march 2008 quarterly out

Summary only


30 April 2008
Kyrgyz Republic Oil Projects
Highlights
• Exploration drilling at Mailisu III lease area has now confirmed the oilfield and its structures stretch for over a kilometre.
• Mailisu III #4 encountered oil in Beds V and VII and reached total depth of 675m on 29 April. The well will be cased and suspended for future production testing.
• Final two exploration wells for Mailisu III oilfield to be completed by mid-year.
• East Mailisu targets to be drilled in quarter three 2008.
• Santos is preparing to mobilise a second seismic (vibroseis) crew to complement the current active crew and accelerate 2D seismic acquisition prospect development on Caspian leases.
• Nominated for investor of the year in the Jala-abad Region of Kyrgyzstan.
• Caspian is evaluating an offer from Santos to farm-in to three prospective areas in their southern Fergana Basin licences, Soh and Tuzluk. The farm-in would be for a minimum of 2 wells (drilling with Caspian’s rig) to depths of up to 2,000m with mean unrisked reserves of 5-6 million barrels per prospect.

$6.2m cash in bank....next qtr costs $1.2m