Caspian Spuds Zhagabulak #301

Caspian Energy has started drilling its first exploration well in the North Block of Kazakhstan. The well, which will be East Zhagabulak #301, is located in the northeast corner of the Zhagabulak Area and is in the same trend as the Company’s producing well EZ #213. The Zhagabulak Area is located adjacent to Alibekmola, South Alibek, and Zhanazhol, which are all producing fields.

The well is scheduled to be drilled in about 100 days, and is permitted to 5200 meters. The drilling contractor is Nabors Drilling International Limited.

Caspian Energy Inc. is an oil exploration and development corporation operating in the Republic of Kazakhstan.