Lease agreement for office space with NCOC

press release

July 20, 2016

Re: Contract Renewal - Lease agreement for office space with NCOC in Atyrau.

Atyrau - Chagala Group Ltd., (Chagala), is pleased to announce that its wholly owned subsidiary, Caspi Limited, has renewed a substantial lease agreement with North Caspian Operations Company B.V. ("NCOC") for the Chagala Centre Office in Atyrau for 5 years. NCOC is the consortium developing the Kashagan oil field located in Kazakhstan's North Caspian Sea and is committed to ensure that Kazakhstan becomes a world-class player in the oil industry.

Francisco Parrilla, CEO of the Chagala Group, said: "We feel privileged to not only continue, but strengthen our partnership with NCOC, who has been our partner for many years now. I would like to thank NCOC and its leadership for their continued support and trust. Despite of the challenging trading environment we continue to see opportunity in Kazakhstan's oil and are encouraged by the efforts that the Government is making to foster economic diversification and attract investment into the country. We remain well positioned to capitalise on these opportunities and are confident that Kazakhstan is able to continue its growth story".

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Chagala Group

 Chagala is a service company focused on providing long and short term accommodation solutions to domestic and international oil and gas companies developing Kazakhstan's largest hydrocarbon discoveries. With the ownership of hotels, guest houses, serviced apartments, remote site facilities, restaurants and offices in its portfolio, Chagala is well positioned to capitalize on the oil and gas investment being made in Kazakhstan.