Caspian Pursuing New Joint Venture Partner

Source: www.gulfoilandgas.com 2/27/2010, Location: Asia

Caspian Oil & Gas Limited is actively pursuing a new joint venture partner for its Kyrgyz Republic licences following Santos International Operations Limited’s (Santos’s) decision against entering into Phase III of its farmout agreement with the Company.

Caspian will retain 100 per cent ownership of the Kyrgyz blocks within the oil-rich Fergana Basin following the withdrawal by Santos.

Caspian Chief Executive Officer Graeme Parsons said the Company was relieved to finally know where it stood in relation to the Kyrgyz licences.

He said Caspian was preparing a package to use in seeking JV participants and expected considerable interest in the licences.

”The decision from Santos is positive for us as we can now be a more active participant in exploration within the licences,” Mr Parsons said.

“Since late 2005, Santos has spent around US$16m on the blocks; during this time they have acquired approximately 400km of 2D seismic across six of our licenses.

“The work they have done has revealed targets which are attractive to us and we will actively promote the oil and gas potential to new farminees.

“While Santos’s withdrawal was based on an assessment of prospectivity for targets material to a company of its size, multiple targets identified from the recent seismic program are significant to Caspian."


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