RNS Number:9377K
Caspian Holdings plc
24 October 2006

24 October 2006

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

                       Positive Log Results from Well 119

Caspian Holdings Plc (AIM: CSH), the oil and gas production and exploration
Company in Kazakhstan, announces positive results from the drilling campaign at
its Zhengeldy oil field. Analysis of open hole log results from the latest well
119 show a net pay of 21.4 metres across 4 oil bearing zones.

Well 119 was drilled to a depth of 330 metres in the centre of the Zhengeldy
field. Analysis of the open hole log results shows four oil bearing reservoirs
between 210 and 319 metres. The combined Net Pay is 21.4 metres with average Oil
Saturation of 64% and average Porosity of 31%.

The biggest pay of 8.1 m is across the best producer in the field, Sand 7.0
(with top 267 m and base 282 m). The well has been cased and the production
testing of this level will be conducted in November.

During the months of September and October extensive workover operations have
been conducted on eight wells including a number of the recently drilled wells
to improve on overall performance in the field. Work has been completed on wells
118, 102, 103 and 109 and these are now being brought back into production.
Workovers are underway or forthcoming on wells 113, 101, 114 and 104 and we
expect these wells will be back in production in early November. Taking the
wells temporarily off line has reduced production rates for the period of the
workovers.

Results for the September 2006 quarter are as follows:

   * Oil shipments to Karask down 8% to 17,245 barrels (18,718 barrels June
     Quarter)
   * Oil export sales to Primorsk up 200% to 21,600 barrels (7,200 barrels
     June Quarter)
   * Export revenue received up 215% to USD 1.3 million (USD 0.4m June
     Quarter)

Field production is down as a result of the decline in production in well 103
and the workover programme which has taken 8 wells off line. As previously
reported, unlike other wells in the Zhengeldy field, production from Well 103
had been previously driven entirely by reservoir energy (without assistance of a
downhole pump). The well produced oil with small quantities of gas at high rates
on an eruptive basis. A re-interpretation of open hole logs identifies a gas cap
above an oil rim at the level where 103 is perforated and the current
perforation straddles the present gas-oil contact. The existing perforations
will be squeezed off and new perforations made only across the oil column.
Future production from Well 103 will be through artificial lift like other wells
in the field to boost its production.

Exports are significantly higher reflecting a full quarter of exports and the
benefit of high oil prices during the period.

                                     -Ends-

Enquiries:

Caspian Holdings Plc     Hoodless Brennan         Parkgreen Communications
Dom Del Borrello         Luke Cairns              Justine Howarth / Ana Ribeiro
T: +44 (0) 20 7667 6331  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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