Caspian Holdings starts well drilling campaign
Friday, February 10, 2006
Oil and gas exploration and production company, Caspian Holdings has starting drilling its first well of its 2006 drilling campaign.
The well, number 101, will be drilled to a target depth of 450 metres and is expected to intersect with two oil bearing levels.
It will be followed by wells 102 and 103 with the three wells expected to be drilled and completed over the next three months.
The capital cost of the three well programme is estimated to be $650,000 and is expected to lift oil production rates and profitability and will be funded
from a recent share placement.
Chairman Michael Masterman said 'It's good to be back in the field with the drilling rig. We have a clear programme based on the results of the workover programme and extensive geological work. We have well defined oil bearing levels which we can drill for around $200,000 per well, making it highly economic at today's oil price. Our objective is to significantly boost revenues by combining the export of oil, which we have recently started, with an increase in oil production.'
The company is still waiting for Kazak Government approval on its Zhengeldy licence extension
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