Caspian Holding's Export Cleared to Restart in March 2008

The Central Commission of Ministry of Energy and Mineral Resource of Kazakhstan has rescheduled its meeting for the approval of Caspian Holding's key development report.

This has held up the granting of the export quota, and as a result of this it is estimated that the exports will only be able to recommence in the first quarter of 2008. This is in contrast to the timing as announced on 15 October 2007.

Michael Masterman, Chairman of Caspian commented: "We are disappointed not to have our exports back on stream before the end of December, but have been given assurances that this is a matter of procedure, and we will be in a position to resume exports early in the New Year. I would like to take this opportunity to thank our shareholders for their support this year and look forward to making positive steps for the business in 2008."