Caspian Holdings Appoints Operations Manager & CFO

The Board of Caspian Holdings has appointed of Essien Umoren as Operations Manager and Dom Del Borrello as Chief Financial Officer to the Company.

Essien Umoren, aged 37, has a Bachelor Degree in Physics and 14 years experience working in the Oil and Gas industry including 3 years with Shell and more recently 11 years with Schlumberger. At Schlumberger Essien worked extensively in Kazakhstan and the Caspian Region as well as in Nigeria and Texas as a senior petrophysist leading the evaluation of both large and smaller oil fields and advising major oil companies on how to increase oil production.

Essien Umoren is very experienced in integrated hydrocarbon formation evaluation having worked in the Caspian Region for 4 years as Petrophysics Domain Champion developing and supporting the Schlumberger formation evaluation business in Kazakhstan, Azerbaijan, Turkmenistan and Uzbekistan.

Dom Del Borrello, aged 40, has extensive experience in finance in the resources industry. Prior to joining Caspian, Dom was Group Manager Treasury and Risk for global Titanium minerals and Zircon producer Iluka Resources, the worlds largest mineral sands company. With over 15 years experience in corporate finance and treasury and having held senior positions with a number of public resource companies including Anaconda Nickel and GRD Minproc, Dom brings an extensive financing track record to the Company. He has significant experience in project finance, debt and equity raising, and in structured transactions completing over 20 major transactions in the last 10 years.

Commenting on the appointment, Executive Chairman Michael Masterman said "We are delighted to have Essien and Dom join the management team. Their appointments immediately deepen both the operational and financial skill base of the Company and strengthen our capacity to manage and rapidly grow our business. Both executives have exceptional experience and track records in their respective fields and we welcome them to the company".

As part of the appointments, Mr. Umoren will be issued 500,000 options and Mr. Del Borrello will be issued 200,000 options. The options expire on November 4, 2007 and have an exercise price of 27p which represents a 67% premium to the Company's closing share price on Friday June 30, 2006. Non Executive Technical Director Dr Andrew Robinson, who joined the Board of Caspian Holdings Plc in May 2006, will be issued 500,000 options expiring 4 November 2007 with an exercise price of 27p.