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March 2008

2

Disclaimer

The materials contained herein (the “Materials”) have been prepared by Eurasia Drilling Company Limited (the “Company”) and its subsidiaries and associates (the “Group”) solely for use at the presentation on 26 and 27 March 2008. By accepting the Materials or attending such presentation, you are agreeing to maintain absolute confidentiality regarding the information disclosed in the Materials and further agree to the following limitations and notifications.The information contained in the Materials has not been independently verified. The information set out herein is subject to updating, completion, revision, verification and amendment and such information may change materially. The Company is under no obligation to update or keep current the information contained in the Materials or in the presentation to which it relates and any opinions expressed in them are subject to change without notice. The Company and its affiliates, advisors and representatives shall have no liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of the Materials.The Materials are strictly confidential and do not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of the Group nor should they or any part of them form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of the Group or global depositary receipts representing the Company’s shares nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. This document is not an advertisement and not a prospectus. The Materials have been provided to you solely for your information and background and are subject to amendment. The Materials (or any part of them) may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published in whole or in part for any purpose without the prior written consent of the Company. Failure to comply with this restriction may constitute a violation of applicable securities laws.No representation or warranty, expressed or implied, is made by the Company and any of its affiliates as to the fairness, accuracy, reasonableness or completeness of the information contained herein and no reliance should be placed on it. Neither the Company nor any other person accepts any liability for any loss howsoever arising, directly or indirectly, from a reliance on the Materials.The Materials may include forward-looking statements. These forward-looking statements are statements regarding the Group’s intentions, estimates, forecasts, projections, beliefs or current expectations concerning, among other things, the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies and the oil field services industry. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which it operates may differ materially from those expressed, implied or suggested by the forward-looking statements contained in the Materials. In addition, even if the Group’s results of operations, financial condition and liquidity and the development of the industry in which it operates are consistent with the forward-looking statements contained in the Materials, those results or developments may not be indicative of results or developments in future periods. Neither the Company nor any other member of the Group undertake to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of the Materials. In particular, we note that, unless indicated otherwise, the market and competitive data in these Materials have been prepared by Douglas-Westwood Limited (“Douglas-Westwood”), a global consulting and services organization focused on the energy and marine industries. Douglas-Westwood compiled the historical data presented in these Materials from a variety of published and in-house sources, including interviews and discussions with market participants, market research, web-based research and competitor annual accounts. Douglas-Westwood compiled their projections for the market and competitive data beyond 2006 in part on the basis of such historical data and in part on the basis of their assumptions and methodology. In light of the absence of publicly available information on a significant proportion of participants in the industry, many of whom are small and/or privately owned operators, the data on market sizes and projected growth rates should be viewed with caution.The Materials are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The Materials are not for publication, release or distribution in Australia, Canada, Japan or the United States.

3

Company Overview

4

EDC at a Glance

Financial Highlights

US$m 2005 2006 1H06 1H07 Sales 677 1,088 501 673 growth (%) — 60.7% — 34.4% EBITDA 80 166 86 136 margin (%) 11.9% 15.3% 17.2% 20.2% Net income 34 91 50 79 margin (%) 5.0% 8.3% 10.1% 11.7%

The largestindependent

onshore driller in Russia

Exposureto high growth

markets

Highly qualified personnel &

leading management team

1

2

3

4

5

6

Established track record of profitable

growth and cash flow generation

Broad, powerful and growing

production base

Mutually beneficial relationship with LUKOIL

and successful growth with other IOCs/E&Ps and

geographies

Operational Highlights

2005 2006 2007 Drilling Crews 77 96 111

Drilling Rigs 180 178 195

Meters drilled (thousands)

1,699 2,495 3,268

growth (%) – 46.9% 31%

Source: Company data

5

The Largest Independent Drilling Contractor in Russia

Market share by drilling volume

Source: Douglas-Westwood1 Owned by Soyuzneftegaz2 Owned by Schlumberger

Estimated total drilling volume in Russia (2006):

12.3 million metres

Present in all key regions

EDC expansion area


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

Caspian Sea

KAZAKHSTANUZBEKISTAN

Moscow (Headquarters)

Perm

Zhirnovsk

Kogalym

Naryan-Mar

WESTERN SIBERIA

VOLGA-URALS

TIMAN-PECHORA

Astrakhan

TURKMENISTAN

EASTERN SIBERIA

Kaliningrad2

VankorUsinsk

ASTRA1

EDC presented area

6

Competitive Positioning Drilling services Workover services Logging Geographic coverage

Dril

ling

Dire

ctio

nal D

rillin

g

Cem

entin

g

Com

plet

ions

Rus

sia

Dril

ling

Rig

s in

O

pera

tion

Rus

sia

Dril

ling

Rig

s O

wne

d

Met

ers

Dril

led

2006

(0

00s)

Wor

kove

r

Rem

edia

l Cem

entin

g

Frac

turin

g

Sid

etra

ckin

g

MW

D -

Side

track

ing

Rus

sia

W/O

Rig

s O

pera

tiona

l

Rus

sia

Wor

kove

r Rig

s O

wne

d

(re) P

erfo

ratio

n

Pro

duct

ion

Logg

ing

Mud

Log

ging

Tim

an-P

echo

ra

Vol

ga-U

rals

Eas

tern

Sib

eria

Wes

tern

Sib

eria

Oth

er

178¹ 178¹ 2,495 58¹ 58¹

70 910 15 20 492 44 59 474 43 7 7

35 40

SSK2

SGK3

Source: Douglas-Westwood, Company data as of January 1, 20071 195 drilling rigs as of 31 December 20072 Owned by Soyuzneftegaz3 Siberian Geophysika owned by Schlumberger4 Part of the Abbot Group

4

EDC are the largest independent drilling company in Russia, with 195 operational drilling rigs (as of December 31 2007) performing in excess of 3.2 million metres of drilling.

7

Exposure to High Growth Markets

Russian onshore OFS market size¹ Russian E&P drilling outlook

Outstanding oilfield services growth in Russia, led by the drilling segment

Source: Douglas-Westwood, in real 2007 terms1 Excluding equipment manufacturing and formation evaluation services (production, logging, perforation and seismic acquisition services)2 Completion, fishing/milling, drilling and completion fluids, bit programme, cementing, casing, tubing and directional drilling3 Licences, insurance, miscellaneous transport and other

19

12

0

5

10

15

20

25

2005E 2006E 2007F 2008F 2009F 2010F 2011F

Met

res

drill

ed (m

illio

ns)

27

11

0

5

10

15

20

25

30

2005E 2006E 2007F 2008F 2009F 2010F 2011F

(US

$ bi

llion

)

CAGR (’06-11): 21% CAGR (’06-11): 9%

Other3

Technology Services²Workover

Drilling Others

Western Siberia

Timan-Pechora

Volga-Urals

Eastern Siberia


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

8

1,045 1,0951,364

1,486 1,509

1,173

2,034

2,330

2,797

0

500

1,000

1,500

2,000

2,500

3,000

2005A 2006A 2007A 2008E 2009E

(thou

sand

met

ers)

Total meters contracted¹, LFA² Total meters drilled¹, Actual Backlog

Mutually Beneficial Relationship with LUKOIL

1 Production and Exploration drilling. Source: Company data2 LUKOIL Framework Agreement

LUKOIL drilling record

As well as being responsible for the majority of LUKOIL’s drilling activity, EDC is now retained by both GazpromNeft and Rosneft

Source: CDU TEK 2007

LUKOIL’s competitive drilling position


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

9

Successful Growth in Customer Base with Other IOC/E&Ps

Successful efforts to grow customer base with both Russian and Western oil companies

Production drilling contracts with Rosneft and Gazpromneft

Side-tracking services with Rosneft

Contract with LUKOIL / ConocoPhillips joint venture

Drilled 770.5 th. meters in 2007 versus 461.5 th meters in 2006 for customers other than LUKOIL group companies

1 EDC performs drilling work for LUKOIL over and above what is contracted under the LFA

Our scale and expertise make us the natural partner for Russian Majors and IOCs/E&Ps

2006A (2,495 th. meters drilled)

2007A (3,268 th. meters drilled)

17%1%

82%

Other

8%

15%

1%

76%

Other

EDC customer portfolio Highlights

1

1



markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

http://www.gazprom-neft.ru/index-eng.php

http://www.gazprom-neft.ru/index-eng.php

10

Segmentation of the Russian Oilfield Services Market

Western Siberia68%

Volga-Urals 14%

Timan-Pechora5%

Eastern Siberia 9%

Other 4%

Estimated Market Size by Region (2006)Estimated Market Size by Activity (2006)

Other drillingservices2

6% Core EDC services

Source: Douglas-Westwood1 Completion, fishing/milling, drilling and completion fluids, bit programme, cementing, casing, tubing and directional drilling2 Licences, insurance, miscellaneous transport and other

Current EDC

presence

New EDC target market

EDC deliver to client all key parts of the well drilling process

Technology services 1

48%

Drilling Rig & Crew20%

Workover Rig & Crew26%

Selected services offered by EDC


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

11

652

898

1174

0

200

400

600

800

1,000

1,200

2005 2006 2007W

ells

dril

led

(No)

1,699

2,495

3,268

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2005 2006 2007

Met

ers

drille

d ('0

00)

Growth = 31%

History of Operational Growth

Growth = 31%

EDC’s High growth in meters drilled EDC’s High growth in wells drilled



markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

12

Strong Asset Base Providing Platform for Growth


Number of rigs


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

Workover Rigs as of 31 December 2007: 88 Drilling Rigs as of 31 December 2007: 195

Western SiberiaDrilling rigs 90Workover rigs 28

PermDrilling rigs 45Workover rigs 45

Naryan-MarDrilling rigs 20Workover rigs 8

UsinskDrilling rigs 21Workover rigs 6

NizhnevolzhskDrilling rigs 18Workover rigs 1

KAZAKHSTANTURKMENISTAN

UZBEKISTAN

ASTRA

Kazahstan Drilling rigs 1

13

41 34 48

34 3642

34 424 8

127796

112

49

0

50

100

150

200

250

300

2005 2006 2007

Cre

ws

(No)

Well workover & servicing crews Rig-up crews Completion crews Side-tracking crewsDrilling crews

190

216

263

Highly Qualified andExperienced Personnel

Extensive experience and knowledge of geology in the regions of Russia where we operate

Employees trained at BKE’s own state-of-the-art training centres

Co-operation with 18 universities and 13 colleges (103 new graduates hired in 2007)

Employee turnover rate decreased since 2005 as a result of competitive compensation benefits

1 Additional 1 crew on Astra offshore operations

Crews Highlights



markets





1

2

4

5

6




production base



geographies

3


markets





1

2

4

5

6




production base



geographies

3

14

Update since our IPO

15

EDC is moving ahead with its planned rig manufacturing

Rig manufacturing with Le TourneauManufacturing facility

KAZAKHSTAN

UZBEKISTANTURKMENISTAN

WESTERN SIBERIA

Kogalym

Usinsk

TIMAN-PECHORA

KaliningradMoscow

(Headquarters)

Caspian Sea

Perm

Zhirnovsk

VOLGA-URALS

Astrakhan

RUSSIA

Naryan-Mar

EASTERN

SIBERIA

Produce drilling rigs at LUKOIL’s Kaliningrad facility with Le Tourneau

First Rig 450 tonne (Heavy), Top Drive, Fast Moving Rig, Le Tourneau Design

Expect 8-10 new rig deliveries in 2009

Vankor

16

Business Update Since IPO

Repaid debt totals US$122 million

Drilling rig currently being mobilized to Eastern Siberian for Rosneft

Schlumberger acquisition fully assimilated

Negotiating new Framework agreement with LUKOIL to be signed

17

Financial Overview

18

80

166

86

136

17%

20%

15%

12%

0

40

80

120

160

200

2005 2006 1H 2006 1H 2007

(US

$m)

0%

10%

20%

30%

40%

EB

ITD

A m

argi

n (%

)

Key Financial Highlights

677

1,088

501

673

0

200

400

600

800

1,000

1,200

2005 2006 1H 2006 1H 2007

(US

$m)

Drilling and related services Other sales and services

Growth = 61%

Growth = 34%

Growth = 107%

Growth = 59%

Revenue development EBITDA

Source: Audited consolidated financial statements of EDC for the years ended 31 December 2005 and 2006 and reviewed interim consolidated financial statements of EDC for the six months ended 30 June 2006 and 2007

19

CAPEX overview

CAPEX Key CAPEX items

10-12 new rigs per year to be acquired over next 3-5 years

15-17 existing rigs per year to be modernized over next 3-5 years

Sustaining capital US$50 million38

96

250

020406080

100120140160180200220240260

2005A 2006A 2007 E

(US

$m)

Purchases of property, plant and equipment as set forth in EDC’s audited consolidatedstatements of cash flows for the years ended 31 December 2005 and 2006

20

Balance Sheet Discussion

278

162

Total equity and liabilities

Balance Sheet, as of December 31, 2006 (US$m)(Audited)

Balance Sheet, as of December 31, 2007 (US$m) (Unaudited)

Equity

Debt

EDC has a solid financing structure and ample financing capacity if required

Equity

Debt267

901

Total equity and liabilities

21

Corporate Governance and Strategy

22

Corporate Governance

Transparent shareholder structure

7 current board members, including 5 non-executive directors, of which 3 are considered independent under the UK Combined Code

3 Board Committees

Audit and Finance Committee

Remuneration and Nomination Committee

Corporate Governance Committee

Commitment to working towards “best practice” corporate governance standards

23

Strategy

Expand, upgrade and modernise existing fleet

Increase crew efficiency/number

Improve in cost management and operational efficiency

Increase drilling market share in Russia

Increase sidetracks, horizontal wells and other related high value added services

Disciplined opportunistic acquisition programme

Leverage current position as largest independent to secure delivery and price terms with third party rig producers

Secure access to a rig manufacturing facility via operational JV

Participate selectively in tenders by major Russian and international oil and gas companies

Expansion into high-growth regions in Russia and CIS

Expansion in Caspian Sea basin

Consider opportunistic expansion in other offshore zones in Russia

Organic growth and efficiency improvement

Continued focus on drilling services and potential selective expansion into closely related services

Secure access to land rig manufacturing capacity

Further growth of customer base and expansion into new markets

Strategic expansion in offshore drilling

24

Concluding Remarks

25

Why EDC?



Exposureto high

growth markets



1

2

3

4

5

6




production base

Mutually beneficial relationship with LUKOIL and successful growth with other IOCs/E&Ps and geographies

26

Company Key Contact

Ronald HarrisChief Financial OfficerSenior VP and Investor RelationsMobile: +7 910 493-08-39 Mobile: + 1 281 353-83-73Email: [email protected]

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