CIG 0.00% 6.0¢ caspian oil & gas limited

good oil shows announced

  1. 20,451 Posts.
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    11 June 2008
    The Manager
    Company Announcements Office
    ASX Ltd
    4th Floor, 20 Bridge Street
    SYDNEY, NSW 2000
    Dear Sir

    GOOD OIL SHOWS ANNOUNCED

    Caspian Oil & Gas’s Mailisu III #5 well has delivered good live oil shows after having been drilled to a total depth of 746m. The well penetrated limestone Beds V & VII at depths of 673-691m K.B. respectively, with the oil shows described from Bed Vb and VIIa. Wireline logs have been run and the well has been cased to allow production testing.
    The Mailisu III oil field is considered a long-term but low-rate production target.
    Drilling Details
    Well Name
    Caspian Interest
    Type
    Location (Tenement)
    Latitude / Longitude
    Current Depth (m RT)
    Spud Date
    Current Activity
    COG Mailisu III #5
    70%
    Oil appraisal
    Mailisu III Block
    41° 14’ 37.45”N / 72° 27’ 1.55”E
    746m
    14/5/2008
    Cementing casing
    Summary of Results to Date
    Well Name
    Result
    Current Status
    Comments
    Future
    Mailisu III #1
    Oil to surface after acid treatment
    Producer
    Initial flow rates not sustained – now running at approximately 5bbls/per day
    Continue with production
    Mailisu III #2
    Gas and oil shows
    Cased & Suspended
    While the lower gas zones are accessible, a poor cement job over the upper gas sections requires remediation work by a cement unit before production testing.
    Future gas producer?
    Mailisu III #3
    Well flowed oil to surface while drilling
    Perforated bed VII - Flowing water
    Awaiting plug to isolate water interval
    Future oil producer
    Mailisu III #4
    Oil in Bed V and VII
    Perforated both zones
    Well on pump – cleaning up – rate to be determined
    Oil producer
    Mailisu III #5
    Oil in Bed V and VII
    Cased & Suspended
    Expect to complete as oil producer
    Future oil producer
    1
    F:\PUBLIC\Caspian Oil & Gas\ASX\2008\ASX110608 Activity Announcement CIG.doc
    F:\PUBLIC\Caspian Oil & Gas\ASX\2008\ASX110608 Activity Announcement CIG.doc
    2
    Future work
    COG Mailisu III #5 is the fifth well in the appraisal programme testing the reservoir potential within the Mailisu III oil field. The next well in the program will be West Mailisu #1, which will test the presence of oil on the western flank of the Mailisu III structure, some 3km west of earlier drilling. This is considered to be a higher risk well, but if successful, it would significantly expand the resource potential of the field.
    Yours faithfully,
    GRAEME PARSONS
    Executive Director & Chief Operating Officer
    • RT = Rotary Table
    • K.B = Kelly Bushing
    West Mailisu #1
    Location Map – Figure 1
 
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