announcement third well has oil

DRILLING ACTIVITY ANNOUNCEMENT
Weekly Activity
Drilling
COG Mailisu III #3 (Location Map - Figure 1) has been drilled to a total depth of 667m and wireline logging is in progress. Oil was recovered at surface from Bed V while drilling (see Figure 2) and oil shows were also encountered in Bed VII. This well further confirms the reservoir capacity of the Palaeogene limestone.
After completing wireline logging, casing will be run and the rig used in the initial completions work (perforation and testing). The rig will then move about 880m south east to the COG Mailisu III #4 well site.
The well is Caspian’s third in its planned eleven well drilling programme in the northern Fergana Basin, Kyrgyz Republic. All three wells drilled to date have encountered oil in the shallow limestone reservoirs within the Mailisu III oilfield, highlighting the potential of this development. Another four wells are planned for the Mailisu III field in the current programme, after which a comprehensive appraisal and development plan will be established.
Completions
COG Mailisu III # 1 was connected and commenced pumping on 18 March – the pump will be optimised and a flow rate established over the coming week.
Details
Well Name
Caspian Interest
Type
Location (Tenement)
Latitude / Longitude
Current Depth (m RT)
Spud Date
Current Activity
COG Mailisu III #3
70%
Oil / Gas appraisal
Mailisu III Block
41.257008°N / 72.45542°E
667m
2/1/2008
Wireline Logging
1
F:\PUBLIC\Caspian Oil & Gas\ASX\2008\ASX 190308 Activity Announcement CIG.doc
F:\PUBLIC\Caspian Oil & Gas\ASX\2008\ASX 190308 Activity Announcement CIG.doc
2
Background
The reservoir potential within the Mailisu III oil field is being tested by a series of wells, initially located in the northern portion of the Mailisu III licence. The main oil reservoir targets are the limestone Beds V & VII.
Mailisu III #3 was a deviated well from a surface location some 20m south east of Mailisu III #2.
* RT = Rotary Table