Caspian Holdings кesults for the six months of 2006
Caspian Holdings ('Caspian' or 'the Company') presents its interim report and financial statements (unaudited) for the six month period to 30 June 2006.
Highlights for the period include:
• Drilling of 5 new wells in the 6 months to June 30, 2006 and 7 wells to date.
• Oil production increased 67% to 28,123 barrels of oil (six months to 30 June 2005: 16,874)
• Oil shipments from Zhengeldy increased by 44% to 27,992 barrels (six months to 30 June 2005: 19,382)
• Receipt of revenue on first export shipment of 7,200 barrels (1,000 tonnes) in first half 2006 being $412,709 (Ј227,262). Exports in 1,000
tonne lots are continuing.
• Wellhead price through export increases 3.5 times to $56 per barrel (six months to 30 June 2005: $16 barrel)
• Identification of further scope to increase production rates through the new drilling and workover programme
• Strengthening of the management team in the appointment of Operations Manager, Essien Umoren and Chief Financial Officer, Dom Del Borrello
• Equity raising of Ј3,331,400 to strengthen balance sheet and fund drilling programme
Michael Masterman, Chairman of Caspian Holdings Plc, commented: 'We have continued to find commercial oil reserves from our drilling programme and
performance has been enhanced by a combination of increased production, the commencement of exports from the Zhengeldy field and the general increase in oil
prices.'
• Oil production increased 67% to 28,123 barrels of oil (six months to 30 June 2005: 16,874)
• Oil shipments from Zhengeldy increased by 44% to 27,992 barrels (six months to 30 June 2005: 19,382)
• Receipt of revenue on first export shipment of 7,200 barrels (1,000 tonnes) in first half 2006 being $412,709 (Ј227,262). Exports in 1,000
tonne lots are continuing.
• Wellhead price through export increases 3.5 times to $56 per barrel (six months to 30 June 2005: $16 barrel)
• Identification of further scope to increase production rates through the new drilling and workover programme
• Strengthening of the management team in the appointment of Operations Manager, Essien Umoren and Chief Financial Officer, Dom Del Borrello
• Equity raising of Ј3,331,400 to strengthen balance sheet and fund drilling programme
Michael Masterman, Chairman of Caspian Holdings Plc, commented: 'We have continued to find commercial oil reserves from our drilling programme and
performance has been enhanced by a combination of increased production, the commencement of exports from the Zhengeldy field and the general increase in oil
prices.'