Caspian falls on Kazakhstan decision

9th Apr 2010 08:44

Caspian Holdings took an early dive after the Kazakhstan Supreme Court upheld the Appeal Court's decision to revoke a contract held by on of its subsidiaries. The supervisory board in the civil and administrative cases of Kazakhstan's Supreme Court confirmed the judgment of the Appeal Court to revoke the Zhengeldy sub-soil contract held by Taraz, a 100% subsidiary of Caspian"Caspian will seek additional routes to reinstate its investors' rights in accordance with Kazakhstan Legislation and will provide further updates to the market as required," said the group.Caspian added that it continues to progress its Kentucky oil field assets in the US with regard to the economics of the current energy markets and will provide further updates as required.