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
CIG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held