WRES.L Regulatory News (WRES)

12 Jan 2006 12:42

Caspian Holdings plc12 January 2006 12 January 2006AIM: CSH Caspian Holdings Plc ("Caspian" or "the Company") Zhengeldy Workover Programme Update Caspian Holdings (AIM:CSH), the shallow field oil and gas exploration andproduction Company focused on Kazakhstan announces that four (106, 107, 114,and 115) of the five wells worked over are now in production with oil productionrates from these wells steadily increasing. This follows perforation andprogressive opening of the wells announced Q4 of last year. The most positive results have come from well 115 which is producing clean oil.Well 115 was previously categorised as dry. As a result of the positive testresults on 115, well 116 will also now be perforated on the same level. Welllogs together with the Company's geological model indicated that the oil pay inwell 116 could be larger than well 115. Well 107 has also come on stream with strong, increasing results at twice therate than previously estimated by Slumberger while wells 106 and 114 are broadlyin line with expectations. The test on "dry" well 123 was negative - this wellwill now be perforated at the same level as Caspian achieved oil productionfrom the old well 10. Commenting on the initial results, Chairman Michael Masterman said, "It's apositive start to the new year, we now have seven (111, 112, 113, 106, 107, 114,and 115) of our nine drilled wells in production, and confidently expectproduction from an 8th well (116) based on the results achieved to date." A further update on the workover results including stabilised production rateswill be announced in February. Ends Enquiries: Caspian Holdings Plc Hoodless Brennan Parkgreen Communications Michael Masterman Luke Cairns Justine Howarth / Ana Ribeiro T: +44 (0) 7791288381 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7493 3713 www.caspianoil.co.uk This information is provided by RNS The company news service from the London Stock Exchange