Caspian Energy Inc.
TSX : CEK
AIM : CEK

September 12, 2005 09:00 ET

Caspian Signs 3D Seismic Contract for the Baktygaryn Area and Sets Intermediate Casing on its Exploration Well, East Zhagabulak #301

TORONTO, ONTARIO--(CCNMatthews - Sept. 12, 2005) -

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

Caspian Energy Inc ("Caspian" or the "Company") (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 entered into a contract with Azimut Energy Services, Inc., for the acquisition of its second 3D Seismic programme in the northwest corner of the area in Kazakhstan known as the North Block. The coverage in the area, known as Baktygaryn, will be over an area of approximately 235 km2. This area was confirmed as an exploration area, based on the reprocessing of vintage seismic and well logs. Seismic crews have already begun mobilization and expect to have completed their work by the end of December 2005. 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.

The Company also announces that Aral has set 9 5/8" intermediate casing at 2982 meters on its first exploration well, EZ #301, in the Zhagabulak Area, in the South East Corner of the North Block. The well is permitted to 5000 meters. It is estimated that the well will be drilled and electric logging completed in October, 2005. The second Zhagabulak exploration well is scheduled to start at the end of the EZ #301.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

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

  • Caspian Energy Inc.
    William A.G. Ramsay
    020 7861 3232
    or
    Bell Pottinger
    Geoff Callow
    020 7861 3232