WRES.L Regulatory News (WRES)

6 Dec 2006 09:25

Caspian Holdings plc06 December 2006 6 December 2006 Caspian Holdings Plc ("Caspian" or "the Company") RESULTS FOR WELLS 119 AND 121 Caspian Holdings Plc (AIM: CSH), the oil and gas production and explorationCompany in Kazakhstan, as a continuation of its 2006 Drilling Programmeannounces positive results from wells 119 and 121 at its Zhengeldy oil field. Well 119 was drilled and tested in October 2006 and produced oil flows duringNovember at an average of 30 barrels a day with a water cut of 10%. The Company has received positive log results for its recently drilled Well 121which reached the target depth of 340 metres on 2 December 2006. Analysis of theopen hole log results in Well 121 shows four oil bearing reservoirs between 210and 316 metres. The combined Net Pay is 19.5 metres including two major oilreservoirs of 9.4 metres between 261 and 276 meters and 7.1 metres between 223metres and 235 meters. The oil bearing reservoirs have an average Oil Saturationof 65% and average Porosity of 31%. Well 121 is being cased and the productiontesting of this level will be conducted in December. During September, October and November extensive workover operations wereconducted on eight wells, including a number of recently drilled wells, toimprove on overall performance in the field. The results of the workoverprogramme to date are varied. Well 102 has been brought into production and workis continuing on well 103 following sanding problems in the pump. Delays havebeen experienced as a result of workover rig availability and weatherconditions. Principal workover operations should now be completed by midDecember at which time the company will conduct a review of the performance ofthe workover programme. -Ends- Enquiries: Caspian Holdings Plc Grant Thornton Hoodless Parkgreen Corporate Finance Brennan Communications Michael Masterman Fiona Owen Luke Cairns Justine Howarth / Ana Ribeiro T: +44 7791 288381 T: +44 20 7383 5100 T: +44 20 T: +44 20 7493 3713 7538 1166www.caspianoil.co.uk Mr Dietmar Greil, Executive Director and Chief Operating Officer of CaspianHoldings Plc is a "qualified person" with over 20 years experience inExploration and Development in the oil industry. This press release has beenprepared under Mr Greil's supervision. Definitions: Net Reservoir is what is left of the reservoir (thickness) after applying shalevolume and porosity cut offs. It is that part of the reservoir that will producefluid if perforated - water or hydrocarbon Net Pay is what is left of the oil reservoir (thickness) after shale volume,porosity and water saturation cut offs are applied. It produces oil ifperforated This information is provided by RNS The company news service from the London Stock Exchange