Caspian Holdings Plc, the oil and gas exploration Company with leases in Kazakhstan and the USA announces that it has received work programme approval for its Zhengeldy project in Kazakhstan from Zapkaznedra. This approval will enable the re-start of production at Zhengeldy.
The Company took the decision to suspended production and exports in early 2008, whilst waiting for work programme approval. Prior to suspension, the Zhengeldy project was producing approximately 120 bbl per day. The Company anticipates that production will reach a similar level following an initial ramp up period.
Commenting on the re-start of production, Michael Masterman, CEO of Caspian Holdings said: “We are pleased to have received this critical approval in order to re-start production at Zhengeldy. The Company completed a new export facility at Karsak last year and we are delighted that approval has been granted at such a buoyant time in the oil market. With oil prices in excess of $130 per barrel it is a great time for us to recommence oil production.”
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