Calgary-based oilfield equity player Caspian Energy Inc. will raise C$4.3 million in Toronto for its oil and gas fields in Western Kazakhstan, where a farm-in deal is “making good progress".
The company holds an exclusive licence which entitles it to explore and develop Kazakhstan’s 3,500-square-kilometre North Block, an area adjacent the Alibekmola, Zhanazhol and Kenkiyak producing fields.
The company, with two Kazakh wells producing for its 50-percent subsisidary, Aral, recently posted a C$13 million quarterly loss.
Judging from a May 2007 presentation, the company has production plant for about half of its roughly 1,000 barrels per day of production. Drilling around a salt deposit was underway at the end of March, with more shallow drilling targets identified for 2008.
"We believe we have the potential for highly significant recoverable reserves, relative to those we have already," chief exec William Ramsay said in a statement.
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