Caspian Ramps Up Production on Zhengeldy Project
Caspian Holdings Plc has received work program approval for its Zhengeldy project in Kazakhstan from Zapkaznedra. This approval will enable the re-start of production at Zhengeldy.
The Company took the decision to suspended production and exports in early 2008 while waiting for work program approval. Prior to suspension, the Zhengeldy project was producing approximately 120 bbl per day. The Company anticipates that production will reach a similar level following an initial ramp up period.
"We are pleased to have received this critical approval in order to re-start production at Zhengeldy. The Company completed a new export facility at Karsak last year and we are delighted that approval has been granted at such a buoyant time in the oil market. With oil prices in excess of $130 per barrel it is a great time for us to recommence oil production," said Caspian CEO Michael Masterman.
- Caspian's Subsidiary Wins Initial Court Case in Kazakhstan (Jan 14)
- Caspian Increases Irvine Field Lease Holding, Set to Produce from Barnett (Sep 18)
- Caspian Seeks Regulatory Approvals to Restart Zhengeldy Production (Sep 01)