22nd Dec 2009 07:54
22 December 2009
Caspian Holdings Plc
("Caspian" or the "Company")
First Oil Shipment in Kentucky
Caspian Holdings (AIM:CSH) is pleased to announce that oil shipments will shortly commence at the Irvine oil field in Kentucky, USA. The Company's interest in the Irvine field is via its 50% holding in Black Gold of Kentucky Inc.("Black Gold"), that holds the Irvine oil field.
The Barnett lease, near Ravenna, is the first lease in the field to be reopened and contains 8 wells. Oil production is currently from Black Gold's five producing wells in its Barnett lease in the Irvine oil field in Kentucky, USA.
Once the snow clears, oil shipments are set to commence following recent receipt of approval for water disposal and oil transportation and installation of a "Gun Barrel" separator.
In Kazakhstan, Caspian is following legal proceedings with the objective of reinstating its Zhengeldy oil field licence. As announced on 29 April 2009, the Company has until 21 January 2010 to lodge the appeal against the previous judgement.
The Company will keep the market informed of further developments.
-Ends-
Doug Colkin is a "qualified person", in respect of the AIM Rules for Companies, with over 20 years experience in Exploration and Development in the oil industry. This press release has been prepared under Mr Colkin's supervision. Mr Colkin is a Member of the Society of Petroleum Engineers and the Geological Society of London and consents to release of the information in the announcement.
Enquiries:
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Caspian Holdings Plc |
Grant Thornton Corporate Finance |
Hoodless Brennan |
|
Michael Masterman |
Gerry Beaney / Robert Beenstock |
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T: +44 (0) 7791 288381 |
T: +44 (0) 20 7383 5100 |
T: +44 (0) 20 7538 1166 |
www.caspianoil.co.uk
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