Drilling of hole No 10 in the Beshkent gas condensate structure was commenced on 24 July 24 and completed on 11 November 2008. Commercial gas inflow at a depth of 3,184m was 750,000 cubic meters a day, condensate outcome was 100t a day.

As of today, 17,750 million cubic meters of natural gas and 1860 t of liquid hydrocarbons are recovered daily at Gissarneftegaz fields.

All natural gas produced by the JV is exported; oil and gas condensate is sold after treatment in the home market of the Republic of Uzbekistan.

Registered in May 2005 as an exploration and production JV between Zeromax and Uzbekneftegaz , Gissarneftgaz completed a Feasibility Study (TEO) on the technical and economic feasibility of exploration and production initiatives for the Та gam-Shimoliy Tandyrcha field in the Gissar Region as well as development projects for the North Nishan, Kamashi, Beshkent, North Guzar and Shakarbulak oil and gas fields.

Following the TEO, US$250 million has been invested to date in exploration work and in field development, with over 1200 new jobs created.

Seismic measurements are underway in a 350 km2 area and prospecting work in a 300 km2 area was completed by the end of 2007 with two wells drilled and one nearing completion. Prospect drilling has also been completed at Tagam field, where new high hydrocarbon production horizons have been discovered. Prospect drilling is continuing at the Tavakkal and Allagachikuduk structures.

In 2008, 15 new explorations permits were acquired by Gissartneftgaz and geophysical surveys are currently in hand.

Annual gas production is planned to reach a level of about 5.5 billion cubic meters a year from its present level of 4 billion cubic meters; oil and gas condensate production is anticipated to reach 450,000 tonnes a year.

Zeromax is currently in advanced negotiations with Gazprom over terms and conditions of Gazprom becoming a shareholder in Gissarneftgaz.