WITH OVER 20 YEARS OF EXPERIENCE IN TURKMENISTAN, MITRO INTERNATIONAL IS A SEASONED PRODUCER ADEPT AT OPERATING IN THE COUNTRY'S MOST CHALLENGING GEOLOGICAL CONDITIONS.

WITH NEARLY 25 YEARS OF EXPERIENCE IN TURKMENISTAN, CAN YOU TELL US MORE ABOUT THE COMPANY’S MOST IMPORTANT MILESTONES AND ACHIEVEMENTS?

Our project in Turkmenistan was distinctive from others. In 2000, forming a Consortium between a foreign investor company and a state-owned Turkmen organization as an Operator was an innovative approach. One of the project's cornerstone tasks was to establish and enhance joint, mutually beneficial collaboration with our partners. The successful fulfillment of this task was crucial and laid the foundation for the project's success in the subsequent years.

Another vital task was to conduct petroleum operations in accordance with world-class safety and environmental standards. Our Treaty Territory serves as a model for environmental stewardship. Over the past 24 years, there have been no emissions during the construction of oil wells and no oil spills during field operations. Additionally, associated oil gas utilization has reached nearly 100% through the use of a gas turbine generator.

These achievements reflect the collective efforts and dedication of our entire team, and I am honored to have played a role in steering our bank towards sustained success and growth.

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MITRO INTERNATIONAL IS ACTIVELY ENGAGED IN FORMULATING STRATEGIES AND ADVANCING THE DEVELOPMENT OF THE EAST CHELEKEN FIELD. COULD YOU PROVIDE MORE DETAILS ABOUT YOUR ACTIVITIES AND CURRENT OBJECTIVES?

Eastern Cheleken presents a complex geological challenge. To make informed technical decisions, it was essential to gain a comprehensive understanding of the tectonics, lithology, and hydrodynamics of the hydrocarbon deposits.

Geological and dynamic modeling, actively conducted by Mitro International specialists, enables us to make strategic decisions regarding field development and select the most effective technologies for well construction and oil production. A key current task is the optimization and enhancement of hydraulic fracturing technology to stabilize and stimulate production.

Mitro International has a proven track record of successful cooperation with leading service companies. Could you elaborate on the company's commitment to maintaining the highest quality standards in its operations and partnerships?

From the outset of the project in Turkmenistan, Mitro International ensured access to various technologies for the Work Program. These included methods for enhancing oil flow, constructing and repairing wells, and conducting geophysical research to understand the structural features of the Treaty Territory and the properties of reservoir layers.

Schlumberger and PetroAlliance were engaged for well logging, seismic surveys, and subsequent modeling. The horizontal well project involved multiple companies: Continental Industrial Supply handled the drilling process, Schlumberger managed MWD/LWD and horizontal section preparation, while Baker Hughes and Red Baron took care of drill bit selection and use, and MI SWACO provided drilling fluid systems. Halliburton equipment was utilized for well killing fluid purification systems, and ABB Vetco Gray supplied wellhead equipment such as casing heads and Christmas trees. For the artificial lift process, Wood Group (General Electric) submersible pumps were used. Daily stimulation operations incorporated Continental Industrial Supply's swab units, tubing cleaning services, well workover, coiled tubing units, and nitrogen units. During the hydraulic fracturing pilot program, Schlumberger conducted modeling and fracturing work, while Continental Industrial Supply managed well preparation and completion operations.

It is important to note that our choice of contractors is not solely based on the company's reputation but rather on the optimality, applicability, and cost-effectiveness of their technologies. These criteria are determined through a tender process, prepared and executed jointly with our Turkmen partners, Turkmenneft and NAPECO Company, in accordance with established rules.

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IN YOUR OPINION, WHAT HAS BEEN ACHIEVED AND WHAT REMAINS TO BE DONE FOR TURKMENISTAN TO FULLY REALIZE ITS POTENTIAL AS A MAJOR INTERNATIONAL ENERGY PLAYER?

Over the past 20-25 years, Turkmenistan has launched and implemented impressive projects to explore and develop oil and gas fields, including giant fields. An extensive infrastructure has been established for the preparation, transportation, and processing of hydrocarbon resources.

Considering Turkmenistan's enormous resource potential, both on land and at sea, we are hopeful for further international participation in hydrocarbon development under PSA (Production Sharing Agreement) terms. Creating favorable investment conditions and considering all technical, geological, and other investment risks when negotiating compromises between the State and investors is, in my opinion, a key factor in further strengthening Turkmenistan's position as a leading player in the global hydrocarbon market.

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HOW DOES MITRO INTERNATIONAL PRIORITIZE CORPORATE SOCIAL RESPONSIBILITY (CSR) IN ITS OPERATIONS, AND WHAT SPECIFIC STRATEGIES ARE BEING IMPLEMENTED TO ENSURE SUSTAINABLE DEVELOPMENT AND COMMUNITY ENGAGEMENT IN TURKMENISTAN?

Mitro International actively contributes to the life and development Cheleken and Balkanabat, where our project is located, with a positive impact in the social atmosphere and purchasing power of these cities. The total number of employees involved in the development of Eastern Cheleken ranges from 500 to 700 people. Mitro International also participates in social initiatives, such as purchasing equipment and vehicles for urban health and safety systems, including ambulances and fire trucks. Additionally, we have a history of supporting the education of Turkmen students abroad through social financing initiatives.

Moreover, Mitro International sponsors the Balkanabat football team “Nebitchi” (Oilman), fostering community spirit and engagement. Through these efforts, we aim to create a positive and lasting impact on the local community, ensuring that our presence contributes to the region's overall development and well-being.

Mitro International, headquartered in Cyprus, is a founding member of the Cyprus-Turkmenistan Business Association, part of The Cyprus Chamber of Commerce and Industry. The company has significantly enhanced the bilateral business and diplomatic relationship between the two countries.