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