WRES.L Regulatory News (WRES)

28 Jan 2008 07:00

Caspian Holdings plc28 January 2008 28 January 2008 Caspian Holdings Plc ("Caspian" or "the Company") Update Zhengeldy Field Caspian Holdings Plc (AIM: CSH), the oil and gas production and explorationCompany in Kazakhstan, announces positive start to 2008, with productioncontinuing strongly from 9 wells: 102, 105, 106, 107, 111, 112, 118, 119 and121. Despite record low temperatures of minus 45degreesC, production for the Decemberquarter 2008 was 7,850 barrels. Production was mildly affected by the one monthshut down in well 111, which is now back in production. Over the period theCompany has significantly reduced operating and production costs and domesticsales revenue has exceeded operating costs. With oil prices at record highs, itis anticipated that revenue should rise with the recommencement of exports,expected in the first quarter of 2008. Planning is underway and options arebeing evaluated to expand production rates through both selected workovers andnew drilling. Caspian continues to actively evaluate new projects to expand its oil and gasexploration and production activities. -Ends- Enquiries: Caspian Holdings Plc Grant Thornton Hoodless Brennan Parkgreen Corporate Finance CommunicationsMichael Masterman Fiona Owen Luke Cairns Justine HowarthT: +44 (0) 7791 288381 T: +44 (0) 20 7383 T: +44 (0) 20 T: +44 (0) 20 5100 7538 1166 7851 7480www.caspianoil.co.uk----------------------- This information is provided by RNS The company news service from the London Stock Exchange