notthemama throw STO in to the mix and we may be on a real big...

notthemama throw STO in to the mix and we may be on a real big winner.


Caspian has a dominant acreage position in the historic and oil rich Fergana Basin in the Kyrgyz Republic, located in a one of the world's great oil provinces which streches from the Caspian Sea to the Tarim Basin in China.
The Company has over 12,000 km2 of leases in the Fergana Basin.
Santos has entered into a joint venture arrangement with Caspian. There are effectively two separate facets of the proposed joint venture – a farmin to all of the licences, with Santos focussing on the deeper potential, and Caspian retaining the rights to the shallow potential of some of the northern Fergana licences.
Santos is in the second of a three stage US$24 million farmin to earn an 80% interest in all of the licences, excluding the shallow production potential down to 1,000m depth on the northern Fergana licences of Charvak, Ashvaz, East Mailisu and West Mailisu.


Caspian already produces oil from some of these shallow leases, though currently in limited quantities. Caspian has a regional headquarters in Bishkek, the capital of the Kyrgyz Republic and operational offices in Mailisu. It currently employs either directly or indirectly some 55 people.

Caspian has another joint venture agreement, with the Kyrgyz Government oil company KNG to earn a 70% interest by drilling four wells in Mailisu III oilfield - the Mailisu III JV lease has no depth restrictions on it. Mailisu III is an existing oilfield and has produced about 700,000 bbls of oil to date. Existing production wells are excluded from he agreement.
To facilitate the exploration of the shallow northern acreage and the Mailisu III leases, Caspian has purchased a new drilling rig and equipment manufactured in neighbouring China. This US$3.5 million fully funded purchase has allowed Caspian to undertake a minimum eleven well drilling programme at depths of up to and probably beyond, 2,500 meters.
This initial campaign will include four wells on Mailisu III and wells on shallow (<1,000m) prospects on the Ashvaz (two wells), East Mailisu and Charvak licences (see map showing shallow licence areas).
Other Interests

Caspian Oil & Gas Limited (previously Afminex Limited) began operations in 1995 as a mineral explorer before changing its focus to oil in 2003. It spun-off of its major gold assets to Perseus Mining Limited in September 2004. Caspian Oil & Gas retains a 15% interest in Perseus (ASX:PRU) which has exciting gold projects in Ghana, the Ivory Coast and the Kyrgyz Republic.
Caspian has also farmed out its Congo diamond projects to De Beers, its Mansuia gold project in Guinea to Burey Gold and its Ghana diamond interests to Paramont Mining.