Dear Sir
DRILLING ACTIVITY ANNOUNCEMENT
The COG Mailisu III #2 well will commence drilling on Friday, November 9, 2007. The well
will test oil targets in the Palaeogene and gas targets in the Jurassic. The well is Caspian’s
second in its planned eleven well drilling programme in the northern Fergana Basin, Kyrgyz
Republic. The well will be drilled to a depth of about 1,500m in the Mailisu III block (outside
the Santos joint venture area).
Details
Well
Name
Caspian
Interest
Type Location
(Tenement)
Latitude /
Longitude
Drill
Depth
Expected
Spud
Date
Current
Activity
COG
Mailisu
III #2
70% Oil / Gas
appraisal
Mailisu III
Block
41.257008° /
72.455423°
1,500m 9/11/2007 Preparing
to Spud
Background
Oil – The COG Mailisu III #2 will further test the reservoir potential within the Mailisu III oil
field. The well is located in the northern portion of the Mailisu III licence some 400m south of
recent discovery at COG Mailisu III #1 (see figure). The main reservoir targets are Beds V & VII
which proved oil bearing in the #1 well.
Gas - The Mailisu III gas field produced some 30Bcf reserves before local flowline infrastructure
was damaged by a landslide causing the field to cease production. A review of the production
history indicates that there is between 1 and 5Bcf remaining reserves which would require
compression to be produced. The previous customer, located within the Mailisu township, still
has gas requirements and sales could resume should commercial reserves be proven, potentially
providing up to 5 years supply.
Update COG Mailisu III #1
The Mailisu III #1 well has confirmed the extent of the oil field in the northern direction as
well as providing information on the reservoir quality. Of the main target zones, Bed VII has
around 2m net pay zone of good porosity (up to 20%). Oil was recovered from the well
during the cementing of the casing, confirming our expectations of the production potential of
the well. As soon as the necessary equipment is available, the well will be perforated and a
production test carried out.
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