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04.03.2011

Caspian Oil & Gas Begins Drilling at West Mailisu #2 in Kyrgyzstan

Caspian Oil & Gas Limited has completed interpretation of the 2010 seismic at its West Mailisu Licence in the Kyrgyz Republic, Central Asia.

Following the interpretation, the Company is progressing plans to drill the West Mailisu #2 in May-June 2011. The prospect lies adjacent to the Mailisu IV oil field which has produced more than 42mmbbls of oil.

Caspian Chief Executive Graeme Parsons said West Mailisu #2 has the potential for oil in Eocene age sands and carbonates (Beds III, V & VII) and gas in the Cretaceous and Jurassic age sands.

“Structurally the feature is defined by a NW-SE trending reverse fault on the northern flank,” Mr Parsons said. Seismic sections across the structure indicate a robust closure.

“The prospect could contain oil reserves of up to 9.7mmbbls, with mean potential reserves of 4.5mmbls calculated for the Eocene reservoirs. Gas reserves of 5-10bcf could also be discovered in the Cretaceous or Jurassic reservoirs”, Mr Parsons added.

Mr Parsons said the prospect was a large undrilled structure adjacent to a significant oil field, which if successful would make a significant impact on the Company’s Kyrgyz production.

“Initial development wells in the adjacent Mailisu IV field produced at up to 600 bopd,” he said.

“The well will be drilled by the Company’s own rig to a depth of at least 2,000m, testing the Eocene and upper Cretaceous sands.”

“The well has been designed to enable drilling to be extended to test deeper reservoirs should good hydrocarbon shows be indicated in the upper zones.”

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