12 October 2007 The Manager Company Announcements Office ASX Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000 Dear Sir DRILLING ACTIVITY REPORT Activity continues on Caspian’s first well in its eleven well drilling programme in the northern Fergana Basin, Kyrgyz Republic. The well, on the southern edge of Caspian’s Ashvaz block, is designed to appraise the extent of the Mailisu III oilfield. The initial targets are Palaeogene limestone beds V and VII. Details of the well and activity during the week are set out below. Well Name Caspian Interest Type Location (Tenement) Latitude / Longitude Drill Depth Spud Date Current Activity COG Mailisu III # 1 100% Oil exploration Ashvaz Block 41.260774°N 72.457251°E 143m 26/09/2007 Waiting on Cement Weekly Activity After setting surface casing in the COG Mailisu III # 1, drilling recommenced and reached a depth of 143m before the problems of lost circulation re-occurred. Another cement plug has been run to remediate the problem and it is anticipated that drilling will recommence Saturday 13th October.
This was previous announcement
5 October 2007 The Manager Company Announcements Office ASX Ltd 4th Floor, 20 Bridge Street SYDNEY, NSW 2000 Dear Sir DRILLING ACTIVITY REPORT Surface casing has been set on Caspian’s first well in its eleven well drilling programme in the northern Fergana Basin, Kyrgyz Republic. The well, on the southern edge of Caspian’s Ashvaz block, is designed to appraise the extent of the Mailisu III oilfield. The initial targets are Palaeogene limestone beds V and VII. Preparation of pads for the next two wells on the 70% owned Mailisu III block will be completed next week. Details of the well and activity during the week are set out below. Well Name Caspian Interest Type Location (Tenement) Latitude / Longitude Drill Depth Spud Date Result COG Mailisu III # 1 100% Oil exploration Ashvaz Block 41.260774°N 72.457251°E 69.8m 26/09/2007 Drilling Weekly Activity Mailisu III # 1 had initial difficulties with lost circulation in the surface hole requiring several plugs of cement to be run to overcome this problem. A 7 inch surface casing has been set to a depth of 69.8m and cemented. The forward plan is to nipple-up the BOPs and pressure test before drilling ahead to a total depth of around 740m.
CIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held