RNS Number:8467W
Caspian Holdings plc
12 January 2006

12 January 2006
AIM: CSH

                              Caspian Holdings Plc
                          ("Caspian" or "the Company")

                      Zhengeldy Workover Programme Update

Caspian Holdings (AIM:CSH), the shallow field oil and gas exploration and
production Company focused on Kazakhstan announces that  four (106, 107, 114,
and 115) of the five wells worked over are now in production with oil production
rates from these wells steadily increasing.  This follows perforation and
progressive opening of the wells announced Q4 of last year.

The most positive results have come from well 115 which is producing clean oil.
Well 115 was previously categorised as dry.  As a result of the positive test
results on 115, well 116 will also now be perforated on the same level.  Well
logs together with the Company's geological model indicated that the oil pay in
well 116 could be larger than well 115.

Well 107 has also come on stream with strong, increasing results at twice the
rate than previously estimated by Slumberger while wells 106 and 114 are broadly
in line with expectations.  The test on "dry" well 123 was negative - this well
will now be perforated at the same level   as Caspian achieved oil production
from  the old well 10.

Commenting on the initial results, Chairman Michael Masterman said, "It's a
positive start to the new year, we now have seven (111, 112, 113, 106, 107, 114,
and 115) of our nine drilled wells in production, and confidently expect
production from an 8th well (116) based on the results achieved to date."

A further update on the workover results including stabilised production rates
will be announced in February.


                                      Ends

Enquiries:

  Caspian Holdings Plc    Hoodless Brennan         Parkgreen Communications
  Michael Masterman       Luke Cairns              Justine Howarth / Ana Ribeiro
  T: +44 (0) 7791288381   T: +44 (0) 20 7538 1166  T: +44 (0) 20 7493 3713
  www.caspianoil.co.uk



                      This information is provided by RNS
            The company news service from the London Stock Exchange
END
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