Scott Pickford Group Confirms Very Large Oil and Gas Bearing Sandstone Formation At the "Akkul" Field in Kazakhstan.

LONDON--(BUSINESS WIRE)--Oct. 8, 1998--Atlantic Caspian Resources Plc (OTC BB/ADR:ALCRY) announced today that the Scott Pickford Group has confirmed a very large oil and gas bearing sandstone formation at the Akkukolovskaya Neftegazonosaya Ploshad ("Akkul") field in Kazakhstan.

As announced on Sept. 29, 1998, Atlantic Caspian Resources Plc ("Atlantic Caspian" or "the Company") received confirmation that TOO BN Munai had been awarded an exploration licence for the Akkul oil field.

Atlantic Caspian is presently concluding its due diligence prior to deciding whether to exercise its option over East Caspian Oil Inc. Exercise of the option would increase Atlantic Caspian's interest in TOO BN Munai to 70% with management and operational control passing to the Company.

Commenting on the results, Gordon Yeomans, Atlantic Caspian's chief geologist, said, "This is a very satisfactory confirmation of our earlier internal analysis of these logs. We are now very confident of a substantial accumulation of oil and gas. The question remains simply -- how large? We are currently concluding the re-analysis of other data which we have obtained, including seismic lines shot between 1989 and 1994."

Peter Catto, chairman, Atlantic Caspian added, "This is very encouraging indeed and we are very pleased with this confirmation of our own analysis. We will now continue to complete our due diligence as quickly as possible and hope to report initial anticipated oil and gas volumes shortly."

Background Information

The Scott Pickford Group, acting as independent third party engineers, has completed a re-analysis of the electric logs from the G2 well on the Akkul field. The results of a very detailed petrophysical analysis are the verification of 28.65 metres of net hydrocarbon bearing sandstone reservoir with an average porosity of 20.9% and water saturation from 19.2% to 37.7%.

The three hydrocarbon bearing sections are one lower Cretaceous sandstone with 7 metres net pay and two middle age Jurassic age sandstones with 21 metres of net pay. The analysis also indicates 87 metres of additional reservoir quality rock which is likely to be hydrocarbon bearing in an up dip position on the structure.

In 1968 exploratory well G2 was drilled on the south flank of the Akkul structure to a depth of 3,004 metres. The well penetrated Tertiary, Cretaceous, upper and middle age Jurassic sediments prior to entering a metamorphosed Paleozoic age basement sequence at a drilling depth of 2,794 metres.

The original open-hole electric logs and core samples indicate the presence of good quality sandstone reservoirs in the lower Cretaceous, upper and middle Jurassic sections from 2,184 to 2,794 metres. The electric logs taken at that time have now been re-analysed.

The log data was digitized by Hampton's Data Service. The original data and digitized information were passed over to the Petrophysical Department of the Scott Pickford Group for independent third party analysis and verification of hydrocarbon bearing reservoirs.