RNS Number : 7069D
  Caspian Holdings plc
  18 September 2008
   

    Caspian Holdings Plc
    ("Caspian" or the "Company")
    18 September 2008


    Expands Black Gold Lease Holdings in Irvine Field

    Further to the announcement of 8 July 2008, Caspian Holdings (AIM:CSH), the oil and gas development company with assets in the USA and
Kazakhstan, has increased its lease holding in the Irvine oil field to over 200 acres with the signing of a new 160 acre Billings lease. In
addition the Company has received the key permits to commence oil production and sales from its existing 8 wells in its first lease -
Barnett - in the field.

    Caspian owns a 50% interest in the Irvine field through its shareholding in Black Gold of Kentucky (Black Gold) which holds the Barnett
lease and the Billings lease.

    With the permits now issued, following a slight delay and bonds in place, Black Gold expects to commence production and oil shipments
from the Barnett lease in October 2008.

    Commenting on the postive steps forward in Kentucky, Caspian Chairman Michael Masterman stated " The combination of a significant
increase in our acerage position and issue of the required permits for oil production, is a great step forward. We look forward to maiden
oil production from our leases in the Irvine oil field"

    -Ends-

    Enquiries:

 Caspian Holdings Plc    Grant Thornton UK LLP    Hoodless Brennan 
 Michael Masterman       Fiona Owen               Luke Cairns
 T: +44 (0) 7791 288381  T: +44 (0) 20 7383 5100  T: +44 (0) 20 7538 1166
 www.caspianoil.co.uk 




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