Caspian Holdings кesults for the six months of 2006
![](/img/en_news_image.jpg)
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.'