caspian drilling rig at site

Monday 27 August 2007
Caspian Drilling Rig at Site
Caspian Oil & Gas’s new Chinese manufactured drilling rig is now being assembled on its first target site on the Ashvaz block, just north of the producing Mailisu III field in the northern Fergana Basin, Kyrgyz Republic.
The US$3.5 million oil rig was transported from its Chinese manufacturer by road, a journey of 4,000kms that took several weeks.
The first well is expected to be spudded in mid-September 2007, some weeks later than first hoped, after delays in obtaining customs clearances and minor damage caused to the substructure in transit.
Transportation to the wellsite from the Company’s yard and commissioning of the rig by the Chinese manufacturers is progressing well.
Six wells are planned for the Ashvaz and Mailisu III blocks in the initial 11 well programme announced by the company. The adjoining Government operated oil and gas field within the Mailisu III block has already produced over 700,000bbls of oil and 20 BCF of gas.
END
[High Resolution pics available on request from Richard Taylor, see details below]
Caspian Oil & Gas Limited (Caspian) is an Australian listed oil producer and explorer working in the established oil-producing Fergana Basin of the Kyrgyz Republic, an area straddling major oil-producing regions in Uzbekistan and the Tarim Basin in China.
Caspian has a joint venture arrangement with major Australian oil and gas exploration and production company Santos on a number of the leases identified and held by Caspian in the Kyrgyz Republic.
In addition to the oil assets, the Company retains a strategic interest in Perseus Mining Limited (ASX: PRU) following the disposal of its major gold assets to Perseus.
Richard Taylor, Investor Relations, Caspian Oil & Gas,
+61 (8) 9240 2405 mobile +61 0422 811 350
[email protected]
Unloading the sub-base on Caspian’s first well site
Caspian Oil & Gas camp infrastructure on the road in the Kyrgyz Republic.