11th Aug 2005 14:23
Caspian Holdings plc11 August 2005 11 August 2005 CASPIAN HOLDINGS PLC ("Caspian" or "the Company") Well 106 Commences Production Caspian Holdings Plc, (AIM:CSH) the oil and gas exploration and developmentCompany which focuses in Kazakhstan and the Caspian sea, announces drillingresults from Well 106 and the commencement of commercial oil production from theTriassic level. Oil in Well 106 is currently flowing at a rate of 32 barrels per day on a smallchoke valve. Based on the technical work of Schlumberger Caspian Region, CaspianHoldings expect the flow rate to increase to approximately 50 barrels a dayduring the September Quarter. Working with Schlumberger Caspian Region, the Company will be re-cementing andlogging five previously drilled wells. This is on track for completion by theend of September. The workover programme follows the recent discovery that theTriassic reserves are held in carbonate rather than sands and an extensivereview of well data. Commenting on the recent results, Executive Chairman of Caspian, MichaelMasterman, said, 'These results from the Triassic level in Well 106 are verypositive and confirm our belief in the workover programme and the significantscope for identifying additional production levels in existing wells and theZengelgy field as a whole." -Ends- For further information, please contact: 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WRES.L