The company sold 70% interest in South Derrick and CJSC Textonic to an unrelated entity with other oil and gas interests in the Kyrgyz Republic.
The two companies owned oil production licences including the West Mailisu prospect and a number of exploration licences which are scheduled to expire at the end of 2012.
The oil production licences have been generating gross revenue of approximately $20,000 per month however declining with reduced flow rates over time.
Cash proceeds from the transaction will be invested by Caspian Oil & Gas across its minerals projects in West Africa and Naltagua copper project in Chile.
The company said it also intends to divest a 650 hp oil drilling rig and associated equipment owned by Caspian’s other Kyrgyz subsidiary, CJSC Sherik.
