WRES.L Regulatory News (WRES)

22 Mar 2005 07:00

Caspian Holdings plc22 March 2005 22 March 2005 CASPIAN HOLDINGS PLC Commercial Oil Discovered in Well 115 Further to the announcement on 21 January 2005, Caspian Holdings Plc (AIM: CSH),the oil and gas exploration and development company which focuses on Kazakhstanand the Caspian sea, has successfully drilled Well 115 the 6th well. Well logs showed oil in the Triassic at 634-625 metres and in the Neocomian at90-84 metres. Well 115 • Depth 680 metres • Completed March 05 • Oil pay 15 meters • 2 Levels: 634-625 m, 90-84 m First layer test at the Triassic level showed low flow rates and this level hasbeen shutin pending further testing and investigations. The Necomian level from90-84 meters will be perforated and oil production is expected to commence thisweek. In addition to Well 115, spontaneous eruptive production commenced from an oldZhengeldy well - Well 13 - without any drilling or other stimulation. A pump hasbeen installed and well performance is to be tested. Caspian currently has 6 wells in production - 113, 114, 112, 111 in theJurassic, 115 in the Necomian, and the old Well 13. Initial production has beenhighest in the last 2 wells to be drilled in the Jurassic - Well 111 and Well112 - with Well 115 expected to come on stream in the coming month. Productionhas increased rapidly in recent months but remains highly constrained bybottlenecks caused by the extreme weather conditions in the region. Caspian hascommenced drilling well 116 targeted at both Jurassic and Triassic reserves. Michael Masterman, Executive Chairman commented: "The addition of Well 115 meansthat we will now have 6 Wells in production despite adverse weather conditions.Success at 115 and the spontaneous eruption of well 13, an old Zhengeldy Wellmakes us positive about the future production of these wells and the potentialof increasing production levels." - Ends - For further information, please contact: Caspian Holdings Plc Hoodless Brennan Parkgreen CommunicationsMichael Masterman Luke Cairns Justine Howarth / Ana RibeiroT: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange