OilVoice - Caspian Oil & Gas Discovers Attractive Exploration Targets

Caspian Oil & Gas Discovers Attractive Exploration Targets

Wednesday, April 21, 2010

Following the resumption of operatorship of the company's Kyrgyz assets, Caspian Oil & Gas Limited has identified a total of 25 prospects and leads with Prospective Resources of 242 mmbbl.

The opportunities range up to 55mmbbl mean reserves (unrisked) and average of around 10 mmbbl across the portfolio. In addition, the Company has identified several attractive gas prospects.

Armed with these opportunities, the Company is now looking to farm out an interest in over 7000 sq km of prospective ground in the Fergana Basin. Several companies have signed confidentiality agreements which allow them to receive proprietary data to evaluate the opportunity.

Caspian Chief Executive Officer Graeme Parsons said the blocks were extremely prospective;
'A number of good opportunities have come out of our recent work. For example the West Mailisu 3 lead, which is 100% Caspian owned, has the potential for up to 25bcf gas as well as 10mmbbls of oil,' he said.

'To evaluate its potential we have contracted Kyrgyzgeophysika, a local geophysical company, to record additional seismic over the lead commencing in May 2010 with the view to start drilling the prospect later in the year if the extra seismic confirms structural closure.'