RNS Number:0820J
Caspian Holdings plc
18 September 2006

18 September 2006

                              Caspian Holdings Plc

                          ("Caspian" or "the Company")



     Caspian continues finding oil - update on wells 102, 104, 109 and 118



Caspian Holdings Plc (AIM: CSH), the oil and gas production and exploration
Company in Kazakhstan, issues a further set of positive results from the
drilling campaign at its Zhengeldy oil field.  Commercial oil production rates
have been tested in wells 102 and 104 and the interpretation of log results on
recently drilled wells - 109 and 118 - shows good oil pays.



Well 102 was perforated and tested at the interval, 178-180.5 metres and is
currently producing 25 barrels of oil per day ("bopd").  Well 104 was perforated
and tested in early August and yielded production rates of 16 bopd.



Well 109 was drilled to a depth of 734 metres in the south of Zhengeldy dry salt
lake.  Analysis of the open hole log results shows a good oil bearing reservoir
below 170 metres with a gross pay of 13.9metres and a net pay of 5.1metres.
Porosity in this well is high, at 35%, with oil saturation of 58%.



Well 118 was drilled to a depth of 400 metres in the middle of the Zhengeldy dry
salt lake, near the successful Well 103.  Analysis of the open hole log results
shows potentially two oil-bearing reservoirs between 255metres and 355metres.
The best level is at 255metres with a gross pay of 4.9metres and a net pay of
3.1metres with porosity of 32% and an oil saturation of 52%.  It appears that
there is a gas cap above the oil bearing level which should support higher
production rates.



Wells 109 and 118 will be perforated and tested during September and October.



Detailed re-evaluation of logs indicates a gas cap in the Jurassic level in
block 2 covering wells 103, 113 and 118.  The gas cap can be used to sustain
production rates from this block.  As a result Well 103 will be reperforated in
the oil bearing reservoir below the gas cap.  There will be short term reduction
in production during the work over process.



With the arrival from Schlumberger, of our new operations manager, Essien
Umoren, we are in the process of conducting an extensive petrophysical review of
well data with a view to identifying new production zones and increasing
production.  An updated summary of the 2006 wells is shown below.  Overall the
field has very good porosity and good oil saturation.




Results of 2006 Drilling programme


    Well        Depth       Drilling   Oil Zones    Net Pay     Oil Saturation %    Porosity %    Tested rate
                                                    metres                                           bopd
                metres        Days
    101          455           22          1           8               42%              31%           45
    102          400           16          2          9.5              70%              29%           25
    103          302           13          2          5.8              63%              29%           120
    104          710           30          1          2.7              55%              27%           16
    105          575           20          2           5               60%              28%           35
    109          734           25          1          5.1              58%              35%           TBT
    118          400           14          2          3.1              52%              32%           TBT





Commenting on the results, Michael Masterman, CEO of Caspian said: "These recent
results from Well 109 and 118  demonstrate that we are consistently finding oil
from our 2006 drilling programme and  are building a solid production capacity."



                                      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



Mr Dietmar Greil, Executive Director and Chief Operating Officer of Caspian
Holdings Plc is a "qualified person" with over 20 years experience in
Exploration and Development in the oil industry.  This press release has been
prepared under Mr Greil's supervision.






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

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