
Proved Developed Reserves
Effective December 31, 2015

Property Gross Share of Production and Gross Revenues

	Producing Well Count		Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year			Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/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
2016		515		32,974		12,036		1,562		28		336		—		—		—		—		—		—		336
2017		499		23,783		8,681		1,126		28		242		—		—		—		—		—		—		242
2018		480		17,090		6,238		810		28		174		—		—		—		—		—		—		174
2019		449		12,421		4,534		588		28		128		—		—		—		—		—		—		128
2020		207		6,606		2,411		313		28		68		—		—		—		—		—		—		68
2021		119		3,783		1,381		181		28		39		—		—		—		—		—		—		39
2022		47		1,557		568		74		28		16		—		—		—		—		—		—		16
2023		4		101		37		5		28		1		—		—		—		—		—		—		1
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						35,885		4,659				1,004		—				—		—				—		1,004

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
2016		15		4		19		6		100		0		34		—		167			—		17		23		127
2017		10		4		14		6		90		0		33		—		95			—		11		11		73
2018		7		4		10		6		81		0		12		—		65			—		7		4		54
2019		5		4		8		6		71		13		9		—		23			—		2		1		20
2020		3		4		4		6		40		7		4		—		10			—		1		0		9
2021		1		4		2		6		25		7		—		—		4			—		0		—		3
2022		1		4		1		6		11		1		—		—		3			—		—		—		3
2023		0		4		0		6		0		1		—		—		(0	)		—		—		—		(0	)
2024		—		—		—		—		—		—		—		—		—			—		—		—		—
2025		—		—		—		—		—		—		—		—		—			—		—		—		—
2026		—		—		—		—		—		—		—		—		—			—		—		—		—
2027		—		—		—		—		—		—		—		—		—			—		—		—		—
2028		—		—		—		—		—		—		—		—		—			—		—		—		—
2029		—		—		—		—		—		—		—		—		—			—		—		—		—
2030		—		—		—		—		—		—		—		—		—			—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—			—		—		—		—
Total		41		4		58		6		418		28		92		—		367			—		38		39		290

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		8,064		8,064		—		—		225		10		13		67		23		—		112			27		85
2017		5,816		5,816		—		—		162		7		9		61		22		—		64			15		49
2018		4,179		4,179		—		—		117		4		7		54		8		—		44			7		36
2019		3,038		3,038		—		—		86		3		5		56		6		—		15			2		13
2020		1,616		1,616		—		—		46		2		3		31		3		—		7			1		6
2021		925		925		—		—		26		1		2		21		—		—		2			0		2
2022		381		381		—		—		11		0		1		8		—		—		2			—		2
2023		25		25		—		—		1		0		0		1		—		—		(0	)		—		(0	)
2024		—		—		—		—		—		—		—		—		—		—		—			—		—
2025		—		—		—		—		—		—		—		—		—		—		—			—		—
2026		—		—		—		—		—		—		—		—		—		—		—			—		—
2027		—		—		—		—		—		—		—		—		—		—		—			—		—
2028		—		—		—		—		—		—		—		—		—		—		—			—		—
2029		—		—		—		—		—		—		—		—		—		—		—			—		—
2030		—		—		—		—		—		—		—		—		—		—		—			—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—			—		—
Total		24,043		24,043		—		—		673		27		39		299		61		—		246			52		194

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 3
PetroKazakhstan Kumkol Resources
Forecast of Production and Revenues
Total Proved Reserves
Effective December 31, 2015

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
2016		519		33,644		12,280		1,594		28		342		—		—		—		—		—		—		342
2017		513		25,515		9,313		1,209		28		260		—		—		—		—		—		—		260
2018		501		18,997		6,934		901		28		194		—		—		—		—		—		—		194
2019		469		14,020		5,117		665		28		144		—		—		—		—		—		—		144
2020		224		7,867		2,872		374		28		81		—		—		—		—		—		—		81
2021		178		5,233		1,910		249		28		54		—		—		—		—		—		—		54
2022		108		3,171		1,157		152		28		33		—		—		—		—		—		—		33
2023		3		110		40		5		28		1		—		—		—		—		—		—		1
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						39,623		5,149				1,108		—				—		—				—		1,108

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		15		4		19		6		101		0		39		—		168			—		17		24		127
2017		11		4		15		6		92		0		43		—		99			—		14		11		74
2018		8		4		11		6		84		0		13		—		77			—		9		5		64
2019		5		4		9		6		75		13		9		—		33			—		4		1		28
2020		3		4		5		6		44		1		4		—		24			—		1		0		23
2021		2		4		3		6		33		6		—		—		9			—		0		—		8
2022		1		4		2		6		23		8		—		—		(1	)		—		—		—		(1	)
2023		0		4		0		6		0		1		—		—		(0	)		—		—		—		(0	)
2024		—		—		—		—		—		—		—		—		—			—		—		—		—
2025		—		—		—		—		—		—		—		—		—			—		—		—		—
2026		—		—		—		—		—		—		—		—		—			—		—		—		—
2027		—		—		—		—		—		—		—		—		—			—		—		—		—
2028		—		—		—		—		—		—		—		—		—			—		—		—		—
2029		—		—		—		—		—		—		—		—		—			—		—		—		—
2030		—		—		—		—		—		—		—		—		—			—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—			—		—		—		—
Total		46		4		64		6		453		29		108		—		409			—		45		41		323

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
2016		8,228		8,228		—		—		229		10		13		68		26		—		112			27		85
2017		6,240		6,240		—		—		174		7		10		62		29		—		67			17		50
2018		4,646		4,646		—		—		130		5		7		56		9		—		52			9		43
2019		3,428		3,428		—		—		97		4		6		59		6		—		22			3		19
2020		1,924		1,924		—		—		54		2		3		30		3		—		16			1		15
2021		1,280		1,280		—		—		36		1		2		27		—		—		6			0		6
2022		775		775		—		—		22		1		1		21		—		—		(1	)		—		(1	)
2023		27		27		—		—		1		0		0		1		—		—		(0	)		—		(0	)
2024		—		—		—		—		—		—		—		—		—		—		—			—		—
2025		—		—		—		—		—		—		—		—		—		—		—			—		—
2026		—		—		—		—		—		—		—		—		—		—		—			—		—
2027		—		—		—		—		—		—		—		—		—		—		—			—		—
2028		—		—		—		—		—		—		—		—		—		—		—			—		—
2029		—		—		—		—		—		—		—		—		—		—		—			—		—
2030		—		—		—		—		—		—		—		—		—		—		—			—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—			—		—
Total		26,547		26,547		—		—		743		31		43		323		72		—		274			57		216

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI Table 4

Kolzhan LLP

Summary of Reserves and Net Present Values

Effective December 31, 2015

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		22,493		10,057		10,057		—		—		—		—		—		—
Proved Undeveloped Reserves		12,814		4,706		4,706		—		—		—		—		—		—
Total Proved Reserves		35,306		14,763		14,763		—		—		—		—		—		—

	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		2,865		1,272		1,272		22,493		10,057		10,057
Proved Undeveloped Reserves		1,648		603		603		12,814		4,706		4,706
Total Proved Reserves		4,513		1,876		1,876		35,306		14,763		14,763

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		112		96		84		75		67
Proved Undeveloped Reserves		74		57		45		36		29
Total Proved Reserves		186		153		129		110		96

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		76		64		55		48		43
Proved Undeveloped Reserves		40		29		22		17		13
Total Proved Reserves		116		93		77		65		55

(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 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 5
Kolzhan LLP
Forecast of Production and Revenues
Proved Developed Reserves
Effective December 31, 2015

Property Gross Share of Production and Gross Revenues

	Producing Well Count		Crude Oil										Natural Gas						Natural Gas Liquids						Total Sales Revenue US$MM
Year			Daily Rate Bopd		Annual Volume Mbbl		Annual Volume MT		Crude Oil Price US$/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
2016		112		13,474		4,918		625		26		126		—		—		—		—		—		—		126
2017		112		11,092		4,048		515		25		103		—		—		—		—		—		—		103
2018		106		9,117		3,328		424		25		84		—		—		—		—		—		—		84
2019		98		7,364		2,688		342		28		75		—		—		—		—		—		—		75
2020		87		5,906		2,156		275		28		60		—		—		—		—		—		—		60
2021		80		4,808		1,755		224		28		49		—		—		—		—		—		—		49
2022		70		4,023		1,468		187		28		41		—		—		—		—		—		—		41
2023		62		3,171		1,158		148		28		32		—		—		—		—		—		—		32
2024		53		1,853		676		86		28		19		—		—		—		—		—		—		19
2025		21		817		298		38		28		8		—		—		—		—		—		—		8
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						22,493		2,865				599		—				—		—				—		599

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
2016		3		2		3		3		27		0		36		—		57		—		15		22		20
2017		2		2		2		2		24		0		33		—		40		—		10		11		20
2018		2		2		2		2		24		0		13		—		44		—		8		8		28
2019		2		3		4		6		22		0		15		—		31		—		6		3		22
2020		2		3		4		6		21		0		13		—		21		—		3		1		16
2021		2		3		3		6		20		0		0		—		25		—		3		1		21
2022		1		3		2		6		18		0		0		—		19		—		2		1		16
2023		1		3		2		6		16		0		—		—		13		—		2		0		12
2024		1		3		1		6		13		3		—		—		1		—		—		—		1
2025		0		3		0		6		6		0		—		—		2		—		—		—		2
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		16		3		24		4		190		6		111		—		253		—		48		47		157

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		2,264		2,264		—		—		59		2		2		14		15		—		27			14		13
2017		1,832		1,832		—		—		48		1		2		12		12		—		21			8		13
2018		1,489		1,489		—		—		39		1		1		12		5		—		20			6		14
2019		1,195		1,195		—		—		34		1		2		11		5		—		14			3		10
2020		951		951		—		—		27		1		2		11		5		—		9			2		7
2021		769		769		—		—		22		1		1		10		0		—		9			1		8
2022		635		635		—		—		18		1		1		9		0		—		7			1		6
2023		503		503		—		—		14		0		1		8		—		—		5			1		4
2024		318		318		—		—		9		0		1		8		—		—		(0	)		—		(0	)
2025		100		100		—		—		3		0		0		2		—		—		1			—		1
2026		—		—		—		—		—		—		—		—		—		—		—			—		—
2027		—		—		—		—		—		—		—		—		—		—		—			—		—
2028		—		—		—		—		—		—		—		—		—		—		—			—		—
2029		—		—		—		—		—		—		—		—		—		—		—			—		—
2030		—		—		—		—		—		—		—		—		—		—		—			—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—			—		—
Total		10,057		10,057		—		—		272		8		12		98		42		—		112			36		76

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 6
Kolzhan LLP
Forecast of Production and Revenues
Total Proved Reserves
Effective December 31, 2015

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
2016		116		15,164		5,535		705		25		140		—		—		—		—		—		—		140
2017		126		15,685		5,725		731		25		143		—		—		—		—		—		—		143
2018		129		14,883		5,432		695		25		135		—		—		—		—		—		—		135
2019		126		12,753		4,655		595		28		130		—		—		—		—		—		—		130
2020		116		10,386		3,791		485		28		106		—		—		—		—		—		—		106
2021		109		8,304		3,031		388		28		85		—		—		—		—		—		—		85
2022		96		6,584		2,403		308		28		67		—		—		—		—		—		—		67
2023		86		4,986		1,820		233		28		51		—		—		—		—		—		—		51
2024		74		3,249		1,186		151		28		33		—		—		—		—		—		—		33
2025		64		2,433		888		113		28		25		—		—		—		—		—		—		25
2026		34		1,314		479		62		28		13		—		—		—		—		—		—		13
2027		31		989		361		47		28		10		—		—		—		—		—		—		10
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						35,306		4,513				940		—				—		—				—		940

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
2016		3		2		3		2		28		0		49		—		57		—		17		25		15
2017		3		2		3		2		27		0		53		—		58		—		16		21		21
2018		2		2		2		2		28		0		22		—		81		—		16		23		42
2019		5		4		8		6		26		0		24		—		67		—		13		14		40
2020		4		4		6		6		25		0		20		—		51		—		10		9		33
2021		3		4		5		6		23		0		0		—		53		—		7		7		38
2022		2		3		4		6		21		0		—		—		40		—		5		5		29
2023		2		3		3		6		19		0		—		—		27		—		3		2		21
2024		1		3		2		6		17		0		—		—		13		—		1		—		12
2025		1		3		1		6		15		3		—		—		5		—		0		—		5
2026		0		3		1		6		7		—		—		—		5		—		0		—		5
2027		0		3		1		6		6		—		—		—		3		—		—		—		3
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		27		3		38		4		242		7		168		—		459		—		89		105		264

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		2,471		2,471		—		—		64		2		2		14		20		—		27		16		11
2017		2,417		2,417		—		—		62		1		2		13		19		—		27		14		13
2018		2,251		2,251		—		—		58		1		1		14		8		—		33		14		19
2019		1,918		1,918		—		—		54		2		3		13		8		—		27		10		17
2020		1,554		1,554		—		—		44		2		3		12		7		—		20		6		14
2021		1,240		1,240		—		—		35		1		2		11		0		—		20		5		15
2022		984		984		—		—		28		1		2		11		—		—		14		3		11
2023		753		753		—		—		21		1		1		10		—		—		10		2		8
2024		511		511		—		—		14		0		1		8		—		—		5		0		4
2025		382		382		—		—		11		0		1		9		—		—		1		0		1
2026		161		161		—		—		4		0		0		2		—		—		2		0		2
2027		121		121		—		—		3		0		0		2		—		—		1		—		1
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		14,763		14,763		—		—		398		12		18		120		62		—		186		70		116

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 7
PetroKazakhstan Ventures Inc.
Summary of Reserves and Net Present Values
Effective December 31, 2015

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	929	467	467		—		—		—		—		—		—
Proved Undeveloped Reserves	—	—	—		—		—		—		—		—		—
Total Proved Reserves	929	467	467		—		—		—		—		—		—

	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		122		61		61		929		467		467
Proved Undeveloped Reserves		—		—		—		—		—		—
Total Proved Reserves		122		61		61		929		467		467

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		5		5		4		4		4
Proved Undeveloped Reserves		—		—		—		—		—
Total Proved Reserves		5		5		4		4		4

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		5		5		4		4		4
Proved Undeveloped Reserves		—		—		—		—		—
Total Proved Reserves		5		5		4		4		4

(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 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

CNODCI Interest in PKI	Table 8
PetroKazakhstan Ventures Inc.
Forecast of Production and Revenues
Proved Developed Reserves
Effective December 31, 2015

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
2016		8		668		244		31		23,930		5,832		—		—		—		—		—		—		5,832
2017		10		729		266		34		23,930		6,365		—		—		—		—		—		—		6,365
2018		9		487		178		23		23,930		4,252		—		—		—		—		—		—		4,252
2019		7		318		116		15		27,921		3,236		—		—		—		—		—		—		3,236
2020		7		210		77		10		27,921		2,137		—		—		—		—		—		—		2,137
2021		6		135		49		6		27,921		1,378		—		—		—		—		—		—		1,378
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						929		120				23,200		—				—		—				—		23,200

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
2016		88		2		—		—		2,354		36		259		69		3,026		—		—		—		3,026
2017		96		2		—		—		2,665		36		138		—		3,430		—		—		—		3,430
2018		64		2		—		—		2,229		36		61		—		1,862		—		—		—		1,862
2019		108		3		185		6		1,696		36		41		—		1,171		—		—		—		1,171
2020		71		3		122		6		1,497		36		40		—		372		—		—		—		372
2021		46		3		79		6		1,241		—		—		—		13		—		—		—		13
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		474		2		386		2		11,680		180		538		69		9,873		—		—		—		9,873

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		122		122		—		—		2,931		44		—		1,201		130		34		1,521		—		1,521
2017		134		134		—		—		3,198		48		—		1,357		69		—		1,723		—		1,723
2018		89		89		—		—		2,136		32		—		1,138		30		—		936		—		936
2019		58		58		—		—		1,626		54		93		870		20		—		588		—		588
2020		38		38		—		—		1,074		36		61		770		20		—		187		—		187
2021		25		25		—		—		693		23		40		624		—		—		6		—		6
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		467		467		—		—		11,658		238		194		5,960		270		34		4,961		—		4,961

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

Table 9

CNODCI Interest in PKI

PetroKazakhstan Ventures Inc.

Forecast of Production and Revenues

Total Proved Reserves

Effective December 31, 2015

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
2016		8		668		244		31		23,930		5,832		—		—		—		—		—		—		5,832
2017		10		729		266		34		23,930		6,365		—		—		—		—		—		—		6,365
2018		9		487		178		23		23,930		4,252		—		—		—		—		—		—		4,252
2019		7		318		116		15		27,921		3,236		—		—		—		—		—		—		3,236
2020		7		210		77		10		27,921		2,137		—		—		—		—		—		—		2,137
2021		6		135		49		6		27,921		1,378		—		—		—		—		—		—		1,378
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total						929		120				23,200		—				—		—				—		23,200

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
2016		88		2		—		—		2,354		36		259		69		3,026		—		—		—		3,026
2017		96		2		—		—		2,665		36		138		—		3,430		—		—		—		3,430
2018		64		2		—		—		2,229		36		61		—		1,862		—		—		—		1,862
2019		108		3		185		6		1,696		36		41		—		1,171		—		—		—		1,171
2020		71		3		122		6		1,497		36		40		—		372		—		—		—		372
2021		46		3		79		6		1,241		—		—		—		13		—		—		—		13
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		474		2		386		2		11,680		180		538		69		9,873		—		—		—		9,873

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016

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
2016		122		122		—		—		2,931		44		—		1,201		130		34		1,521		—		1,521
2017		134		134		—		—		3,198		48		—		1,357		69		—		1,723		—		1,723
2018		89		89		—		—		2,136		32		—		1,138		30		—		936		—		936
2019		58		58		—		—		1,626		54		93		870		20		—		588		—		588
2020		38		38		—		—		1,074		36		61		770		20		—		187		—		187
2021		25		25		—		—		693		23		40		624		—		—		6		—		6
2022		—		—		—		—		—		—		—		—		—		—		—		—		—
2023		—		—		—		—		—		—		—		—		—		—		—		—		—
2024		—		—		—		—		—		—		—		—		—		—		—		—		—
2025		—		—		—		—		—		—		—		—		—		—		—		—		—
2026		—		—		—		—		—		—		—		—		—		—		—		—		—
2027		—		—		—		—		—		—		—		—		—		—		—		—		—
2028		—		—		—		—		—		—		—		—		—		—		—		—		—
2029		—		—		—		—		—		—		—		—		—		—		—		—		—
2030		—		—		—		—		—		—		—		—		—		—		—		—		—
Rem.		—		—		—		—		—		—		—		—		—		—		—		—		—
Total		467		467		—		—		11,658		238		194		5,960		270		34		4,961		—		4,961

Petrokazakhstan Dec 2015 - All Fields - PetroChina Report - Final Feb 10 - Proved Only 09/02/2016