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Caspian Energy inc

  • BY: Andrew Hore |
  • POSTED: 11/06/2008 |

Caspian Energy Inc failed to discover oil or gas when it drilled its first well at Baktygaryn #703 in Kazakhstan.

The shares slumped 6.5p to 16p on the news. The shares had increased sharply on the back of the drilling but had already started to slide ahead of this announcement. Caspian Energy is valued at £19.5m.

Aral Petroleum Capital is the operator and Caspian Energy has a 50% stake in the well. A 2 ,430 metres deep exploration well at Baktygaryn #703 did not find any reservoir quality rocks. The well will continue to 2,500 metres and then a final decision will be made – but it does not look likely that there will be any positive news.

Caspian Energy still believes that other prospects in the area have better potential. These will only be drilled to around 700 metres. The rig will be moved to Aransay #711 when it is finished at Baktygaryn #703.

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