Half Yearly Report

29 September 2010

Caspian Holdings Plc

("Caspian" or the "Company")

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2010

Caspian Holdings plc (the "Company"), the oil and gas development company with assets in the USA, announces its interim results for the 6 months to 30 June 2010.

Highlights

·; loss after taxation reduced to £35,667 (previous year loss £74,539)

·; capital placement completed to raise £200,000

·; oil production from 50% owned leases in Kentucky

Events since the balance sheet date

·; Approval at the last AGM to expand the Company's strategy to basic materials (including mining)

An extract of the Interim results for the Company for the six months ended 30 June 2010 is presented below. A full version of these will be available on the Company website www.caspianoil.co.uk

Enquiries:

CHAIRMANS STATEMENT TO THE INTERIM RESULTS

FOR THE SIX MONTHS TO 30TH JUNE 2010

The first six months of the current year were productive for Caspian Holdings Plc (the "Company"). The Company made a capital placement of £200,000 The net proceeds from the placing were used to finance the current working capital requirements of the Company and its USA oil operations. The Group has identified and continues actively to pursue lease expansion opportunities through its USA Asset. The new initiatives were undertaken and during the last AGM the Company decided the expansion of Company's strategy to basic materials (including mining). The Board of Directors has significant experience in these areas and the Directors intend to use this experience to exploit new opportunities to grow the Company.

Oil production continues at the Barnett Lease in Southern Kentucky, USA (owned through Caspian's 50 per cent. share of Black Gold of Kentucky Inc.). Heavy snow and subsequent heavy rain limited initial production during the first half of 2010. The director's anticipate that production in the initial 5 wells will operate at approximately 100-200 barrels per month, in total, for the balance of the year. The directors are continuing to identify and evaluate additional opportunities to expand production.

Caspian continues to seek routes to reinstate investors` value from Taraz LLP, the Company's subsidiary, rights to the Kazakhstan asset. The assets were completely written off in the Company's balance sheet in previously released accounts so any future remedy should be positive for investors. However, it is impossible to say what level, if any, remedy can be achieved.

The interim financial results reflect a period of the cost effective activity of the Company. Costs have been reduced in line with activity. For the six months to 30 June 2010 the financial results show a loss after taxation of £35,667 compared to £74,539 in the previous year.

CASPIAN HOLDINGS Plc

GROUP INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30TH JUNE 2010

CASPIAN HOLDINGS Plc

GROUP BALANCE SHEET

30TH JUNE 2010

CASPIAN HOLDINGS Plc

GROUP CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30TH JUNE 2010

CASPIAN HOLDINGS Plc

FOR THE SIX MONTHS ENDED 30TH JUNE 2010

RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS FOR THE PERIOD 1ST JANUARY 2010 TO 30TH JUNE 2010.

CASPIAN HOLDINGS Plc

Independent review report

FOR the SIX MONTHS TO 30TH JUNE 2010

Introduction

We have been engaged by the company to review the condensed set of financial statements in the interim financial report for the six months ended 30th June 2010 which comprises the Group Profit and Loss account, Group Balance Sheet, Group Cash Flow Statement and Notes to the above.

We have read the other information contained in the interim financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

Director's Responsibilities

The interim report is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the company are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this interim financial report has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union.

Our responsibility

 Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the interim financial report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Reporting Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly we do not express an opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the interim financial report for the six months ended 30th June 2010 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

COOK AND PARTNERS LIMITED

Chartered Accountants

Manufactory House

Bell Lane

Hertford

Herts

SG14 1BP

28 September 2010