RNS Number:3388N
Caspian Holdings plc
06 December 2006

6 December 2006

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

                         RESULTS FOR WELLS 119 AND 121

Caspian Holdings Plc (AIM: CSH), the oil and gas production and exploration
Company in Kazakhstan, as a continuation of its 2006 Drilling Programme
announces positive results from wells 119 and 121 at its Zhengeldy oil field.

Well 119 was drilled and tested in October 2006 and produced oil flows during
November at an average of 30 barrels a day with a water cut of 10%.

The Company has received positive log results for its recently drilled Well 121
which reached the target depth of 340 metres on 2 December 2006. Analysis of the
open hole log results in Well 121 shows four oil bearing reservoirs between 210
and 316 metres. The combined Net Pay is 19.5 metres including two major oil
reservoirs of 9.4 metres between 261 and 276 meters and 7.1 metres between 223
metres and 235 meters. The oil bearing reservoirs have an average Oil Saturation
of 65% and average Porosity of 31%. Well 121 is being cased and the production
testing of this level will be conducted in December.

During September, October and November extensive workover operations were
conducted on eight wells, including a number of recently drilled wells, to
improve on overall performance in the field. The results of the workover
programme to date are varied. Well 102 has been brought into production and work
is continuing on well 103 following sanding problems in the pump. Delays have
been experienced as a result of workover rig availability and weather
conditions. Principal workover operations should now be completed by mid
December at which time the company will conduct a review of the performance of
the workover programme.

                                     -Ends-

Enquiries:

Caspian Holdings Plc    Grant Thornton        Hoodless      Parkgreen
                        Corporate Finance     Brennan       Communications

Michael Masterman       Fiona Owen            Luke Cairns   Justine Howarth /
                                                            Ana Ribeiro

T: +44 7791 288381      T: +44 20 7383 5100   T: +44 20     T: +44 20 7493 3713
                                              7538 1166
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.

Definitions:

Net Reservoir is what is left of the reservoir (thickness) after applying shale
volume and porosity cut offs. It is that part of the reservoir that will produce
fluid if perforated - water or hydrocarbon

Net Pay is what is left of the oil reservoir (thickness) after shale volume,
porosity and water saturation cut offs are applied. It produces oil if
perforated



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

END
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