I think it`s about time CSH had a thread, an AIM oil co. that is producing oil and quality stuff at that. These are vastly under-valued, market cap. 30 mill., they are going up on news NOT hype. check them out.
Dexter

hi dexter,

have you bought into csh? Think I will check them out. Bought into paf earlier.

wilbs

yes, at 37 and 39.
dexter

some info. to get you thinking.

Caspian Holdings Plc to float on AIM
http://www.caspianholdings.co.uk/



Hoodless Brennan broker note for Caspian (go to "Market Update", then "HB Latest Research"): https://www.hoodlessbrennan.com/index1.htm

Recommendation is Speculative Buy. Required reading for all Caspian holders!

OLD THREAD: http://www.advfn.com/cmn/fbb/thread.php3?id=7613053

Caspian Holdings Plc (Caspian or the Company), the shallow field oil and gas exploration and production company focused on Kazakhstan, announces floated in November 2004. Hoodless Brennan & Partners acted as broker and Grant Thornton Corporate Finance acted as nominated adviser for the Placing in which Caspian has raised just over 4m, at 23p giving the Company a market cap of approximately 18.9m.

NEWS 21st January 2005
Commercial Oil Discovered in first 3 post IPO Wells

Further to the announcement on 29 November 2004, Caspian Holdings Plc (AIM:
CSH), the oil and gas exploration and development company which focuses on
Kazakhstan and the Caspian sea, has successfully drilled and brought into
production the first three wells in a seven well programme.

Each of the new wells - 114, 112 and 111 and the previously drilled 113
discovered and confirmed commercial oil reserves in the Jurassic level. Key
results are set out below:

Well 113 (pre IPO)
* Depth 630 metres
* Completed Aug 04
* Oil pay 13 meters
* 3 Levels: 308-302 m, 347-344 m, 271-267 m

Well 114
* Depth 600 metres
* Completed Nov 04
* Oil pay 9 meters
* 2 Levels: 348-354 m, 271-274 m

Well 112
* Depth 400 metres
* Completed Dec 04
* Oil pay 16 meters
* 2 Levels: 229-233m, 299-311 m

Well 111
* Depth 400 metres
* Completed Jan 05
* Oil pay 13 meters
* 4 Levels: 211-212 m, 219-220 m, 225-233 m, 303-306 m

The four new wells have been perforated at the lower levels to generate initial
production volumes. Well 123 drilled in October 2004 on the flanks of the
structure, was not brought into production due to high shale content. Caspian
expects to significantly increase production rates as the shallower depths in
each of the wells are brought into production and the warmer weather in Spring
(currently up to 40 degrees below Celsius) allows construction of new flow lines
and field equipment.


SHARES IN ISSUE
Out of 83.84m shares.
2 Directors M Griel & M Masterman hold 23.5m.
John Kahlbetzer 7.35m
John Dieter Kahlbetzer 5.54m
Beronia Investments 7.40m
Lauri Macri 5.8m
Rab Capital ? 1.7%
Hoodless ? 1.77%
Gartmore Inst clients ? 1.97%
Arci Pty ltd 3.73m 4.45%

That equals about 57.5m shares held by directors and institutions plus 2m by the Consultants = 59m roughly so 24.5m amongst private investo
******************************
rns from this morning.....

Caspian Holdings plc
26 January 2005


26 January 2005

CASPIAN HOLDINGS PLC ('Caspian' or 'The Company')

Confirms high quality oil production at Zhengeldy and commences Export Facility
Construction

Caspian Holdings Plc (AIM:CSH), the oil and gas exploration and development
company which focuses on Kazakhstan and the Caspian sea has confirmed high
quality oil production from its Zhengeldy field. The company has also commenced
construction of its processing and export storage facility at the
'Makatmunaigas', a division of national oil and gas company KazMunaiGas at the
Eastern Makat 30km from Zhengeldy field.

The high quality of the oil reduces the processing costs as the oil has a low
API*, is low in sulphur with good viscosity and minimal impurities making it
suitable for export after low cost processing to reduce the salt content at the
new processing facility.

The construction of its own processing and export facility at the Makatmunaigas
site will incorporate a simple processing step to reduce the salt content to
ensure the oil meets export quality. The capital cost of the facility is
estimated at USD 300,000 and should be complete by the end of May 2005.

PHYSICAL-CHEMICAL CHARACTERISTIC OF OIL ZHENGELDY FIELD

No characteristics results

1 API oil quality data 28.77o
2 Asphaltenes content, % mass., GOST-11856 no
3 Sulphur content, % mass., GOST-1431 0,19
4 Paraffin content, % mass., GOST- 11851 0,16
5 Salt content, mg/l., GOST 21534 672,99

Michael Masterman, Executive Chairman of Caspian, commented: 'We are very
pleased with the quality of oil being produced. Its low API and sulphur levels
mean that it can command strong export prices. Construction of the storage
facility in the Eastern Makat will allow us to move from domestic to export
sales in the beginning of the third quarter 2005.'

- Ends -
Enquiries:

Cheers dexter. I sold all my pci and got in at 46p but think this is only the begining. Had to call my broker to buy.

wilbs

wilbs,
Do you use advfn ?, only there is a good and informative, for a change!, thread.People are saying anything up to 1 short term and up to 2 by year end. but as always DYOR.
Dexter

A bit more to read.


Caspian Holdings Plc (Caspian or the Company), the shallow field oil and gas exploration and production company focused on Kazakhstan, announces its intention to float on AIM in early November 2004. Hoodless Brennan & Partners plc is acting as broker and Grant Thornton Corporate Finance is acting as nominated adviser for the Placing in which Caspian has raised just over 4m, at 23p giving the Company a market cap of approximately 18.9m.
Caspian was incorporated in May 2003 for the purpose pursuing oil and gas developments around the Caspian Sea and most specifically Kazakhstan. Caspians entry was through the acquisition of Taraz LLP (Taraz), an operating company that owns the licences, leases and other assets that comprise the Zhengeldy oil field in Kazakhstan. Caspian currently holds 70% of Taraz and has entered into contracts to acquire the remaining 30%. The Zhengeldy field has reserves of 13.2m bbls: proved reserves of 9.8m bbls and probable reserves of 3.3m bbls.
The strategy of the Company is to focus on the shallow oil fields that offer the benefits of lower exploration and development costs, shorter lead times to production and higher returns on funds invested than are possible from deeper oil deposits. Caspian acquired its share in February 2004 and initial production began in September 2004. The Zhengeldy field is being developed to support full commercial operations and the Company expects to achieve over 1400 bbls/day from its five wells. A further ten wells are planned for 2005, which is expected to bring targeted production to 4300 bbls/day.
The Zhengeldy oil fields are located just 18km from Makat, the central gathering and oil treatment stations for the international transit pipeline. In the short term, oil will be trucked to Makat for initial processing and storage, before entry into the pipeline.
A proportion of the funds raised will be used to increase production at Zhengeldy and pursue other shallow field development in Kazakhstan and the area around the Caspian Sea.
Caspians management team has extensive experience of oil exploration and development, as well as project management and resource financing. Executive Chairman Michael Masterman is currently President of Northsun Italia SpA and was previously with Anaconda Nickel, as Executive Director, where he gained substantial experience in negotiation and capital raising. Dietmar Greil, Chief Operating Officer, has over 20 years experience in oilfield engineering and spent 15 years operating in the former USSR. He is a specialist reservoir engineer and has been head of reservoir management at both Statoil and Chevron. Mr Greil, through a private company Roscor International was one of the first entrants into the Soviet Union Oil and Gas industry in the early 1990s.
The Board is supported by two non-executive directors, UK-based Michael Garland brings 10 years experience in the oil and gas industries, with Star Energy and Tullow Oil and Malcolm James with over 15 years resource sector experience who is also non-executive director of Eureka Mining plc.
The Caspian team also benefits from having retained the services of the Taraz Chief Executive Officer, Igor Borissov, and the Taraz Technical Director, Bolat Akhmetov. They bring substantial experience of operating in Kazakhstan as well as drilling and exploration experience.
Michael Masterman, Executive Chairman of Caspian, comments, Our team has been delighted with the speed at which we have brought our initial wells into production and we firmly believe we have a development model that can bring similarly quick returns from other assets in the Zhengeldy field.
The Placing will provide us with the additional capital we require to press ahead with our strategy and the AIM listing will allow other investors to share in our already proven success.
Kazakhstan is rich in natural resources, including oil and gas. It is rapidly growing in stature as an oil-producing region, with significant reserves both on- and off-shore. The government is actively encouraging foreign investment with political and monetary reforms.
~ Ends ~

For further information, please contact:

Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Bill Sharp Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7510 8560 +44 (0)20 7493 3713

Caspian Holdings plc - Directors
Name Role
Michael George Masterman (Executive Chairman)
Dietmar Greil (Chief Operating Officer)
Michael Victor Garland (Non Executive Director)
Malcolm Raymond Scott James (Non Executive Director)

comdirect.
max BUY 25k
max SELL 150k

mm`s short of stock or what!!!!
dexter

Thanks for that dexter. I use ADVFN when I need a laugh but the csh thread is informative and no slagging off of other posters. CSH seem to have a good strong board behind them with years of experience in good companies. Im gonna have a scout round the net and see if I can drag anything up.
Cheers for starting up the thread, glad I got in.

wilbs

Just topped up. 0% spread now. MM short of stock. This is gonna be good!!!

wilbs

this is`nt norfolk and good,... it`s just good!!!!!!!

You are right there dexter. If it goes to 1 then its gonna be fantastic but not gonna get carried awawy like I did pet. By the way, Diss beat Kings lynn reserves on saturday, they must be crap for diss to beat them!!
wilbs

is that beet as in sugar BEET ?

STRONG BUYING GOING ON.WHERE WILL IT FINISH?ANY GUESS.

dexter,
Oh arrrrr. Sugar beet in diss,norfolk and good.

ateeq180,
I dont know where it will finish up but one things for sure and thats that I will finish up in the pub!!

wilbs

There is another day tomorrow which might be as good as today,lets keep our fingers crossed for another positive day,along with circle oil.

Is there a shortage of these shares - wanted 50k, was limited to 10k and one trade in the day. Why?? Are the mms expecting a 'GUSHER' here -- maybe that 1pound quoted earlier is not too distant a dream. Try for the other 40k tomorrow.

bankone,
out of aprox 83m shares in issue, only aprox 23m held by private investors.
dexter

Bankone,
I had to buy twice yesterday with hoodless brennan and had to call to buy. There was some mm buying yesterday. They want the stock badly and will try everything in the book to get them. Today will be interesting imho.
wilbs

csh in the press today




Production starts in Zhengeldy oil field


By OGJ editors

HOUSTON, Jan. 26 -- Caspian Holdings PLC reported it has started production from Jurassic pay in three wells in Kazakhstan's onshore Zhengeldy oil field.

The wells, Nos. 114, 112, and 111, are part of a seven-well drilling program. Caspian Holdings didn't disclose production rates.

Well 114, drilled to 600 m TD and completed last November, encountered 9 m of pay in two intervals: 348-354 m and 271-274 m.

Well 112, drilled to 400 m and completed in December, found 16 m of oil pay at 229-233 m and 299-311 m.

Well 111, also drilled to 400 m, found 13 m of oil pay at 211-212 m, 219-220 m, 225-233 m, and 303-306 m. It was completed this month.

An earlier well, No. 113 completed last August, was drilled to 630 m TD and encountered 13 m of oil pay at 308-302 m, 347-344 m, and 271-267 m. And Well 123, drilled last October on the flank of the structure, had high shale content and wasn't completed.

The four wells were perforated at the lower levels to generate initial production volumes. Caspian expects to increase production rates as shallower intervals are brought into production and warmer weather allows construction of new flow lines and field equipment.

Caspian Holdings plans to drill deeper Triassic sections of the reservoir. The next four wells are slated for completion by the end of March. The company's goal is to increase production to 4,300 b/d by yearend


http://ogj.pennnet.com/articles/article_display.cfm?Section=ONART&C=DriPr&ARTICLE_ID=220201&p=7




------------------------------------------------------------------

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1106787600&feed=oilbarrel_en

------------------------------------------------------------------

The Times

January 27, 2005

Smaller stock to watch



Caspian Holdings, the AIM-listed oil and gas explorer floated at 23p in November, surged 12p to 47p on confirming high-quality oil production at its Zhengeldy field in Kazakhstan. Caspian said that the characteristics of the oil, which is low in gravity and sulphur content, with good viscosity and minimal impurities, made it suitable for export. It also announced the start of construction of an adjacent processing and storage facility.

wilbs

Morning wilbs,
I use comdirect and apart from a few times when the sp was all over the place i could have traded easily on line although quantities did vary.
Another good day today?
Dexter
just wish i had had the funds to deal evry time i did a dummy trade!!!

Hi dexter,
thats always the case!! Hoodless brennan are their brokers so maybe thats why. I had the same problem with paf yesterday. Imagine what it was like before internet dealing. Nice early buy gone through. A good day ahead.
wilbs

Found this on Oilbarrel.

27.01.2005
Caspian Holdings Braves The Cold To Keep The Zhengeldy Development On Track
AIM-quoted Caspian Holdings isnt afraid of a little cold weather. Despite temperatures of down to minus 40-degrees-Centigrade, the company has managed to drill, complete and put into production three new wells on its Zhengeldy field in Kazakhstan. Working in the depths of the Kazakh winter is not for the faint-hearted.

We had to stop building new flowlines between the wells because the ground is frozen to about 15 feet below the surface, executive chairman Michael Masterman told oilbarrel.com. We also have to be much more careful about the water content in the oil in these conditions because, of course, the water can freeze. However, the drill rig hasnt stopped and we have been able to make good progress on the ground despite the weather conditions.

The three shallow wells plus an earlier well, number 113, drilled before the companys November IPO each struck commercial quantities of oil in the Jurassic. A further well, number 123, drilled in October on the flanks of the structure, was not put into production because of its high shale content.
The low API oil also has low sulphur and mineral levels but will require some processing to reduce the salt content to make sure it is of export quality.

Importantly, the companys licence terms include export rights so it can access the higher prices of the export market. News of the oil quality impressed the market, with Caspians shares rising 6p, or almost 17 per cent, to 41.5 pence each in morning trade.

Construction work has already started on a US$300,000 processing and export storage facility some 30 km away at the Makatmunaigas site, a division of national oil and gas company KazMunaiGas. The facility should be completed by the end of May and Caspian expects to move its production from the domestic to the export market early in the third quarter.

Caspian has already started work on the first of the next four wells in its programme, which will go a little deeper to target the Triassic. These shallow wells can be sunk quickly and cheaply and the drilling programme should be completed by the end of April.

Each well costs around US$320,000, which is very cheap, said Masterman. Its part of our strategy to focus on low capital cost projects so the rates of return are far higher.

Production rates from the wells will increase with the arrival of spring, when new flow lines and field equipment can be installed. The company has a target of producing some 4,300 barrels per day by the end of the year.

Caspian Holdings is keen to add to beef up its position in the country. There are a lot of shallow oilfield opportunities in Kazakhstan, said Masterman. Its a prolific hydrocarbon province and theres a lot of scope to expand the portfolio. There are more than enough opportunities to keep us busy here for the next few years.

This one-country focus is a key part of the companys strategy, with Masterman keen to steer clear of the jack of all trades, master of none approach of some E&P players.

Some companies dip their toe in all over the place and are always drifting off to the next best thing, said the Caspian boss. We plan to stay focused. If investors want exposure to different countries they can build their own portfolio with a range of holdings in different companies. But with us they get focus and transparency in a proven hydrocarbon province.

The Caspian region has been a successful proving ground for other London-listed E&P companies, among them Burren Energy, with its successful Burun project in Turkmenistan, and PetroKazakhstan, with its drillbit-to-refinery business. As always, however, the key to success here is keeping a lid on costs, avoiding debilitating legal wrangles and securing access to export routes

is that you wilbs on the "other side" with another digit on your name?
dexter

dexter,
diss isnt on the other side, its in norfolk!! Yea, its me. I keep reading through all them posts but its got a joke now.
wilbs

wilbs,
The trouble is, when you start reading them they become addictive!, i`m pleased with the movement today as there is`nt too much profit-taking so i think now it will move steadily north until the next RNS and then, if + another jump IMO. A little stock to watch could be MOI, mrket cap. 7.7m with an order book of 10m. they`ve made aquisitions and reorganised the business and IMO is worth keeping an eye on.
Dexter

dexter,
I know what you mean. I keep reading them just incase there is a bit of news but there never is.Its right what they are saying about the mm's need the stock and that is why we have not had a huge increase in the sp. Investors know the potential of this company and are prepared to hold on.All IMHO of course!!
Are you still watching pet? I will not bother now, there is more potential with other companies than pet.
wilbs

wilbs,
I`m keeping an eye just in case they get one, but the longer it drags on the less likely IMO, apparently Dome got a feasibility study on S & L, and the developement is contract is after the elections now.Last year i was too focused on PET and missed several co`s. that could have made me plenty ie. AEN, PCI(from 7p ish to the high)and MXC. although i did make on PET, but was it worth the sleepless nights?
Dexter

dexter,
IMHO, even if they get one contract I dont think we will see the highs of 160p again. To me the momentum has gone now. It wasnt worth the sleepless nights, there is more opps out there.Im in 4 good ones. COP,CSH,SEO,PAF and they are all doing well.
wilbs

Forgot BFC!!
wilbs

wilbs,
what`s the deal with COP ?, i can`t logic any reason for the rise, is`nt it a bit like PET, ie mainly hype ?. please enlighten me.
dexter

dexter,
I wish I knew!! The only news I have found is that a number of major oil companies have expressed their interest in COP's
namibian prospects and also the chinese. I bought into them at 27.5p so I am showing a good profit. If the sp goes down I will topslice but am happy to hold.If I find another good one then I may sell. Over on the other side they are talking of 100p+. I can't understand why it keeps rising every day on speculation.At least COP have contracts unlike pet.
wilbs

A little light reading from a website I found in relation to Oil in the Caspian sea. Which is more connected to CSH rather that COP


"The United States currently imports 51 percent of its crude oil—19.5 million barrels daily. The Energy Information Administration estimates that by 2020, the United States will import 64 percent of its crude—25.8 million barrels per day.1 The United States buys much of its oil from Ven-ezuela and the Persian Gulf; Europe buys from the Persian Gulf and the North Sea. For years Europe has bought natural gas from the Soviet Union and Russia, but Eurasian oil has made limited inroads into the European market. This may change. The Caspian Sea appears to be sitting on yet another sea—a sea of hydrocarbons. Western oilmen flocking to the area have signed multibillion-dollar deals. US firms are well-represented in the negotiations, and where US business goes, US national interests follow.


Well-dressed urbanites pass stores with signs in Russian, English and Azeri in downtown Baku.

The Caspian Sea basin has long been a source of oil and natural gas. The fire-worshipping Zoroastrian religion was founded on the western shores of the Caspian as Zoroastrians built temples around local pillars of fire fed by escaping natural gas. The two great pre-World War I oil fields were in Texas and the Caspian Sea region of Imperial Russia. After the war, when civil war raged between Russian Whites and Reds, British forces landed in Batumi in a failed attempt to influence the future of Caspian Sea oil. During World War II, Adolph Hitler launched Operation Blau to capture the Caspian Sea oil fields.

Now that the Soviet Union has dissolved, Caspian Sea oil draws international attention once again. Western oil companies, hoping to find new reserves at a reasonable cost, have cut deals with Azerbaijan, Kazakhstan, Turkmenistan and Russia. Caspian region oil reserves might be the third largest in the world (following Western Siberia and the Persian Gulf) and, within the next 15 to 20 years, may be large enough to offset Persian Gulf oil. Caspian Sea oil and gas are not the only hydrocarbon deposits in the region. Turkmenistan's Karakum Desert holds the world's third largest gas reserves—three trillion cubic meters—and has six billion barrels of estimated oil reserves.2 Other oil fields in adjacent Uzbekistan, Tajikistan and Kyrgyzstan further increase the known reserves of cheap energy available to oil-dependent economies and are drawing outside investors.

The presence of these oil reserves and the possibility of their export raises new strategic concerns for the United States and other Western industrial powers. As oil companies build oil pipelines from the Caucasus and Central Asia to supply Japan and the West, these strategic concerns gain military implications. The dominant role of the Middle East energy supply may be offset by new suppliers operating from an even less mature and stable environment. The uninterrupted supply of oil to global markets will continue to be a key factor in international stability.

Various political, economic, sovereignty, military and cultural issues could threaten uninterrupted delivery of oil from the Caspian region. Should the United States continue to play a vigorous role in supporting regional stability, US Armed Forces will need to understand the political, economic and cultural dynamics, as well as US interests in this region where Western oil companies already have signed contracts potentially worth more than $100 billion. Hopefully, US forces will be spared future regional presence beyond advisory and assistance roles since effective military presence would require basing rights and significant investment to develop theater infrastructure and establish forward supply and staging areas.
During the Soviet era, Soviet oilmen extracted Caspian Sea oil mainly for use within the Soviet Union and Warsaw Pact. The known Soviet Caspian Sea oil sites had been producing for a century and were nearing depletion. Soviet oil exploration and exploitation concentrated on sites that were more geographically and technologically accessible. However, recent surveys reveal oil reserves in the Caspian Sea that could significantly boost the economies of its five bordering states—Russia, Azerbaijan, Iran, Turkmenistan and Kazakhstan.
But it takes money to make money; in this case, money to exploit the difficult-to-reach deposits, money to remove the hydrosulfuric and mercaptan contaminates from the east shore oil, money to deal with the region's high geopressures, money to repressurize some of the prematurely abandoned fields and money to move oil to the consumer. Since the Soviet Union did not develop advanced technological solutions to these problems, Western money and technology are now key to exploiting energy in the region. Predictions abound and most are probably overstated. Still, if Western oil companies are able to begin producing oil from fields in the Caspian Sea, Central Asia and Russia, almost five million barrels of oil per day could be pumped from these fields into the open market by 2010.

More than 40 upstream projects in Kazakhstan and Azerbaijan involve 11 US companies, 24 other Western companies and two Russian companies. The total value of these projects exceeds $100 billion. Companies such as Exxon, Amoco, Mobil and Chevron were negotiating additional contracts in the region and were involved in upstream exploration and production projects as well as various downstream activities—pipeline development, infrastructure development, and environmental restoration and repair. Oil profits represent the likely major revenue for the countries of the Trans-caucasus and Central Asia for the next 15 to 20 years. Oil revenue could also attract other Western business to the region, which should help develop infrastructure and diversify their economic base. US oil companies, smaller oil support and service companies, and engineering and environmental firms would benefit initially, but secondary industry attracted by the region's economic potential could also benefit.

Now if that captured your imagination lets hope COP and CSH have a gusher of a day tomorrow.
Read somewhere OPEC 400,000 bpd short of their quota - a nice hole to fill with some positive FLOW - (sorry for the pun)

Thanks for the bed time reading bankone!! I am in CSH & COP so I agree with you, lets hope tomorrow brings another great day. I cant see how long COP can keep going up on the basis of no news. Surely the sp will drop if no RNS is not announced in the next week?
CSH on the other hand is different, they have the oil and when the rest of the wells are drilled and if they strike gold(oil) then the sky is the limit? I think we will see many updates from CSH over the coming months. Unlike pet who's sp went up on hope without even bringing a drop of the black stuff to the surface.

wilbs

Todays press round up.

Oil explorer CASPIAN HOLDINGS, which is set to export from Kazakhstan. gushed 12p to 47.5.

http://www.thesun.co.uk/article/0,,9-2005041375,00.html


Caspian Holdings soared 12p to 47p. The oil and gas exploration company confirmed high-quality oil production from its Zhengeldy field in Kazakhstan.


http://www.thisismoney.co.uk/investing-and-markets/tips-and-tactics/article.html?in_article_id=397470&in_page_id=23

wilbs

Just a bit of background info. on the area, a little old but still very relevant IMO.
Dexter

OIL
Kazakhstan is the second largest oil producer among former Soviet republics after Russia, with output of 693,000 bbl/d in 2000. Almost half of Kazakh oil production comes from three large onshore fields: Tengiz, Uzen, and Karachaganak. Kazakhstan has been eager to tap its production potential of over 3 million bbl/d, and former Prime Minister Nurlan Balgimbayev (now the head of Kazakhoil) has estimated that Kazakhstan could earn $700 billion in revenues (including taxes) from offshore oil and gas fields over the next 40 years.

Kazakhstan sits astride the northeast portion of the Caspian Sea and claims most of the Sea's biggest known oil fields. Kazakhstan's combined onshore and offshore proven hydrocarbon reserves have been estimated to be between 9 and 17.6 billion barrels (comparable to OPEC members Algeria on the low end and Qatar on the high end). Although only a minor world oil exporter in 2002, Kazakhstan is poised to become a more significant player in world oil markets over the next decade.

Kazakhstan produced approximately 939,000 barrels per day (bbl/d) of total liquids in 2002 and consumed only 140,000 bbl/d, resulting in net exports of
799,000 bbl/d. Markets for exported Kazakhstani oil are growing rapidly, with oil being delivered to world markets through the Black Sea (via Russia) and the Persian Gulf (via swaps with Iran), as well as some additional traffic northward to Russia via pipeline and rail.

In order to develop its production, Kazakhstan has opened its resources to development by foreign companies. International oil projects have taken the form of joint ventures, production sharing agreements (PSAs), and exploration/field concessions. By far, the largest of these is the Tengizchevroil joint venture. In April 1993, Chevron concluded the $20-billion Tengizchevroil joint venture to develop the Tengiz oil field, with 6 to 9 billion barrels of estimated oil reserves. The Tengizchevroil joint venture produced 190,000 bbl/d in 1999, and production could increase to 340,000 bbl/d by 2002. Given adequate export outlets, the Tengizchevroil joint venture could reach peak production of 750,000 bbl/d by 2010.

Hi dexter,
great post above, very informative. I see on the csh thread over the other side, they are talking about vog. Have you any thoughts on them? I got out of cop with a 74% gain. After some research I bought into kmr. Looks a good company and a good punt. I am thinking about going into vog. May see if the price comes down first.
wilbs

wilbs,
Well done on your profit from COP,it was a bit of a shock to see it plummetquite so much!,i`ve been watching VOG from day one and been tempted, but at the time had all my dosh in PET. I think they have great potential , but like you, i`m waiting for them to drop a bit or wait on positive news. I don`t know much about KMR, apart from they are on a good run at the moment.

Two new co`s., PWC and MOP, i`m just looking at the score with them, the way things are in the natural resouces sector either could have a run !.

Found this on the other side, apparently equates to 504mbpd.
******************************************************************
28.01.2005 Kazakhstan plans to extract 63 million tons of oil this year


Kazakhstan today

Kazakhstan plans to extract 62-63 million tons of oil this year 2005. Vladimir Shkolnik, minister of energy and mineral resources of RK, has stated this today, January 28, in Astana after a meeting with the parliament's senate deputies, KZ-today correspondent reports.

V. Shkolnik has explained that in 2005 the small oil production volume was defined "taking into consideration real plans of the companies."

Currently, the minister has observed, "the confirmed oil reserves of RK equal 30 billion barrels. The republic is among the top 15 on the confirmed reserves." "We hope that during the development of the Caspian shelf our reserves can reach 70 billion barrels and we will enter the top ten," - he has stressed.

dexter,
I was happy with my profit from cop. I thought the market would of reacted in a positive way to the news, imho it was good for cop. The sp had an early mark up with trades going through before 8am & the price went upto 60p, I thought here we go, then it went the other way. I hung on a bit then decided to get out, glad I did. I like the sound of vog. It could be another cop in the terms of the sp going up? What are your views?
KMR will come good IMHO but prob over a longer period that I expected as they are not going to start production of the titanium until the final quarter of 2006!! Its a bit too long for me as I dont like to hold on for too long. I learned from pet. I have heard that they maybe a poss takeover target. If I see a profit I will take it. I had a look at MOP will hang on and see what happens there.
Back to csh, do you know of what the next poss news from them will be? An update on their current well or news on the others that they will start drilling? It is prob on the other side but I get fedup reading all them posts.

wilbs

wilbs,
have you looked at their websitehttp://www.victoriaoilandgas.com
dexter

dexter,
I have looked at the website, quite informative. I want to buy but will hang on. I just topped up csh with another 5k shares, I couldnt help myself!!!
wilbs

wilbs,
I asked on the other side re;news timescale , the from answer, from alvin123, is below.
Dexter
ps. i see GOO is on a run
dexter01 - 28 Jan'05 - 13:24 - 2127 of 2128

could be very soon on the next wells they are drilling but
i would expect in the next 4 weeks or before..

where waiting on wells, news results march, new facality`s
will be finished by may, in 4-6 weeks ther`ll be taking the
oil out of the ground when the temprature rises and whilst
this is all happening and more to speak the expantion on the field
is imminent because they can turn wells around so quick within
3-4 weeks it certainly wont take them long to drill the pants out
of that 1.5 sq kilometers of field and i do also believe that
1.5 sq kilometers is not that big if they want to increse the
field 20 fold..

this then can only lead me to the asumption that the drilling programme
on all the wells are to batter this field,what i mean to say all
these wells they are drilling now are all targeted for autmn 2005

and i believe they will have no where else left to drill after these
wells are complete,hence they are negotiating the fields i do know
this also this is also a proven part of the area aswell

hope this helps..

dexter,
thanks for that. I just had a quick look over the other side & this was the last post.

news could come at anytime, especially regarding the expansion. but as they are still waiting for the weather to warm up, i think it could be april/may before we get the updates on flow rates. by this time they will also have drilled another 3 wells and 50p will be a distant memory.

whats going on with goo? I looked at them a while back but left them on the back burner. Its like playing enie meanie miny mo(think that how its spelt) with all these oil stocks.

wilbs

wilbs,
christ knows what it is with GOO, i did think it was about due for a run but getting the timing right,well it beats me!!. I think it`s probably too late to get in on this run.......says he as it doubles!!. GOO doesseem to have gone up on relatively low vol., it could be the mm`s second guessing which one to hike after the drop of COP this morning, once again it looks like they`ve made a killing!!
dexter

dexter,
I just looked on the other side and from what I can understand there may be news of their jungle block or they have plans to develop a petrochemical plant in Northern Peru, so a fund raising may be on the cards.
I am tempted.
Oh what to do!!!
wilbs

CSH. comdirect
max buy 25k
max sell 75k
@ 3.15pm

Ok it looks like the prospects are good but I have a question
if anyone can answer it for me..

If you pop a chart up for the last few years or an 'all-data' chart
on this company it shows a hefty share price, a real landslide and
then the price at the levels it is at now.......question is
Was it listed before and de-listed and came back on AIM in Nov?

stockbunny,
I put an all data chart on ft.com and it only shows from Oct. 04, can you paste your chart?. If that is the case, does it matter?, surely we have to look at it now .
Dexter

Ive just jumped into goo. Only bought 18,443 @ 6.43p. Only having a small punt. You never know.
wilbs

wilbs,
Have a look at AST, mm`s just dropped the sp 1p (18.18%) on nil vol., might be trying to entice some buying.Good luck with GOO.
Dexter

Cheers dexter,
Im runing out of funds today! I will look as AST. Hope goo will come good, done a bit of research and the jungle block.
wilbs

stockbunny,
CSH was the epic for Collins Stewart, they are not connected.
Dexter

If that is the case I suggest you speak to AM as this chart
looks pretty horrible on face value - as you can see it is coming up
as Caspian.

dexter,
I had a quick scout on the other side and apparently ast are hard to trade, hence no volume. The shares were suspended last year pending an announcment. The highest they have been is 8p. I will give that one a miss I think.
wilbs

stockbunny,
I think that chart must be wrong,read the following, it should clear it up.When i put in for an all data chart on the other side it onlt gives from Oct/Nov 2004.

Dexter

Caspian Holdings Plc (Caspian or the Company), the shallow field oil and gas exploration and production company focused on Kazakhstan, announces its intention to float on AIM in early November 2004. Hoodless Brennan & Partners plc is acting as broker and Grant Thornton Corporate Finance is acting as nominated adviser for the Placing in which Caspian has raised just over 4m, at 23p giving the Company a market cap of approximately 18.9m.
Caspian was incorporated in May 2003 for the purpose pursuing oil and gas developments around the Caspian Sea and most specifically Kazakhstan. Caspians entry was through the acquisition of Taraz LLP (Taraz), an operating company that owns the licences, leases and other assets that comprise the Zhengeldy oil field in Kazakhstan. Caspian currently holds 70% of Taraz and has entered into contracts to acquire the remaining 30%. The Zhengeldy field has reserves of 13.2m bbls: proved reserves of 9.8m bbls and probable reserves of 3.3m bbls.
The strategy of the Company is to focus on the shallow oil fields that offer the benefits of lower exploration and development costs, shorter lead times to production and higher returns on funds invested than are possible from deeper oil deposits. Caspian acquired its share in February 2004 and initial production began in September 2004. The Zhengeldy field is being developed to support full commercial operations and the Company expects to achieve over 1400 bbls/day from its five wells. A further ten wells are planned for 2005, which is expected to bring targeted production to 4300 bbls/day.
The Zhengeldy oil fields are located just 18km from Makat, the central gathering and oil treatment stations for the international transit pipeline. In the short term, oil will be trucked to Makat for initial processing and storage, before entry into the pipeline.
A proportion of the funds raised will be used to increase production at Zhengeldy and pursue other shallow field development in Kazakhstan and the area around the Caspian Sea.
Caspians management team has extensive experience of oil exploration and development, as well as project management and resource financing. Executive Chairman Michael Masterman is currently President of Northsun Italia SpA and was previously with Anaconda Nickel, as Executive Director, where he gained substantial experience in negotiation and capital raising. Dietmar Greil, Chief Operating Officer, has over 20 years experience in oilfield engineering and spent 15 years operating in the former USSR. He is a specialist reservoir engineer and has been head of reservoir management at both Statoil and Chevron. Mr Greil, through a private company Roscor International was one of the first entrants into the Soviet Union Oil and Gas industry in the early 1990s.
The Board is supported by two non-executive directors, UK-based Michael Garland brings 10 years experience in the oil and gas industries, with Star Energy and Tullow Oil and Malcolm James with over 15 years resource sector experience who is also non-executive director of Eureka Mining plc.
The Caspian team also benefits from having retained the services of the Taraz Chief Executive Officer, Igor Borissov, and the Taraz Technical Director, Bolat Akhmetov. They bring substantial experience of operating in Kazakhstan as well as drilling and exploration experience.
Michael Masterman, Executive Chairman of Caspian, comments, Our team has been delighted with the speed at which we have brought our initial wells into production and we firmly believe we have a development model that can bring similarly quick returns from other assets in the Zhengeldy field.
The Placing will provide us with the additional capital we require to press ahead with our strategy and the AIM listing will allow other investors to share in our already proven success.
Kazakhstan is rich in natural resources, including oil and gas. It is rapidly growing in stature as an oil-producing region, with significant reserves both on- and off-shore. The government is actively encouraging foreign investment with political and monetary reforms.
~ Ends ~

For further information, please contact:

Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Bill Sharp Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7510 8560 +44 (0)20 7493 3713

Caspian Holdings plc - Directors
Name Role
Michael George Masterman (Executive Chairman)
Dietmar Greil (Chief Operating Officer)
Michael Victor Garland (Non Executive Director)
Malcolm Raymond Scott James (Non Executive Director)

Have a look on the comdirect website and it will show you the real chart. Money am have got it wrong!!
wilbs

Thing is Dexter if people on this board read this thread they
are likely to put up a chart on THIS site not ADVFN - so if
it's wrong - that chart coming up on this site - it's worth pointing
it out - but I'll leave it with you.

Errr........

CSH used to belong to another Company, Collins and Stewart Holdings PLC.

Hence the graph.

That information refers to them and not Caspian.

It was unlisted way back when, and the CSH epic was given to Caspian Holding in November when they floated.

That answers that, any previous reference to Caspian prior to floatation does not exist.

Hope that helps.

thanks for that sww.
dexter

dexter01 - I am a recent follower, albeit not an investor, but only because I could not buy any.

I am watching this to see what occurs and will probably have some if they drop a bit more.

All the best, I usually like your posts here and elsewhere..

Morning all,
Well, another blue start!, i can only see this on a steady increase now as we are due a steady newsflow with all these new wells and increased exploration. Just work out 8-10% increase weekly until the interims in march!, not out of the question at all, and with so few shares with PI`s there is going to be a shortage of stock. Just a reminder of the share distribution:
**************************

Out of 83.84m shares.
2 Directors M Griel & M Masterman hold 23.5m.
John Kahlbetzer 7.35m
John Dieter Kahlbetzer 5.54m
Beronia Investments 7.40m
Lauri Macri 5.8m
Rab Capital ? 1.7%
Hoodless ? 1.77%
Gartmore Inst clients ? 1.97%
Arci Pty ltd 3.73m 4.45%

That equals about 57.5m shares held by directors and institutions plus 2m by the Consultants = 59m roughly so 24.5m amongst private investors

*******************************
For any newcomers who have`nt seen the prospects, see below.

NEWS 21st January 2005
Commercial Oil Discovered in first 3 post IPO Wells

Further to the announcement on 29 November 2004, Caspian Holdings Plc (AIM:
CSH), the oil and gas exploration and development company which focuses on
Kazakhstan and the Caspian sea, has successfully drilled and brought into
production the first three wells in a seven well programme.

Each of the new wells - 114, 112 and 111 and the previously drilled 113
discovered and confirmed commercial oil reserves in the Jurassic level. Key
results are set out below:

Well 113 (pre IPO)
* Depth 630 metres
* Completed Aug 04
* Oil pay 13 meters
* 3 Levels: 308-302 m, 347-344 m, 271-267 m
Well 114
* Depth 600 metres
* Completed Nov 04
* Oil pay 9 meters
* 2 Levels: 348-354 m, 271-274 m
Well 112
* Depth 400 metres
* Completed Dec 04
* Oil pay 16 meters
* 2 Levels: 229-233m, 299-311 m
Well 111
* Depth 400 metres
* Completed Jan 05
* Oil pay 13 meters
* 4 Levels: 211-212 m, 219-220 m, 225-233 m, 303-306 m

RNS 26 January 2005 CASPIAN HOLDINGS PLC

Confirms high quality oil production at Zhengeldy and commences Export Facility Construction. The company has also commenced construction of its processing and export storage facility at the "Makatmunaigas", a division of national oil and gas company KazMunaiGas at the Eastern Makat 30km from Zhengeldy field.

Just seen this on another bb: apparently not from caspian, but another co. in the area.
Dexter

transportation infrastructure. Management believes that the Company is
strategically well placed to serve its existing markets, and that the proposed
pipeline linking Kazakhstan with China, announced in May 2004 will, if
completed, provide improved access from Kazakhstan to the potential Chinese
market.

The Caspian Basin has one of the world's largest hydrocarbon reserves. The
extraction, production and transportation of oil and gas are a significant part
of the Kazakh economy. Kazakhstan has explored reserves of approximately 28
billion barrels of oil and condensate. Kazakhstan is not a member of OPEC.

This is a follow on from the above, although the name is spelt wrong,



Kashagan will be second largest in the world. The field is so big that new pipelines will be required to deliver the oil to western markets. A neighbouring onshore field is producing 271,000 barrels a day, making it the fifth largest in the world. This oil is feeding into existing pipelines running to the Black Sea port of Novorossiisk from where it is exported in tankers.

this is where were working could be the secon largest in the world
wuth a neighbouring fild already pumping out 271,000bpd

question..
would we be able to use other peoples pipelines??
for a fee ofcourse..

this can only suggest there is a heck of alot of oil here..

This is taken from the other side from a well respected poster who puts in a lot of research.
Dexter

ASSET VALUATION

OK, lets start by responding to a deramper comment of last week that went something like, share price is not about valuation, its about demand and supply. That comment can be true in an over-excited marketplace where a share gets ahead of itself and the share price is not underpinned by true company valuation. However, the converse is true with CSH. The asset value is significantly ahead of the share price. The suppressed position is largely as a result of the company (until 10 days ago at least) being one of the best kept secrets on the stock market.

I cant say Im an expert oiler. I do however believe business principles apply regardless of asset. To simplify the Zengeldy position I use the housing market as a simple analogy. A housing developer buys a parcel of land. If it transpires that the number of houses that that developer can get on that parcel of land increases with no detrimental affect on valuation, the profit generated, or the value of that parcel of land increases. Equally, if the housing market moves, and the selling price of the houses increases, then the resultant profit, and again, the value of that parcel of land increases.

This brings me to Zengeldy, the Ecopetrol estimate, and asset valuation.

Ecopetrol, the company that prepared the Competent Persons Report for the Prospectus, estimated a technical value range for the asset at between $25m and $100m. These figures exclude any fixed assets. They go on to refine their valuation as being in the order of $50m to $75m.

Reading behind these numbers, Ecopetrol define the minimum value of the asset stating if the property is purchased, then the purchase price is the minimum value assigned to that property by the purchaser. We are well beyond this stage. I have not considered the $100m valuation, since any comment made would lose credibility. I want to be as realistic as possible.

That then leaves the range of valuations between $50m and $75. I believe from drilling reports to date, from the fact that pay zones are greater than anticipated, and from strike rates, that we are at the top end of expectations. I would like to base the following therefore on an asset valuation of $75m.

However, for those cynical ones amongst us, Ill start with $50m since it sets a scene.

At $50m technical value and an exchange rate of $1.89 to the pound (todays rate) and with 78.4m shares in circulation, that provides a value of asset per share of 34p. The company also has cash in hand of 4.4m, and presumably other assets. I have assumed these other assets to be minimal and have taken cash per share therefore at 6p. This gives a value of 40p per share.

Now, take a technical value of $75m and adopt the same perameters as above. This results in a value per share including cash of 57p.

AND THE UPSIDES?

Take a look initially at the Ecopetrol basis of valuation. They state an oil price from the official BRENT (US$38/bbl) July 15 2004 has been assumed, and discounted to US$28.50

The first major change is that oil quality has been discovered to be WTI quality, which at present trades at $2.40 a barrel more than BRENT.

Lets ignore the oil price position for the time being and just look at this quality issue. Arguably, this should be easier to extract and therefore there should be a saving on production costs. I have ignored this saving. The price premium however, is all bottom line. The company will have a 30% Corporation Tax bill to pay, but that is it. The result is an additional $1.68 per barrel straight to bottom line.

Now consider the original basis for valuation. All valuations are a product of profit. If the field were not generating profit, it would have no value. Now, lets assume that the valuation is based upon 9.8m barrels of oil actually generated. It is safer to use this lower figure since the higher production may give a distorted end result.

At 9.8m barrels total, and a valuation of $75m, this would suggest that the profit per barrel in arriving at this
valuation is $7.65. If this is being increased by $1.68 due to better quality oil being found, then the resultant increase in profit and therefore valuation is 22%. If the $75m is based upon a 13.2m barrel total delivery, then the profit per barrel will be $5.68, and the resultant increase in asset value 30%.

Lets ignore the $28.50 assumption at this stage, and consider the impact of the above.

Take the $50m valuation which equates to 34p per share. Uplift this by 22% and add 6p for cash and incidentals. Asset value per share equates to 47.5p.

Take the $75m valuation, uplift for oil quality and add cash and incidentals, and you arrive at an asset value per share of 68p.

WHATS NOT INCLUDED?

I dont believe I can be accused of ramping with any of the above.

Lets look at the upsides on the asset valuation. If we were talking of a property company, this asset approach would be a dangerous one, since until recently, many have traded at a discount to net asset value. This is not the case for oilers.

The company is new to the market and will develop a reputation. It isnt there yet, but a few more positive RNSs and this will trade at a premium to net asset value on potential upside alone.

The oil price assumed in my calculations above is on the basis of an average across the 8 year extraction term of $28.50 Brent plus a $2.40 Texas Intermediate weighting resulting in $30.90 a barrel. Lord Brown of BP states that the days of the sub-$30 barrel are gone. It will be interesting to see BP accounts shortly, or indeed examine some of the other major oilers to establish how they are now valuing their asset base moving forward. CSH will certainly be seeking to revalue their own asset since this will have a major affect on their virgin accounts and their standing in moving forward. I have a suspicion that the Ecopetrol estimate was used in purchase negotiations (although this is completely unfounded), and that CSH will be looking to re-establish asset value and reserve base by March. I am fully expecting a company re-rating at this time.

Estimates of reserves are not yet confirmed. From information provided to date however, signs are more than encouraging, and it is likely that the Ecopetrol assumptions were conservative. This again, will result in a reappraisal of the asset value and consequently, the company share price.

The extension area negotiations are I suggest in an advanced stage and news is awaited. This is not factored into the valuations above, which are trading at a discount to asset value. With the potential upsides that this will offer the company, this will bring a large premium to share price when it happens.

wilbs,
do you listen to virgin radio?, if you know any good jokes there is 25k up for grabs. check there website www.virginrado.co.uk

dexter,
The best joke I know is Petrel Resources!!

I listen to virgin sometimes but Radio 2 is my main choice.I may have a go, the web is full of great jokes.
Have you entered?
wilbs

wilbs,
Very cutting!!,yes i have and i`ll probably enter a few via text as well. I was lucky enough to win a holiday to Beverly Hills 2yrs ago and they did`nt skimp on luxury, with dinner thrown in at the Beverly Hills Hotel, trouble is it spoils you!!.
dexter

dexter,
Blimey!! Beverly hills eh. Thats where I was planning to retire on my profits from PET but I guess Diss will have to do. Ive not had a hol for 10 years ang that was when I lived in spain. Think I better treat myself. I am currently doing some research on a few companies I think may have some great potential over the next few years. I would like your opinion, I may start a new thread on them or just post on one you frequently use.
Oh well, back to the hotel Diss for my egg and chips!!
wilbs

wilbs,
i won`t depress you with my other radio wins then!. i would like to see what other companies you are researching, and i will do likewise.
dexter

dexter,
cheers. I dont usualy hold for long term but I think this is the way forward and will be happy to hold for long term. Gotta think of old age!! Better cook my egg and chips now. I treated myself to a bit of ham to have with them. Can't wait!!
wilbs

Beverely hills billys, crude, black gold i mean. TV oldie remember?

With a shortage of shares the MM's might start to play they games.

aldwikk,
Texas teade!
The mm's are desperate for are shares. IMHO I think the next few weeks will be good for CSH. News must be round the corner and the share price will rise. I hope the mm's loose out big time. That will teach em!!
Anyway, my ham, egg & chips are ready so gonna tuck in.
wilbs

A couple of posts from the other side, they make interesting reading,
Dexter
*******************************************

Bit of background stuff about Kazhakstan, intersting final parapraph

"EBRD chief urges Kazakhstan to diversify economy and join WTO

Wednesday December 8th, 2004 - The president of Europe's development bank on Wednesday urged the government of oil-rich Kazakhstan to work toward diversifying the economy, ensuring further growth and accession to the World Trade Organization.

"Our very strong view is that the stress must be put on the diversification of the economy," said Jean Lemierre, president of the European Bank for Reconstruction and Development, or EBRD.

Kazakhstan is one of the most economically advanced former Soviet republics in Central Asia. But its economy depends heavily on extracting raw materials, with most investment concentrated in its oil and gas sector.

Lemierre said Kazakhstan must develop non-energy branches of its economy and maintain openness to investors if it wants to be part of the global economy.

"WTO is an element of openness. It's part of the (investment climate) picture," Lemierre told reporters. "WTO must be ... on the road map of Kazakhstan. It's clear that some reforms must be driven by this target to make sure it's a success."

The WTO regulates international trade rules.
Lemierre also said that, at his expected meeting with President Nursultan Nazarbayev on Thursday, he would raise a question about a new Kazakh law adopted last month giving the Kazakh government priority in buying stakes in the country's energy projects.

Observers see the move as part of effort to increase the national oil company KazMunaiGaz's participation in Kazhakstan's oil and gas sector, and to elbow out the foreign investors that now dominate it.

The EBRD has invested about US$320 million (240 million) in Kazakhstan this year, and is planning to put in at least the same amount next year, Lemierre said.

Lemierre on Wednesday also signed deals with the Kazakh CentreCredit and ATF banks to lend US$10 million (7.5 million) to each to develop small and medium-sized businesses.
Kazakhstan produces about 1,000 barrels of oil a day, aiming to triple output in the next two decades to become one of the world's top five oil exporters."

********************************************

From the CIA's website (really!)

http://www.cia.gov/cia/publications/factbook/geos/kz.html

Economy - overview:
Kazakhstan, the largest of the former Soviet republics in territory, excluding Russia, possesses enormous fossil fuel reserves as well as plentiful supplies of other minerals and metals. It also is a large agricultural - livestock and grain - producer. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources and also on a growing machine-building sector specializing in construction equipment, tractors, agricultural machinery, and some defense items.

The breakup of the USSR in December 1991 and the collapse in demand for Kazakhstan's traditional heavy industry products resulted in a short-term contraction of the economy, with the steepest annual decline occurring in 1994. In 1995-97, the pace of the government program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. Kazakhstan enjoyed double-digit growth in 2000-01 - and a solid 9.5% in 2002 - thanks largely to its booming energy sector, but also to economic reform, good harvests, and foreign investment.

The opening of the Caspian Consortium pipeline in 2001, from western Kazakhstan's Tengiz oilfield to the Black Sea, substantially raised export capacity. The country has embarked upon an industrial policy designed to diversify the economy away from overdependence on the oil sector, by developing light industry. Additionally, the policy aims to reduce the influence of foreign investment and foreign personnel; the government has engaged in several disputes with foreign oil companies over the terms of production agreements, and tensions continue.


Mentions the Governments potential intervention again!

Siskinbird - 1 Feb'05 - 11:09 - 81 of 105


JTK

From the CIA's website (really!)

http://www.cia.gov/cia/publications/factbook/geos/kz.html

Economy - overview:
Kazakhstan, the largest of the former Soviet republics in territory, excluding Russia, possesses enormous fossil fuel reserves as well as plentiful supplies of other minerals and metals. It also is a large agricultural - livestock and grain - producer. Kazakhstan's industrial sector rests on the extraction and processing of these natural resources and also on a growing machine-building sector specializing in construction equipment, tractors, agricultural machinery, and some defense items.

The breakup of the USSR in December 1991 and the collapse in demand for Kazakhstan's traditional heavy industry products resulted in a short-term contraction of the economy, with the steepest annual decline occurring in 1994. In 1995-97, the pace of the government program of economic reform and privatization quickened, resulting in a substantial shifting of assets into the private sector. Kazakhstan enjoyed double-digit growth in 2000-01 - and a solid 9.5% in 2002 - thanks largely to its booming energy sector, but also to economic reform, good harvests, and foreign investment.

The opening of the Caspian Consortium pipeline in 2001, from western Kazakhstan's Tengiz oilfield to the Black Sea, substantially raised export capacity. The country has embarked upon an industrial policy designed to diversify the economy away from overdependence on the oil sector, by developing light industry. Additionally, the policy aims to reduce the influence of foreign investment and foreign personnel; the government has engaged in several disputes with foreign oil companies over the terms of production agreements, and tensions continue.


Mentions the Governments potential intervention again!

From UK Analyst Tuesday 1 February 2005:

Buy Caspian Energy at 46p
Suggests Stewart Dalby of Oilbarrel.com
We wrote last November that although the market seemed to love pure exploration plays but perhaps investors should look at oil development development companies.

Caspian Holdings floated on London's Alternative Investment Market (AIM) on the 4th November 2004 raising 4.4 million pounds before expenses and giving the Company a market capitalisation of 19.4 million at the strike price of 23p.

The Company is different to some of the crop of companies which have floated on AIM in that it is not promoting itself on the basis of possible huge exploration upside. The strategy of the Company has been to focus on shallow oilfields that combine the benefits of lower exploration and development costs, a shorter lead-time to production and higher returns on funds invested as compared to deeper targets that are traditionally targeted by the major oil companies.

This strategy has led Caspian to identify and acquire existing production in the form of the Zhengeldy oilfield in Kazakhstan. The Company plans to quickly develop and bring Zhengeldy into full production.

Thereafter, the Company will focus on identifying and acquiring similar type assets within the greater FSU region and Europe, particularly where synergies exist. In February 2004 the Company agreed to acquire a 70 per cent interest in Taraz LLP - the operating company that directly or indirectly owns the licences, leases and other assets that comprises the Zhengeldy oilfield. On September 1, 2004 Caspian Holdings entered into binding agreements to acquire the 30 per cent interest in the field.

The Zhengeldy salt dome was discovered in the 1930s and parts of the field were brought into production in the 1940s. Output was later stopped because of the small amount of oil production and the lack of infrastructure to transport the oil.

In the past six months an independent surveyors report has upgraded the proven and probable reserves from 4 million barrels to 13.2 million barrels of low sulphur (0.31 per cent). The estimate was based on the Z5 well, which was drilled to a depth of 718 metres. The well tested oil in the deeper Triassic layers. Other layers are Aptian, Necocomian Jurassic and Triassic I + II. It is believed there is scope to extend the reserve base by extending the lease area from 1.5 sq kms to approximately 30 sq kms.

Kazakhstan is one of the hottest oil provinces in the world. The Kashagan oilfield offshore in the Caspian Sea could have 40 billion barrels, which would make it one of the largest fields anywhere. The Tengiz field onshore can produce 1 million barrels of oil a day making it one the largest. Kazakhstan is vast (it is the size of Australia). It also borders the landlocked Caspian Sea. In the past, the large independent producers in Kazakhstan have been hampered by high transport costs and lack of infrastructure.

Caspian Holdings intends to show smaller companies can flourish in Kazakhstan. Two factors stand out. First, it is a shallow oil producer, which means the cost of wells is relatively cheap. The Company reckons it will cost US$350,000 to drill a well. Moreover the operating cost or lifting cost will be US$2.3 per barrel.

On the basis of five wells to be drilled in 2004 and 10 in 2005 Caspian is targeting 1,400 barrels per day by the end of 2004 / early 2005 and 4,300 bpd by the end of 2005, with each well producing an average of 288 bpd.

Second, Caspian Holdings is strategically well located. It is just north of the giant Tengiz oilfield. There is a 750 kms pipeline between Tengiz by way of Atyrau on the Caspian Sea which will become a 1,500 kms pipeline to Novorossiik on the Black Sea. This is run by the Caspian Pipeline Company. Zhengeldy is just 18 kms from Makat, the central loading storage depot for this and other pipelines. Alternatively there is transport by train. The field is 180 kms from Atyrau, from where it can be shipped across the Caspian. Pipeline processing and sales cost were put at US$9.50 a barrel in September 2004.

What the company needed was some news flow and now we have got that Despite some appalling weather three wells have been drilled and Caspian has started on the on the first of four new wells in its programme which should be completed by the end of April. Caspian is aiming to produce 4,300 b/d by the end of 2005, which will make it a cash flow rich company so at 46p it is definitely a buy.

Share price: 44 - 48p

Stockmarket: AIM

Symbol: CSH

NMS: 3000

Mkt Cap: 40 million pounds

beat me to it grevis2 !!

dexter01: Good article!

grevis2,
Are you in CSH ?, if you want some good research have a look on advfn CSH thread started by jaystom. I have psted some bits on here if you look back.
Dexter
are you out there today wilbs ?

Hi dexter,
Im here, been a bit busy doing some research and setting up my new laptop. Good posts. My portfolio seems to be rather quiet today. I have also signed up to betfair.co.uk. Have you heard of it? I learned about it off the Traders BB.
Hows your day been?
wilbs

hi wilbs,
I`ve heard of betfair, is`nt it one of those betting exchanges ?, what will you use it for?.
It`s been a bit quiet today, was hoping for a spike first thing as happened the last few days.
Dexter

dexter,
Not much volume on csh today, everyone must be piling into wlw. I used to hold in wlw but got fedup with them so sold about a year ago. Wish I had of kept them cos I bought in at about 38p. Hindsight eh!!
Im not a betting man really but betfair looks pretty good. I will have a few punts on the footie & see how it goes. There is a course running on it in Feb & one of the topics is how to suceed and make a living off it. I will give anything a go once.
wilbs

Hi dexter01: Yes I have a few of these. Bought them last week. Very tempted to buy more before the next RNS. However I've been holding back until I'm convinced that profit taking has finished. Fundamentals look very good so I'll have to be careful not to miss the boat. Good luck!

wilbs, are you about?.Do you get the tips etc from uk analyst, only there is a weeks trial of level 2 etc, that`s if you don`t already subscribe!
dexter

Hi dexter,
I'm here. I get tips from uk analyst but diddn't know about the trial of level 2. I couldn't of been paying much attention!! Think I will give it a try. Have you signed up? I signed up to the free live streaming prices on Digital Look but its crap. Money am is worth the money.(hope you are reading this Ian, would like a free trial of level 2 on here!!)
I bought into cop again yesterday and got out today with a small profit and topped up with seo> Share of the year I think.
wilbs

wilbs,
how`s the new laptop ?, one that might be worth keeping an eye on today is BRP, new on AIM today, if some other newcomers are anything to go by it might be worth a quick in and out, as it were!.
dexter

cheers dexter,
I will keep an eye on it but not got much spare funds at the moment, most of it is now in seo. The laptop is good, Ive got share scope on it so ive got all the info at hand. TV commerce is due to float around the 21st feb, it should also be a good in and out.
wilbs

dexter,
do you use hoodless brennan? Have you seen their research note on csh? I have tried to paste it on here but cant cos its in pdf. If you are interested I will try and copy it on here when I have a bit more time.
wilbs

wilbs,
no i use comdirect,if you could paste it, i would be grateful,
thanks,
dexter

Here you go dexter,
you may have already seen it on another bb.




Hoodless Brennan & Partners Plc, Registered No. 2693942, St. Alphage House, 2 Fore Street, London EC2Y 5DH
AUTHORISED AND REGULATED BY THE FINANCIAL SERVICES AUTHORITY LTD (REGISTER NO 155104) MEMBERS OF THE LONDON STOCK EXCHANGE,
NASDAQ EUROPE AND OFEX
Hoodless Brennan & Partners Plc
40 MARSH WALL DOCKLANDS LONDON E14 9TP
Telephone: +44(0) 20 7538 1166 Fax: +44(0) 20 7538 1280
hbp@hoodlessbrennan.com
www.hoodlessbrennan.com
CASPIAN HOLDINGS 26.5p SPECULATIVE BUY
Broker: Hoodless Brennan & Partners Listing: London AIM
Sector: Oil & Gas Market Cap: 20.7m
Reuters: CSH.L Year High/Low: NA
Website: NA Next Results: Preliminary results, March 2005
Caspians focus on the Zhengeldy Oil Field targets a four fold rise in production based on very confident
proven reserve data. The Board are pursuing a careful strategy that could see revenues rise to US$39m in
2006.Overall the exposure to Kazakhstan comes at a very positive time for the oil sector generally.
Caspians experienced team seem to have acquired a low risk producing asset very cheaply.
To 31/6 2004 i
(Jan- June) 2004F
Turnover (k) 0 1,020
Admin Expenses (k) 207.8 600
Operating Profits (k) -207.8 -3,380
PBT (k) -206.8 -3,340
EPS (p) NA -4.25
P/E NA NA
Dividends (p) 0 0
NAV (p) -0.2 4.85
Strengths
Very strong regional infrastructure- 4m proven
barrels under licence with a risked total of 13.2m
Competent persons report has valued assets
between US$25m-US$100m based on $28 bbl
Market Cap/ 2P reserves just US$2.90 per bbl
Very positive outlook for global oil prices due to
demand from China/ Asia Pacific/ limited new
discoveries
Weaknesses
Field discovered in 1931 and brought into
production during 1941-45 however oil flow
required assistance to reach surface using old
techniques
Limited/ loss making trading record/ dependent on
exploration success above 30% level in risked
estimates
Business Background & Activities
Caspian Holdings is the 70% owner of Taraz the
operator of the Zhengeldy oil field, which comprises
shallow producing oil assets and licence interests over
1.5km. The licence, granted on May 27th 1999 runs
for 25 years expiring in May 2024. An application has
been made to extend the licence to 30km.The field is
18km from Makat, where the principal oil storage and
pipeline network is located and near large oil field at
Tengiz and Kazagen. Caspian has secured production
and export permits.
An option agreement with the Taraz vendors will
enable Caspian to buy-out the 30% minority interests
for US$621k and 1.22m new Caspian shares. Caspian
will therefore have total control over the producing
assets and be able to consolidate accounts.
The immediate objective; to expand production at the
Zhengeldy field is based on the risked reserve
estimates of 13.2m barrels at Zhengeldy- the
equivalent of 8 years of production at the target of
4,300bbls per day. These reserve estimates were
completed by Ecopetrol SRL (AGIP, Fina,
Montedison) who assigned a minimum value of
US$25m to the property valued at US$28.50 per
barrel. Ecopetrol gave a maximum value of US$100m
for the Zhengeldy assets.
Assuming the drill target is met Caspian could report
US$39m in revenues in 2006 with a net income of
US$20.4m assuming corporation tax and royalty levels
remain constant. Key to these numbers is not just
finding oil, but oil that comes to the pump, without
costly recovery techniques. A drill programme costing
US$6m will be completed using funds raised from
IPO (3.8m). 5 new wells and one workover are
planned in 2004; 10 further wells in 2005. Once these
capex costs are incurred Caspian is not expected to
incur significant further expenditure on its existing
property.
$50 oil shows a fundamental supply/ demand shift
As widely reported the surge in oil prices in 2004 has
been attributed to very tight supply/demand balance
given 20% annual Chinese demand growth and
declining production at a number of major fields.
Whilst speculative funds have sustained prices, OPEC
could struggle to meet demand forces in 2005 as well.
Activities Market Financials
Oil & gas exploration/ production in
Kazakhstan
Number of shares: 78.4m
Market Makers: 3 NMS: 3,000
Screen Size: 5,000
Bid/Offer: 25p/ 28p (11%)
NAV/Share: -0.2p
Net Gearing: nil
Op. Cash Flow: (4.4m) 2004
Strategy- expand in Kazakhstan via land projects
Kazakhstan was host to the worlds largest major
offshore oil field find in 30 years at Kashagan (40bn
barrels) in 2000. About half national production
comes from three onshore fields; Tengiz,
Karachaganak and Uzen. Caspian Sea oil reserves
(2P) are estimated at 243bn barrels. Major onshore
areas are under-explored but the Caspian Sea area
itself has been a major hydrocarbon region for 100
years. The legislation is very favourable to petroleum
exploration and export with excellent infrastructure.
Royalties of 5% of production are payable to the
state; corporation tax is 30%.
The team envisage the immediate development of the
Zhengeldy oil field (costing US$6m) via a drill of 15
wells. The targeted oil production of 1,400 bbl/day
end 2004 and 4,300 bbl/day end 2005, equates to
US$38.8m annual revenues assuming oil finds
confirm seismic data. The target is to achieve this
production over the next 10 months. The low risk
approach will see onshore licences developed first
prior to any offshore interests. Due to inadequate
pipeline infrastructure near Zhengeldy, the crude will
have to be trucked to refineries (US$9.50 per barrel).
Management
Michael Masterman; Formerly McKinsey (1986-95)
serving majon resources companies. In 1996 joined
Anaconda helping to transform company into a major
nickel producer with the US$1bn Murrin Murrin
project in WA. In 2002 became CEO of Northsun
Italia developing 3 gas fields in the Po Valley.
Dietmar Greil; Experienced reservoir engineer; over
30 years experience in various senior positions at
Statoil, ChevronTexaco and Preussag Energie.
Worked in the FSU for 15 years/ drilled over 40 wells
building Rosscor Int equipment supply business.
Founded Northsun Italia in 1997 as CEO.
Michael Garland; Held the post of Commercial
manager for Tullow Oil, previous experience in
banking via CIBC. Currently chief executive of
Maverick Oil & Gas in London.
Malcolm James; Financier, played an active role in
equity and debt fundraisings in excess of A$2bn.
Non-executive of Tianshan Goldfields, Siberia
Mining and Eureka Mining.
Recommendation
Current production of 288 bbls per day (US$13.6k)
needs to reach targeted levels of 4,300 bbls without
too many dry wells! The valuation at 20.7m post
money seems to reflect the reserve base of 13.2m bbl
(MCAP/ reserves of $2.90) the attractions of oil rich
Kazakhstan and the teams considerable experience in
realising oil & gas assets and starting production
capabilities. Caspians advantages are the high
confidence of its proven reserves (4m) and its
onshore low cost structure. The shares will be very
sensitive to news from the Zhengeldy exploration
drill, and oil price strength cannot be guaranteed
indefinitely. SPECULATIVE BUY
Analyst: Ravi Lockyer, 4th November 2004
KEY RECENT EVENTS INCLUDE
30 May 03
17 Feb 04
4 Nov 04
Company incorporated as Caspian Hldgs
Agreement to acquire 70% Taraz licence
AIM IPO; 17.57m shares at 23p
MAJOR SHAREHOLDERS INCLUDE (%)
M Masterman 14
D Greil 14
RAB Capital 1.7
Hoodless Brennan 1.77
Gartmore Institutional clients 1.97
FINANCIAL CALENDAR
Year End 31st December
Interims September 2004
Finals March 2005
MANAGEMENT INCLUDES
Dietmar Greil Executive Director
Michael Masterman Executive Chairman
Michael Garland Non-Executive
Malcolm James Non-Executive
RISK WARNING NOTICE
All investments are speculative and prices may change quickly and go down as well as up. Past performance will not necessarily be
repeated and is no guarantee of future success. There is an extra risk of losing money when shares are bought in some smaller
companies including penny shares. There can be a big difference between the buying price and the selling price of these shares and if
they have to be sold immediately, you may get back much less than you paid for them or in some circumstances, it may be difficult to sell
at any price. It may also be difficult for you to obtain reliable information about the value of this investment or the extent of the risks to
which it is exposed. Where a company has chosen to borrow money (gearing) as part of its business strategy its share price may become
more volatile and subject to sudden and large falls. This investment may not be suitable for all investors, and clients should carefully
consider their own personal financial circumstances before dealing in the stock market, particularly those on fixed incomes or
approaching retirement age. If you have any doubts you should seek advice from your investment adviser or your broker at this firm.
AIM: The Alternative Investment Market (AIM) is market designed primarily for emerging or smaller companies. The rules of this market
are less demanding than those of the official List of the London Stock Exchange and therefore companies quoted on AIM carry a greater risk
than a company with a full listing.
MATERIAL INTEREST: We endeavour at all times to ensure that our research is clear, fair and not misleading, however, we do not hold our
research out as being impartial and it should not be viewed as wholly objective since Hoodless Brennan & Partners Plc (including its parent
company and its subsidiaries, their directors, officers or employees) may have or previously held a material interest in the company which is the
main subject matter of the research note, or any other company mentioned, and may be providing or have provided within the previous 12
months significant advice or investment services in relation to any company or a related company referred to in this document, or any other
associated document. This document has been prepared and issued by Hoodless Brennan & Partners Plc on the basis of publicly available
information, internally developed data and other sources believed to be reliable. Whilst all reasonable care is taken to ensure that the facts
stated are accurate and the opinions given are fair and reasonable, neither Hoodless Brennan & Partners Plc nor any director, officer or
employee shall in any way be responsible for its contents. This document is intended to provide clients with information and should not be
construed as an offer or solicitation to buy or sell securities.

wilbs

thanks wilbs,
very interesting, one that might be worth keeping an eye on is NBR, on a dip at the moment, but could be an RNS anytime. it could even jump on no news, ripe for a day trade !
dexter

no problem dexter,
I was in NBR but sold out with a small loss. Looks very prommising for NBR. You can't beat a good day trade!!
wilbs

it`s ok if the old strawberry can take it!

dexter wilbs cheers for the info on this share, take a look at TMC something going on there, massive buying and well above the sp.....

watcher

The quality of the oil has obviously lifted the quaility of the price. Another blue day tomorrow (fingers crossed)

This was posted on the otherside:

Well, from what my man said, or rather inferred, a obviously he can't tell me 'insider' stuff, is that, firstly CSH are coming into HB next week, to speak to the HB analyst. I asked him whether he had bought any CSH, he said he couldn't due to insider trading rules.
But he would really like to if he was allowed. ;-)
He will be sending me the analyst's report when it's completed which he said would be 2-3 weeks. Obviously I'll distribute amost you good people once I get it.

Now, I don't know about you lot, but in my experience, a company only goes to see their broker after they have posted some good news, and to get them to re-rate their status. Which for CSH would be (I'd guess) Speculative buy, to Buy, or Strong Buy.
So in summary, news is just around the corner. ;-)

Hope he diddnt mind me posting it on here.

wilbs

i'm sure he wouldn't wilbs, all helps to spread the news after all. i've just bought some more on the back of this info and the fact i think news could well be on the way within the month.

News cant be far away thats for sure. Like it says above, CSH will want their status re-rated.With good news and a re-rating I wonder what sp we are looking at?
wilbs

Thought I better stick to csh on this thread and not seo.
Anyone got a clu whats going on here? The mm's are keeping the spread wide.
I guess its to encourage the sellers but not the buyers? Are they gathering stock for a good RNS round the corner?
Lets hope so.
wilbs

All is quiet here,
CSH are supposed to be visiting Hoodless Brennan today (their broker) as reported on the other side. Lets hope an RNS is soon.
wilbs

wilbs,
Are you around today?, have`nt seen you posting much lately. I managed to get tickets to see the Tractor boys v QPR on 26th Feb., that should please the father in law!
Dexter

Hi dexter,
Ive been keeping an eye on things but been decorating all week so not had much time. Have you been reading the CSH posts over the road? HB are supposed to be releasing a new note within 2 weeks. The SP seems to be stagment but a wide spread.

Tractor boys eh!! You are not changing over to the blues are you? They will be swapping places with the city next season.
wilbs

A chance to get in at a barguin price, the usual retractment before news.
I should think this coming week will be the last chance to buy at below
50p, once the news is released its north bound.

regards cyril

CSH delisting from the Berlin stock exchange brought a welcome boast to the share price,pushing up it back towards 50p buy. With news expected in the very near future a further rise is to be expected.

regards cyril

WILBS,
Did any news ever come through about the meeting with HB or was that just Hype from the other side.

BANKONE,
The meeting apparantly went ahead. News on the otherside is that results are due this month and the re-rating from HB will follow. Also drilling updates due. The sp has been disapointing of late but I am sure we will be rewarded. Many of the posters over the road have apparently been topping up on the price dips.
Any views?
dexter,
you still in this one?
I bought in GAS, a new floatation today. Up already.

wilbs

I got this of advfn,its taken from resource investor,in my opinion its well worth a read -

"Caspian Adds Oil Production, Plans Acquisitions

By Stephen Clayson
16 Mar 2005 at 09:47 AM EST

LONDON (ResourceInvestor.com) -- Junior oil producer Caspian Holdings is continuing to develop its Zhengeldy field in Kazakhstan after floating on Londons AIM in November of last year. The company raised $4.43m through its initial public offering, and is still in a strong position financially with over half of its flotation funds remaining, according to Executive Chairman Michael Masterman.

The three wells sunk in the Zhengeldy field by the company since its IPO have all struck oil, and their production is gradually being increased to towards a targeted company wide 1-1400bpd as shallower oil levels are perforated and improving weather conditions allow further well development. A fourth new well is currently undergoing production testing and results are expected very shortly.

Caspian ultimately envisages a field up to 15 wells on the Zhengeldy concession, with a projected output of 288bpd from each yielding a field output of 4300bpd once fully developed.

Caspian is looking to acquire more assets in the eponymous region, and Masterman says that the company is currently looking at a number of propositions. Due diligence is presently being conducted on one possibility, and this acquisition is likely to be completed within the next 3-4 months. Masterman is unable to reveal many details of the property until negotiations are finalised, but says that the prospect is of a similar character and size as Zhengeldy at 13mb proven and probable reserves.

Caspian intends to focus on shallow fields that are relatively easy to progress to production, allowing it to replicate its success at Zhengeldy, where drilling costs have so far been kept to around $300,000 per well compared to $8-12m for a typical deep level well. The company will remain focused on the prolific Caspian Sea region for its expansion plans, and future acquisitions are likely to remain onshore and in Kazakhstan, though Turkmenistan, Azerbaijan and Southern Russia could all be considered as locations if the right prospect came along.

Three further wells are currently being drilled at Zhengeldy, and these will attempt to tap deeper sections of the reservoir than previously. Completion is expected during the first half of this year, and during second half more drilling will take place and appraise other parts of the reservoir, part of which is overlain by a salt lake that must be circumvented for access to the reserves beneath.

Output from Zhengeldy has so far been sold at the wellhead for domestic consumption, fetching only around $16 per barrel. To remedy this and take advantage of Zhengeldys potentially high quality oil Caspian is currently constructing a $300,000 processing facility that will remove the oils high salt content by heating it to around 60 deg Celsius and allow higher priced export sales to begin. Aside from the excessive salt, oil from Zhengeldy is low in sulphur and averages an API of 28.77 deg.

Masterman says that Caspian enjoys generally good relations with the Kazakh authorities, and has a strong local Kazakh management team. Much of the requisite equipment for the development of Zhengeldy has been sourced locally on a second hand basis to keep costs down. The government royalty on early stage production for Zhengeldy stands at 1%, though this will rise to 5% once full production levels are reached, while corporation tax is taken at a rate of 30%.

Caspians share price more than doubled during January of this year on the back of positive updates from Zhengeldy, and has remained close to this level since, despite falling back slightly this month. But with at least one acquisition already in the works and a continued work programme at Zhengeldy that will build on the success already attained the companys future as a producer in its chosen region seems relatively assured."

wilbs,
How you doing?, i`ve had to sell all my stocks for the time being due to circumstances, but i am keping a very close eye on my stockwatch list. I sold CSH for a good profit a while back, but i must admit i`m intrigued to see how far it will dip, as i do really have a lot of faith in them, purely from the fact that their drilling is low cost and low risk.
I hope to start buying again in a couple of months, so from a purely selfish point i hope the dip continues for a while!, seriously though i do believe that CSH is a more longer term prospect. I also think that COIL will come good as will ZRB, another one i have kept an eye on from the start is BRP, it dipped after the float and then in the last week or so has rocketed.

By the way, when i went to see the Tractor Boys the other week they lost 0- 1 to QPR !, it was a good day out though, very good atmosphere and friendly.
regards,
Dexter

Dexter RNS due this month, could be tomorrow? Don't think you will get them
at this price again. Confirmation of flow rates, which is believed to produce
upto 2000 bopd with 3 more wells in the pipeline.Couple this with a new
processing plant to inprove oil quality, will shortly be earning in the region
of $100000/day.
If the proposed acquisition takes place it will increase oil reserves to 26million bls proven.
cyril

Hi dexter,
Im ok thanks, doing too msny hours at work at the moment so not had a chance to post.
Sorry to hear that you have had to sell your stocks. Hope whatever it is gets sorted and you get back in soon enough. I agree with niceonecyril though, once we get the results I dont think you will be able to buy at this price again. I see coil is doing pretty well, big spread though!! I sold all my stanelco and made a nice healthy proffit. Bought into GAS, gonna hols and see what develops there. It looks like the tractor boys are loosing it a bit. Will we see the local derby next season in the 1st division or whatever they are calling it now??
Take it easy dexter,
wilbs

Caspian Holdings plc
22 March 2005


22 March 2005

CASPIAN HOLDINGS PLC

Commercial Oil Discovered in Well 115

Further to the announcement on 21 January 2005, Caspian Holdings Plc (AIM: CSH),
the oil and gas exploration and development company which focuses on Kazakhstan
and the Caspian sea, has successfully drilled Well 115 the 6th well.

Well logs showed oil in the Triassic at 634-625 metres and in the Neocomian at
90-84 metres.

Well 115

Depth 680 metres
Completed March 05
Oil pay 15 meters
2 Levels: 634-625 m, 90-84 m

First layer test at the Triassic level showed low flow rates and this level has
been shutin pending further testing and investigations. The Necomian level from
90-84 meters will be perforated and oil production is expected to commence this
week.

In addition to Well 115, spontaneous eruptive production commenced from an old
Zhengeldy well - Well 13 - without any drilling or other stimulation. A pump has
been installed and well performance is to be tested.

Caspian currently has 6 wells in production - 113, 114, 112, 111 in the
Jurassic, 115 in the Necomian, and the old Well 13. Initial production has been
highest in the last 2 wells to be drilled in the Jurassic - Well 111 and Well
112 - with Well 115 expected to come on stream in the coming month. Production
has increased rapidly in recent months but remains highly constrained by
bottlenecks caused by the extreme weather conditions in the region. Caspian has
commenced drilling well 116 targeted at both Jurassic and Triassic reserves.

Michael Masterman, Executive Chairman commented: 'The addition of Well 115 means
that we will now have 6 Wells in production despite adverse weather conditions.
Success at 115 and the spontaneous eruption of well 13, an old Zhengeldy Well
makes us positive about the future production of these wells and the potential
of increasing production levels.'
- Ends -

Looks like we are gonna finally see the rise that this stock deserves. Any guesses as to where we will end up?
Next stop, results in april.

wilbs

UP 20%!!!

There's just sooo many of these oil companies that have come to market lately (and mining cos. too) that it's becoming difficult to sort the wheat from the chaff. They all seem to follow the same pattern too; big jump first day of dealings which gets people sucked in. Then a slow fall back, followed by another spurt on the rumour of news and then another fallback.

It seems that the sensible thing is to wait it out until all of the froth has blown away and something of substance appears to remain. You just have to look at the charts of most of these cos. to see a familiar pattern emerging. In fact the whole IPO scene at the mo is getting a bit silly all round. It's starting to feel like it did at the height of the dotcom frenzy. Thankfully the only pig-in-the-poke I've got sucked into that hasn't yet shown a profit is BPD. But it's so easy for the inexperienced punter to get caught up in the excitement of early dealings in these cos.

Sorry about that rant guys as I haven't posted on MoneyAM for a while. Still licking my wounds from PET, PCI, PRE!!

What relationship, if any, is there between CSH and CEK? Cos the CEK chart is starting to look as if it may be about to get a second wind, the froth hopefully having been blown away by now......

The difference between CSH and the others is that CSH are producing top quality comercial oil. Look at all the other minnows, most of them havent produced a drop yet. PET,PCI,PRE.FOGL, The list goes on. The current sp of CSH does not reflect against the company. FOGL & PET havent pumped a drop yet their SP is higher than CSH, its all hype and spec on poss contracts or finds.
CSH is a sure fire winner.
All IMO of course.
wilbs

Beasties wilbs is right, no froth here, "6 out of 7 wells sucessful" top quality
oil. Look at the referance to well 13, this really is a gift horse.
Previous post i stated last chance to get under 50p, just topped up at 52p
and this is cheap. So much more to come, processing facility and acquiistion
which will double reserves.
Don't know of any other stock with such upside.
cyril
ps i also lost out on pci pre & pet, lesson learned, no hot air here just oil(good quality at that)

wilbs,
good luck with these, it looks like the sp will finally reflect the potential, just wish i had the funds , but never mind!
dexter

thanks dexter,
Im thinking of selling 70% of my other stocks and putting it all in CSH.
When will you be back on board dexter?

niceonecyril!!! You name says it all.
wilbs

wilbs,
I hope so, i`m hoping they won`t jump too much!. I`m keeping aclose eye on ZRB, they could announce a uranium deal anytime, and after what happened with RTM last week, I think % wise they could follow quite easily.
Dexter

dexter,
It will be good to see you back. I bought into EUM last week, got good potential. I sold seo apart from 10,000 shares, took a good proffit.
Off to work now,
wilbs

Fair comments guys. I wasn't having a go at CSH as such, just the IPO resource sector in general, as it's easy to get sucked in.

I'm in CSH at 30p so I'm not complaining.

What a lovely blue day for CSH.
Results and news round the corner???????
wilbs

Big talk on the other side about the field expectations being 30 times larger than expected and that a RNS saying this will be out on Monday 25th.
Makes interesting reading and no doubt the Ad*f* lot are steaming into this one.
Don't trust everything you read on that site - but there is no smoke without fire -somethings leaked and the buyers have steamed in 24% rise and the talk is more to come over the nexy few days. DYOR and only buy them if they are right for you.

A blue start!!
wilbs

Posted on the other side.


Just spoke to Hoodless and confirmed also that results Monday - very upberat he was saying that all info since admitted to AIM has been good and that they are still strong supporters of the company. Said that the numbbers (financials) will be meaningless at this stage as too early in the co's life cycle but the importnat bit is the production and the plans for the coming yr.

wilbs

Caspian Holdings plc
27 April 2005




27 April 2005

CASPIAN HOLDINGS PLC
('Caspian' or 'The Company')
Preliminary Results

Caspian Holdings Plc (AIM:CSH) the London-based AIM-quoted company whose primary
activity is the exploration, development and operation of oil fields in the
countries around the Caspian Sea, and in particular Kazakhstan, announces its
preliminary results for the year ended 31 December 2004.

Highlights

* Caspian Holdings PLC admitted on to AIM on 4 November 2004, raising 4.43m
* Acquired 70% of Taraz LLP the owner of the Zengeldy oil field in
Kazakhstan in March 2004
* Constructed Zengeldy oil field operations in 9 months
* Commenced commercial oil production and sales in September 2004
* Drilled 3 new wells and reactivated well number 5
* Applied for expansion of existing licence area to over 30 km2


Post year end highlights

* Completed acquisition of 100% interest in Taraz LLP
* Drilled an additional 4 wells
* Total of 4 wells in production plus 1 under completion
* Produced 10,022 barrels of oil (to 31 March 2005)

Commenting on the results, Michael Masterman, Executive Chairman, said: 'It has
been a strong year for us. The AIM listing in November 2004 provided us with the
funds to acquire 100% and then rapidly develop Zengeldy, our first oil field
which is now in production. Since the listing, we have submitted an application
to expand the licence area of Zengeldy with the view of increasing production
and in addition we continue to actively pursue new projects which we believe
will add value to the company.'

- Ends -

For further information, please contact:

Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Luke Cairns Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713




CHAIRMAN'S STATEMENT


Dear Fellow Shareholder

On behalf of the Board of Directors of Caspian Holdings Plc, I am pleased to
present the first Annual Report of the Company since admission to AIM on 4
November 2004.

The year under review was one of great achievements for the Company. We acquired
and quickly brought into production our first oil field, Zengeldy, and we
completed a successful IPO of the Company raising 4.43m. Since listing we have
moved to expand oil production from the Zengeldy field, submit an application to
expand the licence area, and we are pursuing other fast track oil field
development and production activities around the Caspian Sea.

We now look to 2005 with great anticipation and excitement as we establish
Zengeldy as a commercially self sustaining profit centre for the Company. In
addition we are working to secure an expansion in the current licence area and
we continue to work towards securing new projects that will add to our oil
reserves, oil production capacity and add value for shareholders.

Yours faithfully




Michael Masterman
Executive Chairman


REVIEW OF DEVELOPMENT AND OPERATIONS

Zengeldy
Caspian's first oil project is the Zengeldy field located 18km from Makat in the
pre Caspian Basin. The field was acquired through the acquisition of Taraz LLP,
the owner of the Zengeldy subsoil contract in February 2004.

Caspian moved forward to commence initial development of the Zengeldy field
through 2004 and early 2005. The initial focus has been on bringing into
production the Jurassic and Triassic reserves.

The top of the Zengeldy salt dome is in the north of the licence area at a depth
of approximately 450m and the above sequence only contains Jurassic, Neocomian
and Apt oil bearing levels. The Triassic targets are in the east, south, and
west areas of the licence with the most promising reserves in the western areas
below a salt lake which will be drilled in the summer of 2005.

Four wells have been drilled in the Jurassic - 113, 114, 111 and 112 - and all
wells have been brought into production. Each of the wells has multiple
production levels and production to date has been from a single productive
level. The additional levels will be brought on in series (not parallel)
extending well life and recovery (but with lower initial daily rates).
Production from wells 113, 111, and 112 has been broadly in line with
expectations for these shallow Jurassic wells of about 50-70 barrels per day per
well. Production from the lower level of 114 has been minimal due to low
permeability in this layer - production from the higher layer will be brought
into production later this year. Jurassic production was 590 bbls in the
December Quarter 2004 and has since risen rapidly to 7,351 bbls in the March
Quarter 2005. Further increases are expected in the June Quarter 2005 as new
wells including the recently drilled 116 are brought online, flow lines and
improved storage are installed and weather conditions improve.

Winter drilling on Triassic targets has focused on the southern and eastern
areas of the licence. A previous well, Well 5, was reactivated in June 2004 and
the well logs, within the cased well showed a 15m oil pay with 32m in the lower
open section. The well initially produced good quantities of oil but due to poor
cementation in the old well casing, the well was shut down due to water influx
from the higher levels. Well 123 drilled further to the south of Well 5 was dry
due to a change in lithology from clean to shale sands. In the eastern Triassic
targets well 115 had oil shows but insufficient oil saturation for commercial
production. Updated evaluation of the geological model shows that the bulk
Triassic reserves lie in the west of the licence area under the salt lake and to
the west. The lake should be sufficiently dry to commence drilling activities in
the third quarter 2005.

Overall Zengeldy field production in 2004 and early 2005 has been limited to
production from the Jurassic level reserves and is currently running at
approximately 150 barrels per day. Significant increases in production are
dependent on the success of the summer Triassic drilling program.

Based on geological modelling work, Caspian is of the view that the Zengeldy oil
bearing structure extends to the west of the existing licence area. An
application has been made to the Kazak Ministry to extend the licence area to 30
square km. The Ministry is currently evaluating the application. In parallel we
have had positive discussions with the owner of the adjacent exploration block
regarding joint development of the extension area. We expect a positive outcome
from the application and negotiations in mid 2005.

A 3D seismic program is also planned during the summer to better define the
geological model and reserves estimates. A comprehensive review and revision of
the geological model and associated reserves estimates will then be completed to
incorporate the results of all wells drilled including the summer Triassic
program, the extension and the 3D seismic results. On the basis of drilling to
date the Directors are optimistic that the review could lead to an upgrade in
the Jurassic reserve estimates.

New Projects
The Company continues to actively evaluate new projects in Kazakhstan and the
other countries around the Caspian Sea. Progress has been made in the screening,
evaluation and negotiation process and tangible results will be released to the
market in accordance with the continuous disclosure requirements.

CONSOLIDATED FINANCIAL STATEMENTS

CASPIAN HOLDINGS Plc

GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2004

Notes 2004 2003


TURNOVER 2 - -

Administrative expenses 610,302 -


OPERATING LOSS 4

Acquisitions (150,067) -
Continuing operations (460,235) -
(610,302) -
Interest receivable and similar income 5 13,254 838

Interest payable and similar charges 6 (6,517) -

LOSS/PROFIT ON ORDINARY ACTIVITIES
BEFORE (603,565) 838
TAXATION

Tax on loss/profit on ordinary 7 - -
activities

LOSS/PROFIT FOR THE FINANCIAL YEAR
AFTER (603,565) 838
TAXATION

Minority equity interests 29,707 -


RETAINED (LOSS)/PROFIT FOR THE (573,858) 838
FINANCIAL YEAR

====
Basic and Diluted loss per share 9 2.2p -






The notes form part of these financial statements



CASPIAN HOLDINGS Plc

GROUP BALANCE SHEET
31 DECEMBER 2004


Notes 2004 2003
------- ------
FIXED ASSETS
Intangible assets 10 1,877,190 -
Tangible assets 11 784,006 -
--------- ------
2,661,196 -

CURRENT ASSETS
Stocks 13 90,112 -
Debtors 14 302,503 58,488
Cash at bank and 3,100,585 -
in hand ----------- ------------

3,493,200 58,488

CREDITORS:
Amounts falling 15 326,416 55,650
due within one ---------- -------------
year

NET CURRENT 3,166,784 2,838
ASSETS ------------- -------

TOTAL ASSETS
LESS
CURRENT 5,827,980 2,838
LIABILITIES

CREDITORS:
Amounts falling 16 226,588 -
due after more ------------- -------
than one year

5,601,392 2,838
============== ========
CAPITAL AND
RESERVES
Called up share 17 83,882 2,000
capital
Share premium 18 6,087,755 -
account
Other reserve 18 2,775 -
Profit and loss 18 (573,020) 838
account -------------- --------

Shareholders' 5,601,392 2,838
funds =============== ========

Shareholders'
funds
attributable to
Equity interest 5,601,392 2,838
============= ========





The notes form part of these financial statements



CASPIAN HOLDINGS Plc
COMPANY BALANCE SHEET
31 DECEMBER 2004

Notes 2004 2003

FIXED ASSETS
Investments 12 1,145,146 -

CURRENT ASSETS
Debtors 14 1,787,873 58,488
Cash at bank and 3,025,695 -
in hand -------------- -------
4,813,568 58,488

CREDITORS:
Amounts falling 15 166,321 55,650
due within ------------- --------
one year

NET CURRENT 4,647,247 2,838
ASSETS ----------- --------

TOTAL ASSETS
LESS
CURRENT 5,792,393 2,838
LIABILITIES ============= ==========

CAPITAL AND
RESERVES
Called up share 17 83,882 2,000
capital
Share premium 18 6,087,755 -
account
Profit and loss 18 (379,244) 838
account ----------- -----------

Shareholders' 5,792,393 2,838
funds ============ ==========

Shareholders'
funds
attributable to
Equity interest 5,792,393 2,838
============ ==========






The notes form part of these financial statements

CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2004

Notes 2004 2003
------- -------

Net cash outflow
from operating activities 1 (1,051,019) (2,838)

Returns on investments and
servicing of 2 6,737 838
finance

Capital expenditure
and financial investment 2 (1,025,330) -

Acquisitions and disposals 2 (861,428) -
----------- --------

(2,913,040) (2,000)

Financing 2 6,031,625 2,000
----------------- -------

Increase in cash in the period 3,100,585 -
================= ====

Reconciliation of net cash flow to 3
movement in net debt

Increase in cash in the period 3,100,585 -
Cash outflow from decrease in
debt and 487 -
lease financing ----- ---

Change in net debt resulting
from cash 3,101,072 -
flows

Royalty payments acquired (288,315) -
----------------- ---

Movement in net debt in the 2,812,757 -
period

Net debt at 1 January 2004 - -
---------------- ---

Net debt at 31 December 2004 2,812,757 -
============ ==============



The notes form part of these financial statements


CASPIAN HOLDINGS Plc

NOTES TO THE GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2004

1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

2004 2003
------- -------

Operating Loss (610,302) -

Depreciation charges 36,902 -

(Increase) in stocks (89,819) -

(Increase) in debtors (235,899) (58,488)

(Decrease)/Increase in creditors (151,901) 55,650
------------------ --------
Net cash inflow

from operating activities (1,051,019) (2,838)
================ ==========

2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

Returns on investments and servicing of finance
Interest received 13,254 838
Interest Paid (6,517) -
--------- ------------

Net cash outflow for returns on investments and
servicing of finance 6,737 838
======== ======

Capital expenditure and financial investment

Purchase of intangible fixed assets (224,796) -
Purchase of tangible fixed assets (795,132) -
Exchange differences (5,402) -
--------- ---
Net cash outflow for capital expenditure and
financial (1,025,330) -
investment ============== ====

Acquisitions and disposals
Purchase of subsidiaries (864,546) -
Cash acquired 3,118 -
-------- ---

Net cash outflow for acquisitions and disposals (861,428) -
============ ====

Financing

Movement on other reserve 2,775 -

Share issue 6,029,337 2,000

Capital element of hire purchase or finance 22,488 -
leases

Capital element of royalty payments (22,975) -
-------------- ---------------

Net cash (outflow)/inflow from financing 6,031,625 2,000
============ ========

The notes form part of these financial statements

CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2004

3. ANALYSIS OF CHANGES IN NET DEBT

Acquisitions
--------------
Cash flow (Excl. cash) At 31.12.04
----------- -------------- -------------

Net cash:
Cash at bank and in hand 3,100,585 - 3,100,585
-------------- ---------------- --------------------

Debt:
Hire purchase or finance (22,488) - (22,488)
leases
Royalty lease payments 22,975 (288,315) (265,340)
--------------- -------------- -----------------

487 (288,315) (287,828)
--------------- -------------- -----------------
---
Total 3,101,072 (288,315) 2,812,757
============= ============= =============

Analysed in Balance
Sheet


Cash at bank and in hand 3,100,585
Hire purchase or finance
leases
within one year (6,732)
after one year (15,756)
Royalty lease payments
within one year (54,508)
after one year (210,832)
-------------

Net Debt 2,812,757
=============

4. PURCHASE OF SUBSIDIARIES

Net assets acquired


Fixed assets 366,320
Stock and work in progress 293
Debtors 8,116
Cash at bank and in hand 3,118
Creditors (221,127)
Royalty lease payments (288,315)
Minority interest (29,707)
Goodwill 1,306,448
----------------

1,145,146
================
Satisfied by


Cash 864,546
Issued share capital 140,300
Share capital to be issued 140,300
-------------

1,145,146
============


The notes form part of these financial statements

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with applicable United
Kingdom accounting standards under the historical cost convention.

Basis of consolidation

The consolidated financial statements include the accounts of subsidiaries made
up to 31 December 2004.

On 8 April 2004 formal completion of the acquisition of 70% of the capital of
Taraz LLP took place. The consolidated financial statements include the results
of Taraz LLP for the year ended 31 December 2004. The directors consider that
the pre acquisition results of Taraz LLP are not material to the results shown
in the consolidated profit and loss account. The directors have adopted this
accounting treatment in order that the consolidated results of the group show a
true and fair view.

On 1 September 2004, the company signed an agreement to acquire the remaining
30% interest in Taraz LLP, formal completion of which took place on 28th March
2005. The directors consider that, in order for the consolidated accounts to
show a true and fair view, that Taraz LLP is consolidated as a wholly owned
subsidiary of the company. Interim audited consolidated accounts were prepared
to 30 June 2004 and these accounts have been used to calculate the goodwill
arising on the purchase of the remaining 30% interest in Taraz LLP. The
directors consider that the results for the two months 1 July 2004 to 1
September 2004 are not material.

No profit or loss account is presented for the company as permitted by S230 (3)
of the Companies Act 1985.

Goodwill

Goodwill arising on consolidation, which represents the excess of the purchase
price over the fair value of net assets acquired, is shown in the balance sheet
as an asset and will be amortised evenly over its estimated useful life once
trading has commenced. In addition to the systematic amortisation, the book
value is written down to recoverable amount when any impairment is identified.

The directors consider the estimated useful life of goodwill to be in line with
the contract between Taraz LLP and the Government of the Republic of Kazakhstan
for the exclusive right to use the subsurface on the Zhengeldy oil field which
terminates on 27 May 2024.

Intangible fixed assets

Amortisation is calculated and provided in order to write off each asset over
its estimated useful economic life, such amortisation to commence when the asset
concerned is initially used within the business.

Royalty - 5% - 33% on cost
Software - 5% - 33% on cost

Deferred costs represent costs for preparatory work for oil production. These
costs are to be written over a period of 4 years starting in the year that the
first income from selling oil is received.



CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES (cont'd)

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life or, if held under finance lease, over
the lease term, whichever is the shorter.

Bore holes - 10% on cost
Motor vehicles - 20% on cost
Plant and equipment - 20% - 33% on cost
Furniture and other equipment - 10% - 33% on cost

Deferred Tax

The tax charge is based on the profit for the period and takes into account
taxation deferred because of timing differences between the treatment of certain
items for taxation and accounting purposes. Deferred tax is recognised in
respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive
more, tax, in the future. In particular:

Provision is made for tax on gains arising from the revaluation (and
similar fair value adjustments) of fixed assets, and gains on disposal of
fixed assets that have been rolled over into replacement assets, only to the
extent that, at the balance sheet date, there is a binding agreement to
dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely
than not that the taxable gain will be rolled over into replacement assets
and charged to tax only where the replacement assets are sold.


Provision is made for deferred tax that would arise on remittance of the
retained earnings of overseas subsidiaries, associates and joint ventures
only to the extent that, at the balance sheet date, dividends have been
accrued as receivable.


Deferred tax assets are recognised only to the extent that the Directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences
can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.

Stock

Stock is valued at the lower of cost and net realisable value, after making due
allowance for obsolete and slow moving items.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction or at the contracted rate. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange
ruling at the balance sheet date or, if appropriate, at the forward contract
rate. All differences are taken to the profit and loss account.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES (cont'd)

Foreign currencies (Cont'd)

Where the trade of a foreign enterprise is more dependent on the economic
environment of the parent company then the Financial Statements of the
undertaking are consolidated using the Temporal method on the following basis:

Fixed assets are translated into sterling at the rates ruling on the
date of acquisition.


Monetary assets and liabilities denominated in a foreign currency are
translated into sterling at the foreign exchange rates ruling at the balance
sheet date.


Revenue and expenses in foreign currencies are recorded in sterling at
the rates ruling at the date of the transactions.


Any gains or losses arising on translation are as reported in the Profit
and Loss Account.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the
risks and rewards of ownership of the asset have passed to the Group, and hire
purchase contracts are capitalised in the balance sheet and are depreciated over
their useful lives. The capital elements of future obligations under leases and
hire purchase contracts are included as liabilities in the balance sheet. The
interest elements of the rental obligations are charged in the profit and loss
account over the periods of the leases and hire purchase contracts and represent
a constant proportion of the balance of capital payments outstanding.

Rentals payable under operating leases are charged in the profit and loss
account on a straight-line basis over the lease term.

2. TURNOVER

The group has yet to receive any trading income.

3. STAFF COSTS
2004 2003
------ ------

Wages and salaries 316,996 -
Social security costs 34,825 -
--------- --------

351,821 -
=========== =======

The average monthly number of employees during the year was as follows:

Management & administration 10 2
Production, technical & operations 25 -
------ --------

35 2
====== =======

Of these employees, all the Production, Technical and Operations Staff are
employed in Kazakhstan.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

4. OPERATING LOSS

The operating loss is stated after charging:
2004 2003
------ ------


Depreciation -
owned assets 35,337 -
Depreciation -
assets held under
finance leases and
hire purchase
contracts 1,565 -
Auditors
remuneration 14,688 -
======== ===

Directors'
emoluments and
other benefits 163,067 -
========== ====

Directors' emoluments

D. Greil 88,265
M. Masterman 66,802
M. Garland 4,000
M.R.S. James 4,000

5. INTEREST RECEIVABLE AND SIMILAR INCOME

Bank interest 13,254 838
========= ======

6. INTEREST PAYABLE AND SIMILAR CHARGES

Bank loans,
overdrafts and
other loans
repayable within
five years other
than by instalments 1,272 -
Finance charges -
hire purchase

contracts or
finance leases 5,245 -


6,517 -
====== ====

7. TAXATION

Tax on profit on ordinary activities
Year to 31st
December 2004

The tax charge is made up as follows:
Current tax:
UK Corporation Tax -
Overseas Tax -

Total current tax -


Deferred Tax:
Origination and reversal of timing differences -





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

7. TAXATION (Cont'd)

Total deferred tax -


Tax on profit on ordinary activities -



The difference between the effective provision for
income tax and the statutory tax provision at the
statutory tax rate is reconciled as follows:

Loss on ordinary activities
before tax 380,082

UK Corporation Tax at 30%
Permanent differences: non-deductible expenditure (114,024)
non-taxable foreign exchange
translation 25,797
Timing differences:

tax losses recognised 88,227


Current tax on ordinary activities -

Deferred tax -




As at 31st December 2004, the Group had unrecognised tax losses arising in
Kazakhstan of 21,780 and United Kingdom of 294,091 that are available
indefinitely for offset against future taxable profits of those companies in
which the losses arose, subject to the conditions of deductibility under the
relevant legislation.

Deferred tax assets have not been recognised in respect of these losses. These
assets will be recognised should it become more likely than not that taxable
profits or timing differences, against which they may be deducted, arise.

8. LOSS OF THE PARENT UNDERTAKING

The parent undertaking's loss for the financial year before and after taxation
amounted to 380,082 (2004 profit - 838).

9. LOSS PER ORDINARY SHARE

The calculation of the loss per ordinary share is based on a Group loss of
603,565 to 31st December 2004, and the weighted average ordinary shares
outstanding of 26,929,102 in the year ended 31st December 2004.

On the basis of the above calculation, the loss per ordinary share for the year
to 31st December 2004 is 2.2p.

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

10. INTANGIBLE FIXED ASSETS

Deferred
Royalty Software Costs Goodwill Total

Group

COST

Acquisitions
at fair value 329,226 309 98,238 1,306,448 1,734,221
Additions - - 224,796 - 224,796
Disposals - - - - -
Exchange
differences 4,854 5 1,448 - 6,307


At 31 December
2004 334,080 314 324,482 1,306,448 1,965,324
======== ======== ======== ======== ========

DEPRECIATION
Acquisitions
at fair value 70,041 61 - - 70,102
Charge for the
year 16,937 62 - - 16,999
Disposals - - - - -
Exchange
differences 1,032 1 - - 1,033


At 31 December
2004 88,010 124 - - 88,134
======== ======== ======== ======== ========

NET BOOK
VALUE

At 31 December
2004 246,070 190 324,482 1,306,448 1,877,190
======== ======== ======== ======== ========

11. TANGIBLE
FIXED ASSETS
Bore Holes Motor Plant and Furniture & Total
Vehicles Equipment Other Equipment



Group

COST

Acquisitions
at fair value - 3,460 8,783 3,919 16,162
Additions 626,430 25,556 95,841 47,305 795,132
Disposals - - - - -
Exchange
differences - 51 130 58 239

At 31 December
2004 626,430 29,067 104,754 51,282 811,533
======== ======== ======== ======== ========
DEPRECIATION
Acquisitions
at fair value - 1,730 5,381 403 7,514
Charge for
year 9,594 2,268 3,907 4,134 19,903
Disposals - - - - -
Exchange
differences - 25 79 6 110

At 31 December
2004 9,594 4,023 9,367 4,543 27,527
======== ======== ======== ======== ========
NET BOOK
VALUE

At 31 December
2004 616,836 25,044 95,387 46,739 784,006

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

11. TANGIBLE FIXED ASSETS (Cont'd)

Fixed assets, included in the above, which are held under hire purchase
contracts or finance leases are as follows:

Motor Vehicles
-------------
Group


COST

Additions 25,556

Disposals -
Exchange differences -
-------------

At 31 December 2004 25,556
==========

DEPRECIATION

Charge for the year 1,565
Disposals -
Exchange differences -
-------------

At 31 December 2004 1,565
============

NET BOOK VALUE


At 31 December 2004 23,991
==========

12. FIXED ASSET INVESTMENTS

Held by parent undertaking:

The company holds more than 10% of the equity of the following companies:

Name of Company Country of Proportion Held Nature of
----------------- Registration Business
-------------------- ----------------- --------------------

Taraz LLP Kazakhstan 100% Oil Exploration

Subsidiary
Undertakings
--------------------
Company
---------

COST
Additions 1,145,146
-------------

At 31 December
2004 1,145,146
============





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

12. FIXED ASSET INVESTMENTS (Cont'd)

This consisted of:-

Fixed Assets 366,320
Stock and Work in Progress 293
Debtors 8,116
Cash at Bank and in hand 3,118
Creditors (221,127)
Royalty Lease Payments (288,315)
Minority Interest (29,707)
Goodwill 1,306,448
-----------
1,145,146
============

13. STOCKS
Group Group Company Company

2004 2003 2004 2003


Stock and work in progress 90,112 - - -


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Company Company
---------
2004 2003 2004 2003
------


Trade Debtors 128,373 - - -
Amounts due from subsidiary
undertakings - - 1,532,752 -
Unpaid share capital 13,225 2,000 13,225 2,000
Other debtors 160,905 - 160,905 -
Other loans 56,488 - 56,488
Prepayments and accrued income - - 80,991 -


302,503 58,488 1,787,873 58,488
======== ======== ======== ========

Other debtors include 160,905 relating to sums held by JSC Naryuz Bank
Kazakhstan in temporary conservation. The directors are actively attempting to
recover these sums. No provision has been made for the non return of these sums.

As a result of bank errors, the amount of 13,225 in respect of unpaid share
capital was unpaid at 31st December 2004. This amount has now been fully paid.





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Company Company 2003
--------------
2004 2003 2004


Trade creditors 23,227 - - -
Amounts owed to related - 16,224 - 16,224
Undertaking
Obligations under finance leases
and 6,732 - - -
hire purchase contracts
Royalty lease payments 54,508 - - -
Social security and other taxes 11,915 - - -
Other creditors and accruals 230,034 39,426 166,321 39,426

326,416 55,650 166,321 55,650

Other creditors and accruals include 140,300 relating to shares issued on
formal completion of the purchase of the remaining 30% interest in Taraz LLP,
which took place on 28th March 2005.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Group Company Company
2004 2003 2004 2003

Royalty lease payments 210,832 - - -
Obligations under finance leases
and hire purchase contracts 15,756 - - -


226,588 - - -
======== ======== ======== ====


17. SHARE CAPITAL

Authorised
------------

150,000,000 Ordinary shares of 0.1p each 150,000
==========

Allotted, issued and fully paid
---------------------------------

83,881,685 Ordinary shares of 0.1p each 83,882
==========

On 27 August 2004 the 10,000 authorised Ordinary shares of 1 each were
sub-divided into 1,000 Ordinary shares of 0.1p each. Also on this date the
authorised share capital of the company was increased from 10,000 to 150,000
by the creation of 140,000,000 Ordinary shares of 0.1p each, such shares to rank
pari passu in all respects with the existing Ordinary shares of 0.1p each.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

17. SHARE CAPITAL (cont'd)

The following fully paid shares were allotted during the period at a premium as
shown below:

On 1 March 2004 2,120 Ordinary shares of 1 each at 277 per share.

On 30 April 2004 638 Ordinary shares of 1 each at 277 per share.

On 18 May 2004 621 Ordinary shares of 1 each at 555 per share.

On 12 August 2004 371 Ordinary shares of 1 each at 1,000 per share.

On 28 August 2004 250 Ordinary shares of 1 each at 1,000 per share.

On 28 August 2004 54,000,000 Ordinary shares of 0.1p at par value pursuant to a
9 for 1 rights issue.

On 28 August 2004 1,000,000 Ordinary shares of 0.1p at 10p per share.

On 25 October 2004 3,610,000 Ordinary shares of 0.1p each at 23p per share.

On 4 November 2004 17,571,685 Ordinary shares of 0.1p each at 23p per share by
way of public placing.

On 5 November 2004 1,700,000 Ordinary shares of 0.1p each at 23p per share by
way of private placing.

Stock Options:

Stock Options Option Price Exercise Period
Issued --------------
--------------- -----------------
Michael Masterman 2,000,000 0.23p 4th November 2007

Dietmar Greil 2,000,000 0.23p 4th November 2007

Malcolm James 250,000 0.23p 4th November 2007

Michael Garland 250,000 0.23p 4th November 2007

Other staff and
consultants 585,000 0.23p 4th November 2007





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

18. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group Share Capital Other Reserve Share Premium Profit and Loss Total
------- ------------- ------------- --------------- Account Shareholders
------------------ Funds
------------------

Loss for the
financial year - - - (573,858) (573,858)
Increase in
period - 2,775 - - 2,775
Shares issued 81,882 - 7,067,285 - 7,149,167
Costs of Issue - - (979,530) - (979,530)
------------ ------------- -------------- ------------------ ---------------

Net additions
to
shareholders'
funds 81,882 2,775 6,087,755 (573,858) 5,598,554

Opening
shareholders'
funds 2,000 - - 838 2,838
----------- ------------- --------------- ------------------ -----------------

Closing
shareholders'
funds 83,882 2,775 6,087,755 (573,020) 5,601,392
========== ========== ============= ============ ==============

Company
---------
Loss for the
financial year - - - (380,082) (380,082)
Shares issued 81,882 - 7,067,285 - 7,149,167
Costs of Issue - - (979,530) - (979,530)
------------ ------------- -------------- ------------------ ---------------

Net additions
to
shareholders'
funds 81,882 - 6,087,755 (380,082) 5,789,555

Opening
shareholders'
funds 2,000 - - 838 2,838
---------- ------------- --------------- ------------------ -----------------

Closing
shareholders'
funds 83,882 - 6,087,755 (379,244) 5,792,393
========== ============= ============== ============ ==============

19. POST BALANCE SHEET EVENTS

The Company has drilled 3 new wells since 31st December 2004. All wells have
been commercially successful and are now in production.

The shares purchased under the 1st September 2004 minority purchase agreements
have been formally registered in the name of Caspian Holdings Plc such that
Caspian is the fully registered owner of 100% of Taraz LLP.

The Central Bank of Kazakhstan has written formally to the company stating that
it is entitled to the return of USD310,000 in funds that were frozen in a
correspondent bank account at the time of the conservation of Naryuz bank.
Timing of the return of the funds is dependent on the timing of the
recapitalisation of Naryuz bank, the timing of which the company cannot control.
In the event that Naryuz was not recapitalised recovery of the funds would be at
risk.

20. RELATED PARTY TRANSACTIONS

During the year, 7,700 was paid to Northsun Italia SpA, a company of which
Michael Masterman and Dietmar Griel are Directors, for recharge of the use of
courier and telephone services. Recharges were based on the cost from third
party service invoices.

During the year, a loan of US$99,000 was repaid to Caspian Oil Limited, a
company which Michael Masterman and Dietmar Greil were formerly but are not
currently directors.




This information is provided by RNS
The company news service from the London Stock Exchange
SEFE

wilbs

Caspian Holdings plc
27 April 2005




27 April 2005

CASPIAN HOLDINGS PLC
('Caspian' or 'The Company')
Preliminary Results

Caspian Holdings Plc (AIM:CSH) the London-based AIM-quoted company whose primary
activity is the exploration, development and operation of oil fields in the
countries around the Caspian Sea, and in particular Kazakhstan, announces its
preliminary results for the year ended 31 December 2004.

Highlights

* Caspian Holdings PLC admitted on to AIM on 4 November 2004, raising 4.43m
* Acquired 70% of Taraz LLP the owner of the Zengeldy oil field in
Kazakhstan in March 2004
* Constructed Zengeldy oil field operations in 9 months
* Commenced commercial oil production and sales in September 2004
* Drilled 3 new wells and reactivated well number 5
* Applied for expansion of existing licence area to over 30 km2


Post year end highlights

* Completed acquisition of 100% interest in Taraz LLP
* Drilled an additional 4 wells
* Total of 4 wells in production plus 1 under completion
* Produced 10,022 barrels of oil (to 31 March 2005)

Commenting on the results, Michael Masterman, Executive Chairman, said: 'It has
been a strong year for us. The AIM listing in November 2004 provided us with the
funds to acquire 100% and then rapidly develop Zengeldy, our first oil field
which is now in production. Since the listing, we have submitted an application
to expand the licence area of Zengeldy with the view of increasing production
and in addition we continue to actively pursue new projects which we believe
will add value to the company.'

- Ends -

For further information, please contact:

Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Luke Cairns Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713




CHAIRMAN'S STATEMENT


Dear Fellow Shareholder

On behalf of the Board of Directors of Caspian Holdings Plc, I am pleased to
present the first Annual Report of the Company since admission to AIM on 4
November 2004.

The year under review was one of great achievements for the Company. We acquired
and quickly brought into production our first oil field, Zengeldy, and we
completed a successful IPO of the Company raising 4.43m. Since listing we have
moved to expand oil production from the Zengeldy field, submit an application to
expand the licence area, and we are pursuing other fast track oil field
development and production activities around the Caspian Sea.

We now look to 2005 with great anticipation and excitement as we establish
Zengeldy as a commercially self sustaining profit centre for the Company. In
addition we are working to secure an expansion in the current licence area and
we continue to work towards securing new projects that will add to our oil
reserves, oil production capacity and add value for shareholders.

Yours faithfully




Michael Masterman
Executive Chairman


REVIEW OF DEVELOPMENT AND OPERATIONS

Zengeldy
Caspian's first oil project is the Zengeldy field located 18km from Makat in the
pre Caspian Basin. The field was acquired through the acquisition of Taraz LLP,
the owner of the Zengeldy subsoil contract in February 2004.

Caspian moved forward to commence initial development of the Zengeldy field
through 2004 and early 2005. The initial focus has been on bringing into
production the Jurassic and Triassic reserves.

The top of the Zengeldy salt dome is in the north of the licence area at a depth
of approximately 450m and the above sequence only contains Jurassic, Neocomian
and Apt oil bearing levels. The Triassic targets are in the east, south, and
west areas of the licence with the most promising reserves in the western areas
below a salt lake which will be drilled in the summer of 2005.

Four wells have been drilled in the Jurassic - 113, 114, 111 and 112 - and all
wells have been brought into production. Each of the wells has multiple
production levels and production to date has been from a single productive
level. The additional levels will be brought on in series (not parallel)
extending well life and recovery (but with lower initial daily rates).
Production from wells 113, 111, and 112 has been broadly in line with
expectations for these shallow Jurassic wells of about 50-70 barrels per day per
well. Production from the lower level of 114 has been minimal due to low
permeability in this layer - production from the higher layer will be brought
into production later this year. Jurassic production was 590 bbls in the
December Quarter 2004 and has since risen rapidly to 7,351 bbls in the March
Quarter 2005. Further increases are expected in the June Quarter 2005 as new
wells including the recently drilled 116 are brought online, flow lines and
improved storage are installed and weather conditions improve.

Winter drilling on Triassic targets has focused on the southern and eastern
areas of the licence. A previous well, Well 5, was reactivated in June 2004 and
the well logs, within the cased well showed a 15m oil pay with 32m in the lower
open section. The well initially produced good quantities of oil but due to poor
cementation in the old well casing, the well was shut down due to water influx
from the higher levels. Well 123 drilled further to the south of Well 5 was dry
due to a change in lithology from clean to shale sands. In the eastern Triassic
targets well 115 had oil shows but insufficient oil saturation for commercial
production. Updated evaluation of the geological model shows that the bulk
Triassic reserves lie in the west of the licence area under the salt lake and to
the west. The lake should be sufficiently dry to commence drilling activities in
the third quarter 2005.

Overall Zengeldy field production in 2004 and early 2005 has been limited to
production from the Jurassic level reserves and is currently running at
approximately 150 barrels per day. Significant increases in production are
dependent on the success of the summer Triassic drilling program.

Based on geological modelling work, Caspian is of the view that the Zengeldy oil
bearing structure extends to the west of the existing licence area. An
application has been made to the Kazak Ministry to extend the licence area to 30
square km. The Ministry is currently evaluating the application. In parallel we
have had positive discussions with the owner of the adjacent exploration block
regarding joint development of the extension area. We expect a positive outcome
from the application and negotiations in mid 2005.

A 3D seismic program is also planned during the summer to better define the
geological model and reserves estimates. A comprehensive review and revision of
the geological model and associated reserves estimates will then be completed to
incorporate the results of all wells drilled including the summer Triassic
program, the extension and the 3D seismic results. On the basis of drilling to
date the Directors are optimistic that the review could lead to an upgrade in
the Jurassic reserve estimates.

New Projects
The Company continues to actively evaluate new projects in Kazakhstan and the
other countries around the Caspian Sea. Progress has been made in the screening,
evaluation and negotiation process and tangible results will be released to the
market in accordance with the continuous disclosure requirements.

CONSOLIDATED FINANCIAL STATEMENTS

CASPIAN HOLDINGS Plc

GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2004

Notes 2004 2003


TURNOVER 2 - -

Administrative expenses 610,302 -


OPERATING LOSS 4

Acquisitions (150,067) -
Continuing operations (460,235) -
(610,302) -
Interest receivable and similar income 5 13,254 838

Interest payable and similar charges 6 (6,517) -

LOSS/PROFIT ON ORDINARY ACTIVITIES
BEFORE (603,565) 838
TAXATION

Tax on loss/profit on ordinary 7 - -
activities

LOSS/PROFIT FOR THE FINANCIAL YEAR
AFTER (603,565) 838
TAXATION

Minority equity interests 29,707 -


RETAINED (LOSS)/PROFIT FOR THE (573,858) 838
FINANCIAL YEAR

====
Basic and Diluted loss per share 9 2.2p -






The notes form part of these financial statements



CASPIAN HOLDINGS Plc

GROUP BALANCE SHEET
31 DECEMBER 2004


Notes 2004 2003
------- ------
FIXED ASSETS
Intangible assets 10 1,877,190 -
Tangible assets 11 784,006 -
--------- ------
2,661,196 -

CURRENT ASSETS
Stocks 13 90,112 -
Debtors 14 302,503 58,488
Cash at bank and 3,100,585 -
in hand ----------- ------------

3,493,200 58,488

CREDITORS:
Amounts falling 15 326,416 55,650
due within one ---------- -------------
year

NET CURRENT 3,166,784 2,838
ASSETS ------------- -------

TOTAL ASSETS
LESS
CURRENT 5,827,980 2,838
LIABILITIES

CREDITORS:
Amounts falling 16 226,588 -
due after more ------------- -------
than one year

5,601,392 2,838
============== ========
CAPITAL AND
RESERVES
Called up share 17 83,882 2,000
capital
Share premium 18 6,087,755 -
account
Other reserve 18 2,775 -
Profit and loss 18 (573,020) 838
account -------------- --------

Shareholders' 5,601,392 2,838
funds =============== ========

Shareholders'
funds
attributable to
Equity interest 5,601,392 2,838
============= ========





The notes form part of these financial statements



CASPIAN HOLDINGS Plc
COMPANY BALANCE SHEET
31 DECEMBER 2004

Notes 2004 2003

FIXED ASSETS
Investments 12 1,145,146 -

CURRENT ASSETS
Debtors 14 1,787,873 58,488
Cash at bank and 3,025,695 -
in hand -------------- -------
4,813,568 58,488

CREDITORS:
Amounts falling 15 166,321 55,650
due within ------------- --------
one year

NET CURRENT 4,647,247 2,838
ASSETS ----------- --------

TOTAL ASSETS
LESS
CURRENT 5,792,393 2,838
LIABILITIES ============= ==========

CAPITAL AND
RESERVES
Called up share 17 83,882 2,000
capital
Share premium 18 6,087,755 -
account
Profit and loss 18 (379,244) 838
account ----------- -----------

Shareholders' 5,792,393 2,838
funds ============ ==========

Shareholders'
funds
attributable to
Equity interest 5,792,393 2,838
============ ==========






The notes form part of these financial statements

CASPIAN HOLDINGS Plc
GROUP CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2004

Notes 2004 2003
------- -------

Net cash outflow
from operating activities 1 (1,051,019) (2,838)

Returns on investments and
servicing of 2 6,737 838
finance

Capital expenditure
and financial investment 2 (1,025,330) -

Acquisitions and disposals 2 (861,428) -
----------- --------

(2,913,040) (2,000)

Financing 2 6,031,625 2,000
----------------- -------

Increase in cash in the period 3,100,585 -
================= ====

Reconciliation of net cash flow to 3
movement in net debt

Increase in cash in the period 3,100,585 -
Cash outflow from decrease in
debt and 487 -
lease financing ----- ---

Change in net debt resulting
from cash 3,101,072 -
flows

Royalty payments acquired (288,315) -
----------------- ---

Movement in net debt in the 2,812,757 -
period

Net debt at 1 January 2004 - -
---------------- ---

Net debt at 31 December 2004 2,812,757 -
============ ==============



The notes form part of these financial statements


CASPIAN HOLDINGS Plc

NOTES TO THE GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2004

1. RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

2004 2003
------- -------

Operating Loss (610,302) -

Depreciation charges 36,902 -

(Increase) in stocks (89,819) -

(Increase) in debtors (235,899) (58,488)

(Decrease)/Increase in creditors (151,901) 55,650
------------------ --------
Net cash inflow

from operating activities (1,051,019) (2,838)
================ ==========

2. ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

Returns on investments and servicing of finance
Interest received 13,254 838
Interest Paid (6,517) -
--------- ------------

Net cash outflow for returns on investments and
servicing of finance 6,737 838
======== ======

Capital expenditure and financial investment

Purchase of intangible fixed assets (224,796) -
Purchase of tangible fixed assets (795,132) -
Exchange differences (5,402) -
--------- ---
Net cash outflow for capital expenditure and
financial (1,025,330) -
investment ============== ====

Acquisitions and disposals
Purchase of subsidiaries (864,546) -
Cash acquired 3,118 -
-------- ---

Net cash outflow for acquisitions and disposals (861,428) -
============ ====

Financing

Movement on other reserve 2,775 -

Share issue 6,029,337 2,000

Capital element of hire purchase or finance 22,488 -
leases

Capital element of royalty payments (22,975) -
-------------- ---------------

Net cash (outflow)/inflow from financing 6,031,625 2,000
============ ========

The notes form part of these financial statements

CASPIAN HOLDINGS Plc
NOTES TO THE GROUP CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2004

3. ANALYSIS OF CHANGES IN NET DEBT

Acquisitions
--------------
Cash flow (Excl. cash) At 31.12.04
----------- -------------- -------------

Net cash:
Cash at bank and in hand 3,100,585 - 3,100,585
-------------- ---------------- --------------------

Debt:
Hire purchase or finance (22,488) - (22,488)
leases
Royalty lease payments 22,975 (288,315) (265,340)
--------------- -------------- -----------------

487 (288,315) (287,828)
--------------- -------------- -----------------
---
Total 3,101,072 (288,315) 2,812,757
============= ============= =============

Analysed in Balance
Sheet


Cash at bank and in hand 3,100,585
Hire purchase or finance
leases
within one year (6,732)
after one year (15,756)
Royalty lease payments
within one year (54,508)
after one year (210,832)
-------------

Net Debt 2,812,757
=============

4. PURCHASE OF SUBSIDIARIES

Net assets acquired


Fixed assets 366,320
Stock and work in progress 293
Debtors 8,116
Cash at bank and in hand 3,118
Creditors (221,127)
Royalty lease payments (288,315)
Minority interest (29,707)
Goodwill 1,306,448
----------------

1,145,146
================
Satisfied by


Cash 864,546
Issued share capital 140,300
Share capital to be issued 140,300
-------------

1,145,146
============


The notes form part of these financial statements

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared in accordance with applicable United
Kingdom accounting standards under the historical cost convention.

Basis of consolidation

The consolidated financial statements include the accounts of subsidiaries made
up to 31 December 2004.

On 8 April 2004 formal completion of the acquisition of 70% of the capital of
Taraz LLP took place. The consolidated financial statements include the results
of Taraz LLP for the year ended 31 December 2004. The directors consider that
the pre acquisition results of Taraz LLP are not material to the results shown
in the consolidated profit and loss account. The directors have adopted this
accounting treatment in order that the consolidated results of the group show a
true and fair view.

On 1 September 2004, the company signed an agreement to acquire the remaining
30% interest in Taraz LLP, formal completion of which took place on 28th March
2005. The directors consider that, in order for the consolidated accounts to
show a true and fair view, that Taraz LLP is consolidated as a wholly owned
subsidiary of the company. Interim audited consolidated accounts were prepared
to 30 June 2004 and these accounts have been used to calculate the goodwill
arising on the purchase of the remaining 30% interest in Taraz LLP. The
directors consider that the results for the two months 1 July 2004 to 1
September 2004 are not material.

No profit or loss account is presented for the company as permitted by S230 (3)
of the Companies Act 1985.

Goodwill

Goodwill arising on consolidation, which represents the excess of the purchase
price over the fair value of net assets acquired, is shown in the balance sheet
as an asset and will be amortised evenly over its estimated useful life once
trading has commenced. In addition to the systematic amortisation, the book
value is written down to recoverable amount when any impairment is identified.

The directors consider the estimated useful life of goodwill to be in line with
the contract between Taraz LLP and the Government of the Republic of Kazakhstan
for the exclusive right to use the subsurface on the Zhengeldy oil field which
terminates on 27 May 2024.

Intangible fixed assets

Amortisation is calculated and provided in order to write off each asset over
its estimated useful economic life, such amortisation to commence when the asset
concerned is initially used within the business.

Royalty - 5% - 33% on cost
Software - 5% - 33% on cost

Deferred costs represent costs for preparatory work for oil production. These
costs are to be written over a period of 4 years starting in the year that the
first income from selling oil is received.



CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES (cont'd)

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off
each asset over its estimated useful life or, if held under finance lease, over
the lease term, whichever is the shorter.

Bore holes - 10% on cost
Motor vehicles - 20% on cost
Plant and equipment - 20% - 33% on cost
Furniture and other equipment - 10% - 33% on cost

Deferred Tax

The tax charge is based on the profit for the period and takes into account
taxation deferred because of timing differences between the treatment of certain
items for taxation and accounting purposes. Deferred tax is recognised in
respect of all timing differences that have originated but not reversed at the
balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive
more, tax, in the future. In particular:

Provision is made for tax on gains arising from the revaluation (and
similar fair value adjustments) of fixed assets, and gains on disposal of
fixed assets that have been rolled over into replacement assets, only to the
extent that, at the balance sheet date, there is a binding agreement to
dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely
than not that the taxable gain will be rolled over into replacement assets
and charged to tax only where the replacement assets are sold.


Provision is made for deferred tax that would arise on remittance of the
retained earnings of overseas subsidiaries, associates and joint ventures
only to the extent that, at the balance sheet date, dividends have been
accrued as receivable.


Deferred tax assets are recognised only to the extent that the Directors
consider that it is more likely than not that there will be suitable taxable
profits from which the future reversal of the underlying timing differences
can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are
expected to apply in the periods in which timing differences reverse, based on
tax rates and laws enacted or substantively enacted at the balance sheet date.

Stock

Stock is valued at the lower of cost and net realisable value, after making due
allowance for obsolete and slow moving items.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date
of the transaction or at the contracted rate. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the rate of exchange
ruling at the balance sheet date or, if appropriate, at the forward contract
rate. All differences are taken to the profit and loss account.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

1. ACCOUNTING POLICIES (cont'd)

Foreign currencies (Cont'd)

Where the trade of a foreign enterprise is more dependent on the economic
environment of the parent company then the Financial Statements of the
undertaking are consolidated using the Temporal method on the following basis:

Fixed assets are translated into sterling at the rates ruling on the
date of acquisition.


Monetary assets and liabilities denominated in a foreign currency are
translated into sterling at the foreign exchange rates ruling at the balance
sheet date.


Revenue and expenses in foreign currencies are recorded in sterling at
the rates ruling at the date of the transactions.


Any gains or losses arising on translation are as reported in the Profit
and Loss Account.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the
risks and rewards of ownership of the asset have passed to the Group, and hire
purchase contracts are capitalised in the balance sheet and are depreciated over
their useful lives. The capital elements of future obligations under leases and
hire purchase contracts are included as liabilities in the balance sheet. The
interest elements of the rental obligations are charged in the profit and loss
account over the periods of the leases and hire purchase contracts and represent
a constant proportion of the balance of capital payments outstanding.

Rentals payable under operating leases are charged in the profit and loss
account on a straight-line basis over the lease term.

2. TURNOVER

The group has yet to receive any trading income.

3. STAFF COSTS
2004 2003
------ ------

Wages and salaries 316,996 -
Social security costs 34,825 -
--------- --------

351,821 -
=========== =======

The average monthly number of employees during the year was as follows:

Management & administration 10 2
Production, technical & operations 25 -
------ --------

35 2
====== =======

Of these employees, all the Production, Technical and Operations Staff are
employed in Kazakhstan.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

4. OPERATING LOSS

The operating loss is stated after charging:
2004 2003
------ ------


Depreciation -
owned assets 35,337 -
Depreciation -
assets held under
finance leases and
hire purchase
contracts 1,565 -
Auditors
remuneration 14,688 -
======== ===

Directors'
emoluments and
other benefits 163,067 -
========== ====

Directors' emoluments

D. Greil 88,265
M. Masterman 66,802
M. Garland 4,000
M.R.S. James 4,000

5. INTEREST RECEIVABLE AND SIMILAR INCOME

Bank interest 13,254 838
========= ======

6. INTEREST PAYABLE AND SIMILAR CHARGES

Bank loans,
overdrafts and
other loans
repayable within
five years other
than by instalments 1,272 -
Finance charges -
hire purchase

contracts or
finance leases 5,245 -


6,517 -
====== ====

7. TAXATION

Tax on profit on ordinary activities
Year to 31st
December 2004

The tax charge is made up as follows:
Current tax:
UK Corporation Tax -
Overseas Tax -

Total current tax -


Deferred Tax:
Origination and reversal of timing differences -





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

7. TAXATION (Cont'd)

Total deferred tax -


Tax on profit on ordinary activities -



The difference between the effective provision for
income tax and the statutory tax provision at the
statutory tax rate is reconciled as follows:

Loss on ordinary activities
before tax 380,082

UK Corporation Tax at 30%
Permanent differences: non-deductible expenditure (114,024)
non-taxable foreign exchange
translation 25,797
Timing differences:

tax losses recognised 88,227


Current tax on ordinary activities -

Deferred tax -




As at 31st December 2004, the Group had unrecognised tax losses arising in
Kazakhstan of 21,780 and United Kingdom of 294,091 that are available
indefinitely for offset against future taxable profits of those companies in
which the losses arose, subject to the conditions of deductibility under the
relevant legislation.

Deferred tax assets have not been recognised in respect of these losses. These
assets will be recognised should it become more likely than not that taxable
profits or timing differences, against which they may be deducted, arise.

8. LOSS OF THE PARENT UNDERTAKING

The parent undertaking's loss for the financial year before and after taxation
amounted to 380,082 (2004 profit - 838).

9. LOSS PER ORDINARY SHARE

The calculation of the loss per ordinary share is based on a Group loss of
603,565 to 31st December 2004, and the weighted average ordinary shares
outstanding of 26,929,102 in the year ended 31st December 2004.

On the basis of the above calculation, the loss per ordinary share for the year
to 31st December 2004 is 2.2p.

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

10. INTANGIBLE FIXED ASSETS

Deferred
Royalty Software Costs Goodwill Total

Group

COST

Acquisitions
at fair value 329,226 309 98,238 1,306,448 1,734,221
Additions - - 224,796 - 224,796
Disposals - - - - -
Exchange
differences 4,854 5 1,448 - 6,307


At 31 December
2004 334,080 314 324,482 1,306,448 1,965,324
======== ======== ======== ======== ========

DEPRECIATION
Acquisitions
at fair value 70,041 61 - - 70,102
Charge for the
year 16,937 62 - - 16,999
Disposals - - - - -
Exchange
differences 1,032 1 - - 1,033


At 31 December
2004 88,010 124 - - 88,134
======== ======== ======== ======== ========

NET BOOK
VALUE

At 31 December
2004 246,070 190 324,482 1,306,448 1,877,190
======== ======== ======== ======== ========

11. TANGIBLE
FIXED ASSETS
Bore Holes Motor Plant and Furniture & Total
Vehicles Equipment Other Equipment



Group

COST

Acquisitions
at fair value - 3,460 8,783 3,919 16,162
Additions 626,430 25,556 95,841 47,305 795,132
Disposals - - - - -
Exchange
differences - 51 130 58 239

At 31 December
2004 626,430 29,067 104,754 51,282 811,533
======== ======== ======== ======== ========
DEPRECIATION
Acquisitions
at fair value - 1,730 5,381 403 7,514
Charge for
year 9,594 2,268 3,907 4,134 19,903
Disposals - - - - -
Exchange
differences - 25 79 6 110

At 31 December
2004 9,594 4,023 9,367 4,543 27,527
======== ======== ======== ======== ========
NET BOOK
VALUE

At 31 December
2004 616,836 25,044 95,387 46,739 784,006

CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

11. TANGIBLE FIXED ASSETS (Cont'd)

Fixed assets, included in the above, which are held under hire purchase
contracts or finance leases are as follows:

Motor Vehicles
-------------
Group


COST

Additions 25,556

Disposals -
Exchange differences -
-------------

At 31 December 2004 25,556
==========

DEPRECIATION

Charge for the year 1,565
Disposals -
Exchange differences -
-------------

At 31 December 2004 1,565
============

NET BOOK VALUE


At 31 December 2004 23,991
==========

12. FIXED ASSET INVESTMENTS

Held by parent undertaking:

The company holds more than 10% of the equity of the following companies:

Name of Company Country of Proportion Held Nature of
----------------- Registration Business
-------------------- ----------------- --------------------

Taraz LLP Kazakhstan 100% Oil Exploration

Subsidiary
Undertakings
--------------------
Company
---------

COST
Additions 1,145,146
-------------

At 31 December
2004 1,145,146
============





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

12. FIXED ASSET INVESTMENTS (Cont'd)

This consisted of:-

Fixed Assets 366,320
Stock and Work in Progress 293
Debtors 8,116
Cash at Bank and in hand 3,118
Creditors (221,127)
Royalty Lease Payments (288,315)
Minority Interest (29,707)
Goodwill 1,306,448
-----------
1,145,146
============

13. STOCKS
Group Group Company Company

2004 2003 2004 2003


Stock and work in progress 90,112 - - -


14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Company Company
---------
2004 2003 2004 2003
------


Trade Debtors 128,373 - - -
Amounts due from subsidiary
undertakings - - 1,532,752 -
Unpaid share capital 13,225 2,000 13,225 2,000
Other debtors 160,905 - 160,905 -
Other loans 56,488 - 56,488
Prepayments and accrued income - - 80,991 -


302,503 58,488 1,787,873 58,488
======== ======== ======== ========

Other debtors include 160,905 relating to sums held by JSC Naryuz Bank
Kazakhstan in temporary conservation. The directors are actively attempting to
recover these sums. No provision has been made for the non return of these sums.

As a result of bank errors, the amount of 13,225 in respect of unpaid share
capital was unpaid at 31st December 2004. This amount has now been fully paid.





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Group Company Company 2003
--------------
2004 2003 2004


Trade creditors 23,227 - - -
Amounts owed to related - 16,224 - 16,224
Undertaking
Obligations under finance leases
and 6,732 - - -
hire purchase contracts
Royalty lease payments 54,508 - - -
Social security and other taxes 11,915 - - -
Other creditors and accruals 230,034 39,426 166,321 39,426

326,416 55,650 166,321 55,650

Other creditors and accruals include 140,300 relating to shares issued on
formal completion of the purchase of the remaining 30% interest in Taraz LLP,
which took place on 28th March 2005.

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group Group Company Company
2004 2003 2004 2003

Royalty lease payments 210,832 - - -
Obligations under finance leases
and hire purchase contracts 15,756 - - -


226,588 - - -
======== ======== ======== ====


17. SHARE CAPITAL

Authorised
------------

150,000,000 Ordinary shares of 0.1p each 150,000
==========

Allotted, issued and fully paid
---------------------------------

83,881,685 Ordinary shares of 0.1p each 83,882
==========

On 27 August 2004 the 10,000 authorised Ordinary shares of 1 each were
sub-divided into 1,000 Ordinary shares of 0.1p each. Also on this date the
authorised share capital of the company was increased from 10,000 to 150,000
by the creation of 140,000,000 Ordinary shares of 0.1p each, such shares to rank
pari passu in all respects with the existing Ordinary shares of 0.1p each.




CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

17. SHARE CAPITAL (cont'd)

The following fully paid shares were allotted during the period at a premium as
shown below:

On 1 March 2004 2,120 Ordinary shares of 1 each at 277 per share.

On 30 April 2004 638 Ordinary shares of 1 each at 277 per share.

On 18 May 2004 621 Ordinary shares of 1 each at 555 per share.

On 12 August 2004 371 Ordinary shares of 1 each at 1,000 per share.

On 28 August 2004 250 Ordinary shares of 1 each at 1,000 per share.

On 28 August 2004 54,000,000 Ordinary shares of 0.1p at par value pursuant to a
9 for 1 rights issue.

On 28 August 2004 1,000,000 Ordinary shares of 0.1p at 10p per share.

On 25 October 2004 3,610,000 Ordinary shares of 0.1p each at 23p per share.

On 4 November 2004 17,571,685 Ordinary shares of 0.1p each at 23p per share by
way of public placing.

On 5 November 2004 1,700,000 Ordinary shares of 0.1p each at 23p per share by
way of private placing.

Stock Options:

Stock Options Option Price Exercise Period
Issued --------------
--------------- -----------------
Michael Masterman 2,000,000 0.23p 4th November 2007

Dietmar Greil 2,000,000 0.23p 4th November 2007

Malcolm James 250,000 0.23p 4th November 2007

Michael Garland 250,000 0.23p 4th November 2007

Other staff and
consultants 585,000 0.23p 4th November 2007





CASPIAN HOLDINGS Plc
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2004

18. RESERVES AND RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Group Share Capital Other Reserve Share Premium Profit and Loss Total
------- ------------- ------------- --------------- Account Shareholders
------------------ Funds
------------------

Loss for the
financial year - - - (573,858) (573,858)
Increase in
period - 2,775 - - 2,775
Shares issued 81,882 - 7,067,285 - 7,149,167
Costs of Issue - - (979,530) - (979,530)
------------ ------------- -------------- ------------------ ---------------

Net additions
to
shareholders'
funds 81,882 2,775 6,087,755 (573,858) 5,598,554

Opening
shareholders'
funds 2,000 - - 838 2,838
----------- ------------- --------------- ------------------ -----------------

Closing
shareholders'
funds 83,882 2,775 6,087,755 (573,020) 5,601,392
========== ========== ============= ============ ==============

Company
---------
Loss for the
financial year - - - (380,082) (380,082)
Shares issued 81,882 - 7,067,285 - 7,149,167
Costs of Issue - - (979,530) - (979,530)
------------ ------------- -------------- ------------------ ---------------

Net additions
to
shareholders'
funds 81,882 - 6,087,755 (380,082) 5,789,555

Opening
shareholders'
funds 2,000 - - 838 2,838
---------- ------------- --------------- ------------------ -----------------

Closing
shareholders'
funds 83,882 - 6,087,755 (379,244) 5,792,393
========== ============= ============== ============ ==============

19. POST BALANCE SHEET EVENTS

The Company has drilled 3 new wells since 31st December 2004. All wells have
been commercially successful and are now in production.

The shares purchased under the 1st September 2004 minority purchase agreements
have been formally registered in the name of Caspian Holdings Plc such that
Caspian is the fully registered owner of 100% of Taraz LLP.

The Central Bank of Kazakhstan has written formally to the company stating that
it is entitled to the return of USD310,000 in funds that were frozen in a
correspondent bank account at the time of the conservation of Naryuz bank.
Timing of the return of the funds is dependent on the timing of the
recapitalisation of Naryuz bank, the timing of which the company cannot control.
In the event that Naryuz was not recapitalised recovery of the funds would be at
risk.

20. RELATED PARTY TRANSACTIONS

During the year, 7,700 was paid to Northsun Italia SpA, a company of which
Michael Masterman and Dietmar Griel are Directors, for recharge of the use of
courier and telephone services. Recharges were based on the cost from third
party service invoices.

During the year, a loan of US$99,000 was repaid to Caspian Oil Limited, a
company which Michael Masterman and Dietmar Greil were formerly but are not
currently directors.




This information is provided by RNS
The company news service from the London Stock Exchange
SEFE

wilbs

Four wells have been drilled in the Jurassic - 113, 114, 111 and 112 - and all
wells have been brought into production.

And.................


these shallow Jurassic wells of about 50-70 barrels per day per
well. Production from the lower level of 114 has been minimal due to low
permeability in this layer - production from the higher layer will be brought
into production later this year. Jurassic production was 590 bbls in the
December Quarter 2004 and has since risen rapidly to 7,351 bbls in the March
Quarter 2005. Further ....................

Not exactly exciting flow rates, the last heads towards it but again is nothing special.

No mention of estimated reserves unless I missed it somewhere amonst the reams of reports.

They won't talk about increase flow rates untill they get a better price for for the oil.

Having steadily bought CSH on the retractions over the last few weeks,I wonder if anyone knows where in Kazaksthan the Zangeldy oil field is ? I wanted to speak to Luke Cairns but he has not returned my call so far.

I think they have to transport the oil by road,but where to?

Do they own the road tankers,and are the transport costs high?

Any news on this would be appreciated.

The intention as I recall is to install a pipe line, as you say they currently transport by road, not sure where to.

I believe it is due to be installted this summer so things will get better.

This is all frommemory so I may have a few bits wrong but this is the essence of what I recall.............

Spoke to Luke Cairns later today.

According to him there is a pipeline 18kms from the Zangeldy field.

The pipeline goes to Russia as well as some other region.

The oil as you know is of good quality with some salt content, that apparently can be easily removed by a heating process.

Perhaps seawallwalker, you may be referring to a proposed extension of pipeline to actual site.

Anyway the situation appears better than I thought.

Anyone still in?
Nice rise today, all buys apart from 4,000 shares. 50,000 MM buy and this was posted over the road.
Make of it what you will.


GeoffCapes - 4 Jun'05 - 18:57 - 11823 of 11866


Nice to see everyone is still positive on here. (It can't get any worse can it? Can it?) No.

Here's a bit of info you may be interested in.

A bloke I work with's cousin works for an oil investment company. Now and again he gives my collegue tips on shares of companies to buy, and his tip/success rate is A1.
He told my collegue to buy BFC a week before they had some big announcement and shot up 40%. Yes it probably is insider dealing but it goes on everywhere!
Anyway, he text my colleague late Friday afternoon and said two words (which is how he gives his tips) Those two words:-

Caspian Holdings.

Make of that what you will.
That's not a ramp, as everyone know you should do your own research, whether you do or not is up to you. Interesting though.

Sharebuff - Could you post a link or the comments please. Ta.

Tone - Will E-mail you tomorrow as I shortly have an appointment with several pints of Kronenbourg :-D

wilbs

Another 50,000 MM buy.
wilbs

wilbs, yes there is someone here! I am in for the mid to long term, how about you?
I watch other BB's.
I have done all the research possible and will be staying in. Nice little rise today. I am holding, just sentiment for me at the moment.
See what happens tomorrow to 3 months time.
Good luck to you.
sambal.

Cheers sambal.
Im in for the medium term, xmas. I don't know if you look at the joke pages on ADVFN? Talk is of an announcment soon. With the buys today and the MM buys, it seems that something is brewing and news is due.
See what tomorrow brings.
Good luck to you too.

Wilbs

Still ticking up nicely.
wilbs

YES IT IS. Just wish I had the finds to buy more.
Sambal.

Back in the blue for me at last. Lets hope news will come in the next week to 4 weeks. IMO it is going to be good, but not great. The great news will come imo come late September.
Sambal

I have emailed CSH but not holding my breath for a reply.
wilbs

wilbs, you won't get one.
Holding your breath can be unhealthy.
Just wait.
Sambal

Positive news out this morning. So why has sp fallen ?????






8 June 2005

CASPIAN HOLDINGS PLC
('Caspian' or 'the Company')

Drilling, Production and Export Update

Caspian Holdings announces that it has progressed drilling and oil activities,
completing and bringing into production Well 107 and increasing overall
production rates in the Zhengeldy field.

Drilling has also been completed on well 116 and commenced on new Well 106.

Well 107, which had a net oil pay of 17m in the Neocomian structure, has been
perforated to 5m (2 intervals) and currently, one of the intervals been brought
into production. .

The current production capacity of the Zhengeldy field is now based on a total
of five wells: four across Jurassic levels (Wells 113, 114, 112 and 111); and
Well 107, at Neocomian levels.

Production rates have been steady at 130-150 barrels per day and are anticipated
to increase in June with the addition of production from Well 107. Subject to
the results of testing we also expect additional production from Wells 106, 116
and the perforation of Well 114 in the Neocomian. In addition production
increases are expected from a new approach to cementation and logging which the
Company has developed in conjunction with Schlumberger Caspian Region.
Evaluation of cement bond logs suggests there is significant scope to improve
well cementation and, as a result, to identify additional productive levels.

During May, Caspian continued to evaluate opportunities for bringing on Triassic
level production. Well 106, a twin of old well number 5, is now being drilled
(to a target depth of 750m (currently at a depth of 600m)) and should be
complete in late Q2, 2005. Joint review of Well 115 with the Mining Economic
Consulting Company has recommended a re-investigation of three more levels in
the Triassic which the Company is planning for Q3, 2005.

Planning is advanced for drilling on the salt lake in the west of the Zhengeldy
licence area in summer and well locations will be selected following a review of
geological models of the Zhengeldy field. Work is continuing in evaluating
targets in the Zhengeldy extension area as the Company awaits a decision on its
extension application - a decision is expected in Q3, 2005.

Caspian has progressed construction of a 200 tonne storage and export facility.
The proposed facility will now be located outside Makat on the new pipeline
entry point, following a decision by Emba Oil, the state oil company to relocate
processing operations to this site (away from the city). The initial plan is to
transfer 200 tonne batches to the main Emba storage tanks with subsequent export
in 1000 tonne lots. A heating process step will be added to storage facilities
on the Zhengeldy site to reduce salt content in crude for both domestic and
export sales. Both the processing step and the export storage facility should be
complete in July 2005.

The Company's Annual General Meeting will be held in London on 26 July 2005 and
a notice of meeting will shortly be sent to shareholders.

Michael Masterman, Executive Chairman of Caspian Holdings commented:

'Following our preliminary results on 26th April, we felt it was important to
update shareholders of Caspian's development with a current overview. We are
confident in our ability to increase production rates and we are excited about
the discovery of oil production in the Neocomian structure in the Zhengeldy
permit area.'

- Ends -

For further information, please contact:

Caspian Holdings Plc Hoodless Brennan Parkgreen Communications
Michael Masterman Luke Cairns Justine Howarth / Ana Ribeiro
T: +447791288381 T: +44 (0) 20 7538 1166 T: +44 (0)20 7493 3713

LONDON (AFX) - Caspian Holdings PLC said it is increasing overall output rates in the Zhengeldy field.

In a statement, the company said production rates have been steady at 130-150 barrels per day and are expected to increase in June, with the addition of Well 107.

Subject to testing results, the company expects further production from Wells 106, 116 and the perforation of Well 114 in the Neocomian.

The current production capacity of the Zhengeldy field is now based on a total of five wells.

'In addition production increases are expected from a new approach to cementation and logging which the company has developed in conjunction with Schlumberger Caspian Region.'

The company said it has progressed drilling and oil activities, completing and bringing into production Well 107.

Drilling has also been completed on well 116 and commenced on new Well 106.

Chairman Michael Masterman said: 'We are confident in our ability to increase production rates and we are excited about the discovery of oil production in the Neocomian structure in the Zhengeldy permit area.'

newsdesk@afxnews.com

well no news now and sp will fall a little again 25p imho to buy

Seems to be one of the few oil stocks not performing. Hope it starts to do so soon.

if the sp keeps at these levels and gets to 25p to buy i am in for more.

The price is moving now. Perhaps good news on the way.

Last drilling update said oil production from 5 wells [08/06/2005],hope much improvedflow of oil now.

SP[offer] up to 29,spread is 5, agood sign.

Is this hot news or what, up 60 per cent, a 120 metre oil colunn,sounds like chingetti,was it 2 or 3 oil columns discovered,great news ,any one there,or are you all shell-shocked.

Not shell-shocked, MB. Just pleased to see this head back to a fraction of what most of us paid! It will need support to stay (or improve) at this level. Do you have a sustainable short term sp target? We've heard good news in the past only for it to track back shortly afterwards!

Short term target of 60p if there is an RNS about the extension area before AGM.

Otherwise 45p.

........................and medium term & long term forecasts, Ariesr?

I recall back in Jan that EOY forecast by some folk was reckoned at about 1.40

But that was before the drop to early 20s and all sorts of rumours started.

I'd go for EOY at 1 at the most, you just never know what will happen in the oil secotr and what CSH may encounter as it keeps on exploring.

We havent even got the extension yet!

Anyone drilling and flowing oil can come up with abig hit , not like hyped up chancers who drill and find waterin a one off money collection type scam, csh are really trying,good luck to all.

Anyone drilling and flowing oil can come up with abig hit , not like hyped up chancers who drill and find waterin a one off money collection type scam, csh are really trying,good luck to all.

Anyone drilling and flowing oil can come up with abig hit , not like hyped up chancers who drill and find waterin a one off money collection type scam, csh are really trying,good luck to all.

See csh article on www.oilbarrel.com dated 11/07/2005.

See csh article on www.oilbarrel.com dated 11/07/2005.

Surely 50 odd barrels a day does not warrant 2 & 1/2 p on the sp today? (106 goes into production)

Bloody rubbish.

Whats is going on with this Company?

wilbs???????

http://www.moneyam.com/action/news/showArticle?id=913786

From oilbarrel.com yesterday


29.08.2005
Caspian Holdings Confirms Successful Oil Production From The Triassic On Its Licence In Kazakhstan
It may only be 50 barrels a day but it is an important 50 barrels. As we keep on saying at oilbarrel.com everything is relevant in the oil business and what is significant for BP is not germane to what a minnow does. Caspian Holdings has reported that Well 106 on its Zhengeldy licence in Kazakhstan has started commercial production from the Triassic level; oil in Well 106 is currently flowing at a rate of 32 barrels per day on a small choke valve. Based on technical work of Schlumberger Caspian Region, Caspian Holdings expect the flow rate to increase to approximately 50 barrels a day during the September quarter. This, in its way, is a fundamental step forward for Caspian.

Caspian joined Londons Alternative Investment market (AIM) in November 2004, raising 4.43 million. Over the first year of its operatorship of the Zhengeldy licence Caspian gained 100 per cent of the licence - where there has been known output of oil - in March 2005 when it acquired the final 30 per cent of the former owner Taraz LLP. The focus has been on bringing on production from the Jurassic and Triassic reserves, with relatively modest amounts from lots of wells. In the first half of 2005 output has been from the shallower Jurassic and Neocomian in the north of the licence. The field has been producing between 130 and 150 barrels of oil per day from five wells: Wells 113, 114, 112 and 111 produce from the Jurassic zone and Well 107 from the Neocomian.

This was considered good as far as it went but meant the group was a little behind with its goal of producing 1,000 barrels of oil a day by end 2005. Chief executive Michael Masterman has always thought that the Triassic could give a big boost to reserves and output. By June 2005 results from the Triassic had been mixed. An old well, Well 5, was reactivated in June 2004 but later had to be shut down due to water influx from the higher levels due to poor cementation. Well 123 was dry, while Well 155 encountered 15 metres of oil pay but didnt perform as expected.

However, the bulk of the Triassic reserves lie beneath a salt lake to the west of the main Zhengeldy field. Bad weather meant the company could not have a crack at them until June this year.

When it did, Well 106 found the Triassic zone from 713 metres to 717.5 metres had a net pay of 4.5 metres and a porosity of 21 per cent. The Neocomian from 237 metres had a net pay of 8 metres and a porosity of 33.5 per cent. This is a previously unidentified zone, which the company anticipates will be a strong producer based on their high oil saturation and good porosities shown in the well logs.

The Jurassic zone form 285 metres to 405 metres covers a gross pay of 20 metres. Initial log evaluation indicates low oil saturation and the company does not expect Jurassic production from this level. It does say, however, the massive size of the Jurassic level opens up significant exploration opportunities.

After testing, production is now flowing from Well 106 from the Triassic level. The point here is that Well 106 is the first well in which the company has employed a technologically enhanced approach to logging cementation and perforation and this has yielded results and insights into the reservoir structure. The main Triassic reserves are held in carbonates rather than sands - previous wells had been classified as too tight when in fact it now appears good flow rates can be achieved from this carbonate.

Accordingly, in partnership with Schlumberger Caspian Region, the company will be re-cementing and logging five previously drilled wells. This is on track for completion by the end of September. Mr Masterman appears to be getting the boost to overall production he anticipated from the Triassic level, and he has achieved scope for identifying additional production levels.

Okay it's the end of Sept ..... No it's early Oct ..... anymore yields likely anyone? any predictions?

Be patient, there is plenty of oil in the Caspian area, the sp will reflect this by the end of the year. Most of the stock is held by directors/institutions and they are not selling, when news comes these shares move fast.

Any one has any idea why this share has started to move up again?

Caspian is falling like a brick...no sign of recovery yet

bsp on the rise

Going up well today on RNS, but even more to come later this month when expected new contract awarded

Just seen this on another bb, i think it`s a sensible post.
Dexter
++++++++++++++++++++++++++++
And if people need a reality check they should ponder on this........out of every drilling in the North sea, only one in five struck oil. In poorer regions, it works out as 1 in 15.

In this context, csh is high in the speculation stakes, but because it has found oil and is drilling in an area that was the second highest producer in the world it could be very profitable. Further more BP, USA companies & the Russians are all drilling like mad in the area.(No smoke without fire..etc.)

Therefore, any whiff of more oil is going to send the csh sp sky high. Derampers can have their fun.......but will get seriously burnt from time to time. IMHO buy on the dips and sell on the highs. Worth holding. DYOR.
+++++++++++++++++++++++++

It certainly was worth holding to Dexter!

Keeps on getting better, producing more bpd each month, with increased production update stated in RNS to be released during May.

Here's Friday's RNS in full:

Caspian Holdings plc - Drilling Report
RNS Number:4636C
Caspian Holdings plc
04 May 2006

4 May 2006

Caspian Holdings Plc

('Caspian' or 'the Company')


Salt Lake Drilling Results Delivers largest flow rate to date


Caspian Holdings (AIM: CSH), the oil and gas exploration and production Company
focused on shallow fields in Kazakhstan, announces that drilling results for
well 103 on the dry Zhengeldy salt lake has produced very strong test flow
results.


Well 103 was drilled to a depth of 302 metres in 9 days.


Two oil bearing levels in well 103 have been identified from log interpretations

* 8 metres from 176 metres to 184 metres

* 6 metres from 256 metres to 262 metres


Perforation and testing of the deepest level has produced very strong results
with the well flowing at a continuous flow test rate of 120 barrels of oil per
day - by far the largest flow test rate on the field to date. During the test a
tested open flow rate of 230 barrels a day was achieved.


Well 103 will continue in production and during May we will determine the
optimal operating flow rate. An update on the overall results of the workover
program and the new wells drilled in 2006 will also be provided in May.


Commenting on the results from well 103, Executive Chairman Michael Masterman
said 'Tested flows from this well are nearly 4 times the levels achieved in our
previously best performing wells. The results give us a strong direction to
drive the next phase of drilling forward as well as the potential to
significantly step up production rates''This is our first well on the previously undrilled dry Zhengeldy salt lake
which covers approximately half our current licence area. It's a great
exploration and production result'

Other wells already in production are producing between them 120 bbl/day - not counting two that had been taken offline for production enhancement measures at the time of reporting (Feb 16th 2006).

So one could estimate a minimum of 250 bbl/day going forward.

The Exec Chairman's comments about Zhengeldy hint that more similar wells could be on the way in the future as 103 was the first to be drilled on the dry salt lake which covers more than half of the licence area.

And may be increased: >> On other matters, the Company continues to wait for Kazak Government approval on its Zhengeldy licence extension. << (From RNS "New Well Drilling Campaign Commences" 10th Feb 2006).

Any thoughts, anybody?

Due to release their new bpd production figures next week, should be double that last stated, the market will react accordingly

The Master, what would you say - 250 bbl/day, or even more?

According to press release of 4 November 2005, Caspian is targeting production of 450 - 510 bbl/day from 11 wells (lncluding the current 5-well drilling project).

It's interesting to see that they are going for multiple-level/multi-perforation to make the best of the fact that the oil is concealed within very thin, overlapping strata.

According to the article we can expect to see two more wells drilled on the dry salt lake site, which was so prolific in the case of well 103.