Caspian Energy Inc. and partners have initiated drilling of a fifth well, well #306, in the East Zhagabulak field of west-central Kazakhstan. The contract for production of hydrocarbons at the East Zhagabulak field in the Aktobe Oblast is valid for a 24 year period up to 2034.

Well #315 was spud on May 9, 2012 with a target depth of 4,700m. This well is approximately 700m north-east of the producing well, EZ #301 and 600m south-east of well EZ #308, which is presently being tested. Well #315 is currently drilled to a depth 680m and the setting of the surface casing has been completed.

Tags: Caspian Energy Inc.