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CASPIAN OIL & GAS LIMITED - ASX: CIG
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Description
Caspian Oil & Gas Limited (ASX:CIG) is an oil producer and explorer listed on the Australian Securities Exchange with our registered offices in Perth, Western Australia. We are exploring and developing prospective oil lease holdings around the Fergana Basin in the Kyrgyz Republic as well as Romania and we are investigating other opportunities in Central Asia.
Mailisu III Project
Caspian has acquired a 70 per cent interest in the Mailisu III oilfield under a joint venture with the Kyrgyz Government's oil company, KNG. We have completed five exploration wells on Mailisu III and encountered oil in each well from shallow Palaeogene limestone beds, with modest flow rates to date. Completion work has started on the Mailisu III #2 well (Bed V to be put into production) and this will be followed by Mailisu #6. We are also undertaking laboratory studies to optimise acidizing techniques in the carbonate reservoirs. Once completed we will look to complete several acid jobs during the summer.
Charvak Project
The existence of oil in shallow sandstone and conglomerate reservoirs at Charvak has been established by exploration drilling. Although the flow rates are low (<10bopd), wells are inexpensive and economic at high oil prices. Deeper prospects have been identified by a seismic survey. The Charvak licence surrounds three small excised oil and gas fields:
* Changyrtash - (9 sq km excision) recoverable 13.0 million barrels (MMbbl) of oil, production to date 11.8MMbbl of oil;
* Chigirchik - (4 sq km excision) recoverable <1 MMbbl oil, 2.0 billion cubic feet (Bcf) of gas; and
* Suzak - (3 sq km excision) 15 Bcf gas.
In the productive Changytrash Field, oil is found at shallow depths (300-800m) in two pay zones within the Paleogene: Bed III (sandstone) and Bed V (limestone).
Ak-Bura Project
The large Ak-Bura licence covers prospective beds from Silurian to Palaeogene in age. The prospective reservoir beds identified include Permian, Middle Jurassic and Palaeogene which contain the pay zones within oil fields of the Fergana Basin and Silurian and Carboniferous beds. These beds also contain pay zones of oil fields within the Tarim Basin, located 200 km to the south-east in China. While the large Ak-Bura project is only partially mapped, a number of prospective structures have been identified. Through recent seismic we have identified several large thrust-related structures in the Ak-Bura licence. Naukat covers an area up to 20km², see seismic section above. The target Paleogene and Cretaceous beds consisting of thick, porous sandstone, conglomerate and limestone beds are situated at 1,500m to 2,500m from surface.
Sulukta Project
The Sulukta licence, in the far south-western corner of the Kyrgyz Republic, has several prospective structures identified by reprocessed Soviet era seismic and a limited seismic program over this block. The Sulukta permit is highlighted by analogue fields and discoveries to the north in Kyrgyzstan and Uzbekistan which help confirm that several attractive prospects are present in Sulukta. These include potential stacked reservoirs starting at depths of 1,500m, but typically 2,500m and deeper.
Katran Project
The Katran licence covers approximately 25km strike of the southern flank of the Fergana Basin. A number of oil and gas fields occur in the adjacent licence (to the north). Several leads have been identified and further seismic is required before drilling targets can be firmed up.
Caspian Rig
Caspian (through its subsidiary JSC Sherik) operates its own 650hp drilling rig in the Kyrgyz Republic. The rig, which is capable of drilling to 2,500m, has been used to drill wells around Mailisu in the northern Fergana Basin on Caspian prospects and also for contract drilling assignments.
West Mailisu #2 Prospect
The West Mailisu #2 prospect lies adjacent to the Mailisu IV oil field which has produced more than 42mmbbls of oil. It is a large undrilled structure adjacent to a significant oil field, which if successful will make a significant impact on Caspian’s Kyrgyz production. Interpretation of the 2010 seismic at its West Mailisu Licence has been completed. Following the interpretation, the company is progressing plans to drill the West Mailisu #2 in May-June 2011.
Mine For
oil, gas
Location of operation(s)
Kyrgyz Republic, Kaznia, Western Australia akhstan, Roma
Address
Ground Floor , 30 Ledgar Road
BALCATTA, WA, AUSTRALIA
Phone
(08) 9240 2405
Website
Last Updated
29/04/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
