28/01/2008
Bombed-out oil and gas group Caspian Holdings says production has started 2008 strongly from the Zhengeldy field in Kazakhstan.
The AIM-quoted company says production from nine wells is continuing strongly, despite record low temperatures of minus 45 degrees centigrade. With costs down and oil prices high, the company – whose 7,850 barrels of production in the December quarter suffered from a month’s shutdown of one well – achieved domestic revenue ahead of costs and expects to resume exports in the first quarter of this year.
Caspian shares, which hit 54.5p in 2005, now stand at 5p, up 1.38p this morning. That values the company at £4.6 million.
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