CIG 0.00% 6.0¢ caspian oil & gas limited

drilling activity announcement

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    Weekly Activity

    Drilling
    Drilling continues at COG Mailisu III #3 (Location Map - Figure 1). The well is currently at 138m building angle in the deviated surface hole. This well is designed to further test oil targets in the Palaeogene limestone reservoirs and is Caspian’s third in its planned eleven well drilling programme in the northern Fergana Basin, Kyrgyz Republic.

    Completions
    Boggy ground conditions caused by melting snow have delayed the installation of a transformer required to provide power to the beam pump at COG Mailisu III #1. When connected to the electricity grid, the well will be produced into a 25 cubic metre tank to establish flow rates. The initial rate is uncertain but is expected to be between 20-50bopd, given that clean oil continues to flow to the surface without the assistance of a pump.

    Completion activity to test the gas and oil potential from the COG Mailisu #2 well will occur after the COG Mailisu III #3 well is completed and a gas wellhead is acquired for #2.

    Details

    Well Name
    Caspian Interest
    Type
    Location (Tenement)
    Latitude / Longitude
    Current Depth (mRT)
    Spud Date
    Current Activity

    COG Mailisu III #3
    70%
    Oil / Gas appraisal
    Mailisu III Block
    41.257008°N / 72.45542°E
    138m
    2/1/2008
    Drilling ahead



    Background
    The reservoir potential within the Mailisu III oil field is being tested by a series of wells, initially located in the northern portion of the Mailisu III licence. The main oil reservoir targets are the limestone Beds V & VII.

    Mailisu III #3 is planned as a deviated well with the surface location some 20m SE of Mailisu III #2. The bottom-hole location is about 200m SE of the surface location with the planned TD approximately 750m. The purpose of the well is to establish the productivity of Beds V & VII down-dip from the #2 location.


    Yours faithfully,

    GRAEME PARSONS
    Executive Director & Chief Operating Officer
 
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