todays drilling announcement

Announcement out Today:

26 May 2008
The Manager
Company Announcements Office
ASX Ltd
4th Floor, 20 Bridge Street
SYDNEY, NSW 2000
Dear Sir
DRILLING ACTIVITY ANNOUNCEMENT
Weekly Activity
Drilling
Drilling continues on Caspian Oil & Gas’s Mailisu III #5 well with 7” surface casing being set at 205m. The rig is waiting for the cement to set before drilling ahead. The well is located to test the limestone Beds V & VII at depths of approximately 650-670m GL.
Completions
Swabbing at the COG Mailisu III #4 recovered oil only (see Fig 2), with no evidence of water. The well will now be put on pump to begin production testing.
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 / Gas appraisal
Mailisu III Block
41° 14’ 37.45”N / 72° 27’ 1.55”E
205m
14/5/2008
Waiting on Cement
Background
COG Mailisu III #5 is the fifth well in the appraisal programme testing the reservoir potential within the Mailisu III oil field.
Yours faithfully,
GRAEME PARSONS
Executive Director & Chief Operating Officer
• RT