26th Jan 2005 09:12
Caspian Holdings plc26 January 2005 26 January 2005 CASPIAN HOLDINGS PLC ("Caspian" or "The Company") Confirms high quality oil production at Zhengeldy and commences Export Facility Construction Caspian Holdings Plc (AIM:CSH), the oil and gas exploration and developmentcompany which focuses on Kazakhstan and the Caspian sea has confirmed highquality oil production from its Zhengeldy field. The company has also commencedconstruction of its processing and export storage facility at the"Makatmunaigas", a division of national oil and gas company KazMunaiGas at theEastern Makat 30km from Zhengeldy field. The high quality of the oil reduces the processing costs as the oil has a low API*, is low in sulphur with good viscosity and minimal impurities making itsuitable for export after low cost processing to reduce the salt content at thenew processing facility. The construction of its own processing and export facility at the Makatmunaigassite will incorporate a simple processing step to reduce the salt content toensure the oil meets export quality. The capital cost of the facility isestimated at USD 300,000 and should be complete by the end of May 2005. PHYSICAL-CHEMICAL CHARACTERISTIC OF OIL ZHENGELDY FIELD No characteristics results 1 API oil quality data 28.77o 2 Asphaltenes content, % mass., GOST-11856 no 3 Sulphur content, % mass., GOST-1431 0,19 4 Paraffin content, % mass., GOST- 11851 0,16 5 Salt content, mg/l., GOST 21534 672,99 Michael Masterman, Executive Chairman of Caspian, commented: "We are verypleased with the quality of oil being produced. Its low API and sulphur levelsmean that it can command strong export prices. Construction of the storagefacility in the Eastern Makat will allow us to move from domestic to exportsales in the beginning of the third quarter 2005." - Ends -Enquiries: 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 *API Gravity as measured by the American Petroleum Institute scale. Crude oil iscommonly classified as light (API>31.1o), medium (22.3o-31.1o) or heavy (API<22.3o) referring to its gravity as measured on the American Petroleum Institute(API) Scale. The API gravity is measured in degrees and is calculated using theformula (141.5/S.G.)-131.5= API Gravity. . This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WRES.L