Caspian Energy (TSE:CEK) has been allowed to extend its exploration licences in Kazakhstan, collectively referred to as the North Block, by two years up until December 2014.
This comes after the discovery in the West Zhagabulak area, and it allows Caspian more time to evaluate this breakthrough.
Caspian plans to start exploring other areas within the North Block, and it intends to drill one new well this year and one new well next year.
It also told investors that it now has the necessary documentation approved by the authorities so that it can drill a pre-salt well in the Baktygaryn area, as well as a post-salt well in the Itassay area. A 3D seismic programme over the Aransay and Itassay areas has also been approved.
"This is the news we have been waiting for,” chief executive William Ramsey said.
“We have worked intensely and productively over many months with the Ministry of Oil & Gas and are delighted with their continued support of our efforts.”
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