WRES.L Regulatory News (WRES)

3 Jul 2006 10:42

Caspian Holdings plc03 July 2006 3 July 2006 (AIM:CSH) Caspian Holdings Plc ("Caspian" or "the Company") Appointment of Operations Manager and Chief Financial Officer The Board of Caspian Holdings Plc is pleased to announce the immediateappointment of Essien Umoren as Operations Manager and Dom Del Borrello as ChiefFinancial Officer to the Company. Essien Umoren, aged 37, has a Bachelor Degree in Physics and 14 years experienceworking in the Oil and Gas industry including 3 years with Shell and morerecently 11 years with Schlumberger. At Schlumberger Essien worked extensivelyin Kazakhstan and the Caspian Region as well as in Nigeria and Texas as a seniorpetrophysist leading the evaluation of both large and smaller oil fields andadvising major oil companies on how to increase oil production. Essien Umoren is very experienced in integrated hydrocarbon formation evaluationhaving worked in the Caspian Region for 4 years as Petrophysics Domain Championdeveloping and supporting the Schlumberger formation evaluation business inKazakhstan, Azerbaijan, Turkmenistan and Uzbekistan. Dom Del Borrello, aged 40, has extensive experience in finance in the resourcesindustry. Prior to joining Caspian, Dom was Group Manager Treasury and Risk forglobal Titanium minerals and Zircon producer Iluka Resources, the worlds largestmineral sands company. With over 15 years experience in corporate finance andtreasury and having held senior positions with a number of public resourcecompanies including Anaconda Nickel and GRD Minproc, Dom brings an extensivefinancing track record to the Company. He has significant experience in projectfinance, debt and equity raising, and in structured transactions completing over20 major transactions in the last 10 years. Commenting on the appointment, Executive Chairman Michael Masterman said "We aredelighted to have Essien and Dom join the management team. Their appointmentsimmediately deepen both the operational and financial skill base of the Companyand strengthen our capacity to manage and rapidly grow our business. Bothexecutives have exceptional experience and track records in their respectivefields and we welcome them to the company". As part of the appointments, Mr Umoren will be issued 500,000 options and Mr DelBorrello will be issued 200,000 options. The options expire on 4 November 2007and have an exercise price of 27p which represents a 67% premium to theCompany's closing share price on Friday 30 June 2006. Non Executive TechnicalDirector Dr Andrew Robinson, who joined the Board of Caspian Holdings Plc in May2006, will be issued 500,000 options expiring 4 November 2007 with an exerciseprice of 27p. Enquiries:Caspian Holdings Plc Hoodless Brennan Parkgreen CommunicationsMichael Masterman Luke Cairns Justine Howarth / Ana RibeiroT: +44 (0) 7791288381 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7493 3713www.caspianoil.co.uk---------------------- This information is provided by RNS The company news service from the London Stock Exchange