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Santos Consented Caspian Proceeding on a Sole Risk

Source: www.gulfoilandgas.com 10/12/2009, Location: Asia

Caspian Oil & Gas oil drilling rig is on location at the East Mailisu #1 wellsite after completing its two well contract drilling program for JSC South Petroleum Company and the well was spudded on Saturday 10 October.

Details of the planned well, targeting oil in two limestone reservoirs from approximately 650m and gas in stacked sands to 1,800m, were announced on 30 September. Santos International Operations Pty Ltd (“Santos”) has elected not to participate in the well and has consented to Caspian proceeding on a sole risk basis. Santos may elect to ‘back-in’ to a discovery subject to the payment of a penalty.

Santos is continuing the processing and interpretation of the recently completed seismic program covering targets on six licence areas covered by its farm-in arrangement. Caspian has agreed to extend until 31 December 2009 the period in which Santos can elect to commit to the final phase of its US$24 million farm-in for an 80% joint venture interest to enable this processing to be completed.

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