Caspian Energy Inc.
TSX : CEK
AIM : CEK

November 14, 2005 09:00 ET

Caspian Energy Inc.-Drilling Programme Progress Report

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2005) -

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA OR JAPAN

Caspian Energy Inc, (TSX:CEK)(AIM:CEK) an oil and gas exploration company operating in Kazakhstan, today announces that Aral Petroleum Capital LLP ("Aral"), in which the Company holds a 50% indirect interest, has drilled its first exploration well, East Zhagabulak #301 to a depth of 4846 metres.

Following wireline logging, the Company has decided to run production casing and tubing and flow test the well. It is expected that the results of flow tests will be available in early December.

Seismic Programme

The Company also announces that the field acquisition phase of its second 3D Seismic programme in the northwest corner of the North Block, the area known as Baktygaryn, has been completed.

The Baktygaryn Area is anticipated to contain drilling targets in both the below salt Carboniferous section and the above salt Mesozoic section and will provide a second tier of exploration to the Company's drilling portfolio. Completion of processing and interpretation of this data will take place in early 2006.

Charles Summers, Chief Operations Officer, said:

"We are pleased with the progress at East Zhagabulak and look forward to the results of the flow tests. Our current drilling and seismic programme is on target, allowing the Company to move forward into the next phase of our development."

CAUTIONARY NOTE

Some of the statements and information contained in this news release may include certain estimates, assumptions and other forward-looking information. The actual performance, developments and/or results of the Company may differ materially from any or all of the forward-looking statements, which include current expectations, estimates and projections, in all or in part attributable to general economic conditions, and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including oil prices, imprecision of reserve estimates, drilling risks, future production of gas and oil, rates of inflation, changes in future costs and expenses related to the activities involving the exploration, development, production and transportation of oil, hedging, financing availability and other risks related to financial activities, and environmental and geopolitical risks. Further information which may cause results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with Canadian securities regulatory authorities. The Company disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.

Contact Information

  • Bell Pottinger Corporate and Financial
    Ann-marie Wilkinson/Geoff Callow
    00 44 (0) 20 7861 3232