WRES.L Regulatory News (WRES)

23 Oct 2007 07:00

Caspian Holdings plc22 October 2007 22 October 2007 Caspian Holdings Plc ("Caspian" or "the Company") Board and Management Changes Caspian Holdings Plc (AIM: CSH), the oil and gas production and explorationCompany in the countries around the Caspian Sea, announces Board and managementchanges. Non Executive Director Andrew Robinson has resigned from the Board of CaspianHoldings, to pursue his full time executive commitments to Dominion PetroleumLimited. As part of the Company's strategy review, the composition of the Board ofCaspian will be changed to three Directors comprised of an Executive Chairmanand two non Executive Directors. Dietmar Greil has moved to a Non ExecutiveDirector role and will continue to actively assist the company in new projectgeneration including acquisitions. At management level, Igor Borissov and Yevgeniy Semikov have stepped up tobecome advisors to Caspian Holdings from their previous positions of Presidentand First Vice President respectively of the Company's 100% owned subsidiaryTaraz LLP. Taraz's financial and administration base will move to Atyrau on theCaspian Sea and operations will be led by Anton Gritsenko. Dom Del Borrello has taken up a full time position with Po Valley Energy andwill step down from his position as CFO of the Company. Dom will continue toprovide active commercial support for Caspian through a service agreement withPo Valley. Financial administration of Caspian Holdings will be led by MariyamMusrepova. Michael Masterman, Executive Chairman, commented: "We wish Andrew success withDominion and thank him for his contribution to Caspian from May 2006. Theaddition of management support from Igor Borissov and Yevgeniy Semikov givesCaspian breadth of expertise with a streamlined board. We are focussing onrestarting drilling on our operations and are also evaluating new projects toadd to our portfolio." -Ends- Enquiries: Caspian Holdings Plc Grant Thornton Corporate Hoodless Brennan Parkgreen Communications FinanceMichael Masterman Fiona Owen Luke Cairns Justine HowarthT: +44 (0) 7791 288381 T: +44 (0) 20 7383 5100 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7851 7480www.caspianoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange