4th May 2006 14:33
Caspian Holdings plc04 May 2006 4 May 2006 Caspian Holdings Plc ("Caspian" or "the Company") Salt Lake Drilling Results Delivers largest flow rate to date Caspian Holdings (AIM: CSH), the oil and gas exploration and production Companyfocused on shallow fields in Kazakhstan, announces that drilling results forwell 103 on the dry Zhengeldy salt lake has produced very strong test flowresults. Well 103 was drilled to a depth of 302 metres in 9 days. Two oil bearing levels in well 103 have been identified from log interpretations • 8 metres from 176 metres to 184 metres • 6 metres from 256 metres to 262 metres Perforation and testing of the deepest level has produced very strong resultswith the well flowing at a continuous flow test rate of 120 barrels of oil perday - by far the largest flow test rate on the field to date. During the test atested open flow rate of 230 barrels a day was achieved. Well 103 will continue in production and during May we will determine theoptimal operating flow rate. An update on the overall results of the workoverprogram and the new wells drilled in 2006 will also be provided in May. Commenting on the results from well 103, Executive Chairman Michael Mastermansaid "Tested flows from this well are nearly 4 times the levels achieved in ourpreviously best performing wells. The results give us a strong direction todrive the next phase of drilling forward as well as the potential tosignificantly step up production rates" "This is our first well on the previously undrilled dry Zhengeldy salt lakewhich covers approximately half our current licence area. It's a greatexploration and production result" -Ends- Enquiries:Caspian Holdings Plc Hoodless Brennan Parkgreen CommunicationsMichael Masterman Luke Cairns Justine Howarth / Ana RibeiroT: +44 (0) 7791288381 T: +44 (0) 20 7538 1166 T: +44 (0) 20 7493 3713www.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 been prepared under MrGreil's supervision. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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