Table of Contents Table of Contents 2 List of Tables 4 List of Figures 4 Company Snapshot 6 Key Information 6 Company Overview 6 Caspian Energy Inc., Valuation and Financial Data 7 Caspian Energy Inc., Share Price Performance 7 Share Price Performance, Q4, 2014-Q1, 2016 7 Caspian Energy Inc., Key Valuation Metrics 8 Key Valuation Metrics, Q4, 2014-Q1, 2016 8 Caspian Energy Inc., Quarterly Results of Oil & Gas Operations Per boe Produced 9 Results of Oil & Gas Operations Per boe Produced, Q4, 2014-Q1, 2016 9 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2014-Q1, 2016 10 Caspian Energy Inc., Quarterly Production Trends 11 Caspian Energy Inc., Total Oil and Gas Production 11 Total Crude Oil and Natural Gas Production Trend, Q4, 2014-Q1, 2016 11 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2014-Q1, 2016 12 Caspian Energy Inc., Crude Oil Production 13 Total Crude Oil Production Trend, Q4, 2014-Q1, 2016 13 Crude Oil Production, By Country/Region, Q4, 2014-Q1, 2016 14 Caspian Energy Inc., Valuation and Financial Data, 2011-2015 15 Caspian Energy Inc., Share Price Performance, 2011-2015 15 Share Price Performance, 2011-2015 15 Key Valuation Metrics, 2011-2015 16 Caspian Energy Inc., Production and Reserves Trends 17 Total Oil and Gas, Reserves and Production 17 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 17 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 18 Crude Oil/Liquids Production and Reserve 19 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 19 Crude Oil Production and Reserves By Country/Region, 2011-2015 20 Caspian Energy Inc., E&P Costs Trends 21 Allocation of the Upstream Capital Expenditure 21 Upstream Capital Expenditure, 2011-2015 21 Exploration and Development Costs, By Country/Region, 2011-2015 22 Oil and Gas Cost Per boe, US$/boe 24 Oil and Gas Cost Per boe, US$/boe, 2011-2015 24 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 25 Caspian Energy Inc., Reserve Replacement Ratio 27 Oil and Gas Production Replacement Ratio 27 Oil and Gas Production Replacement Ratio, 2011-2015 27 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 28 Caspian Energy Inc., Results of Oil & Gas Operations Trend 31 Oil and Gas Revenue and Expenses 31 Oil and Gas Revenue and Expenses, 2011-2015 31 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 32 Oil and Gas Performance Metrics 36 Well Statistics 37 Producible Oil and Gas Well, 2011-2015 37 Producible Oil and Gas Well, By Country/Region, 2011-2015 38 Recent Developments 39 Caspian Energy Inc. - Recent Developments 39 Oct 04, 2016: Caspian Energy Announces Appointment Of New Chairman And Reinstatement Of Trading On The NEX 39 Jun 20, 2016: Caspian Subsidiary Aral Petroleum Recommences Production 40 Nov 13, 2015: Caspian Energy Provides Operational Update Regarding Aral Petroleum Capital 40 Nov 05, 2015: Caspian Energy Announces Q3 2015 Results 41 Sep 11, 2015: Caspian Energy Announces Appointments Of New Caspian Energy CEO And Aral Petroleum Interim General Director 41 Sep 05, 2015: Caspian Energy Announces Resignation Of CEO 41 Aug 14, 2015: Caspian Energy Announces Q2 2015 Results 42 Aug 04, 2015: Caspian Energy Provides Update Regarding Aral Petroleum 42 May 14, 2015: Caspian Energy Announces Q1 2015 Results 42 Apr 28, 2015: Caspian Energy Announces Appointment Of Interim Chief Financial Officer 42 Appendix 44 Methodology 44 Coverage 44 Secondary Research 44 Primary Research 44 Data Information Sources 45 Company Source 45 SEC/Other Regulatory Filings 45 Other Sources 45 Expert Panel Validation 45 Data Definition 45 Oil and Gas Reserves 45 Units of Measure 46 About GlobalData 46 Disclosure 46 Disclaimer 46

List of Tables Table 1: Caspian Energy Inc., Key Facts 6 Table 2: Caspian Energy Inc., Share Price Performance, Q4, 2014-Q1, 2016 7 Table 3: Caspian Energy Inc., Key Valuation Metrics, Q4, 2014-Q1, 2016 8 Table 4: Caspian Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q1, 2016 9 Table 5: Caspian Energy Inc., Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2014-Q1, 2016 10 Table 6: Caspian Energy Inc., Total Crude Oil and Natural Gas, Production, Q4, 2014-Q1, 2016 11 Table 7: Caspian Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q1, 2016 12 Table 8: Caspian Energy Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q1, 2016 13 Table 9: Caspian Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q1, 2016 14 Table 10: Caspian Energy Inc., Share Price Performance, 2011-2015 15 Table 11: Caspian Energy Inc., Key Valuation Metrics, 2011-2015 16 Table 12: Caspian Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 17 Table 13: Caspian Energy Inc., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 18 Table 14: Caspian Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 19 Table 15: Caspian Energy Inc., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 20 Table 16: Caspian Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 21 Table 17: Caspian Energy Inc., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 23 Table 18: Caspian Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 24 Table 19: Caspian Energy Inc., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 26 Table 20: Caspian Energy Inc., Oil and Gas Production Replacement Ratio, %, 2011-2015 27 Table 21: Caspian Energy Inc., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 30 Table 22: Caspian Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 31 Table 23: Caspian Energy Inc., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 35 Table 24: Caspian Energy Inc., Oil and Gas Performance Metrics, 2011-2015 36 Table 25: Caspian Energy Inc., Producible Oil and Gas Wells, 2011-2015 37 Table 26: Caspian Energy Inc., Producible Oil and Gas Wells, By Country/Region, 2011-2015 38 List of Figures Figure 1: Caspian Energy Inc., Share Price Performance, USD/Share, Q4, 2014-Q1, 2016 7 Figure 2: Caspian Energy Inc., Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2014-Q1, 2016 9 Figure 3: Caspian Energy Inc., Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2014-Q1, 2016 11 Figure 4: Caspian Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2014-Q1, 2016 12 Figure 5: Caspian Energy Inc., Total Crude Oil Production, mmbbl, Q4, 2014-Q1, 2016 13 Figure 6: Caspian Energy Inc., Crude Oil Production, By Country/Region, mmbbl, Q4, 2014-Q1, 2016 14 Figure 7: Caspian Energy Inc., Share Price Performance, USD/Share, 2011-2015 15 Figure 8: Caspian Energy Inc., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 16 Figure 9: Caspian Energy Inc., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 17 Figure 10: Caspian Energy Inc., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 18 Figure 11: Caspian Energy Inc., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 19 Figure 12: Caspian Energy Inc., Oil Production, By Country/Region, mmbbl, 2011-2015 20 Figure 13: Caspian Energy Inc., Upstream Capital Expenditure, US$ mil, 2011-2015 21 Figure 14: Caspian Energy Inc., Development Costs, By Country/Region, US$ mil, 2011-2015 22 Figure 15: Caspian Energy Inc., Exploration Costs, By Country/Region, US$ mil, 2011-2015 22 Figure 16: Caspian Energy Inc., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 24 Figure 17: Caspian Energy Inc., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 25 Figure 18: Caspian Energy Inc., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 25 Figure 19: Caspian Energy Inc., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 27 Figure 20: Caspian Energy Inc., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 28 Figure 21: Caspian Energy Inc., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 28 Figure 22: Caspian Energy Inc., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 29 Figure 23: Caspian Energy Inc., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 29 Figure 24: Caspian Energy Inc., Revenue and Expenses, US$ mil, 2011-2015 31 Figure 25: Caspian Energy Inc., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 32 Figure 26: Caspian Energy Inc., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 32 Figure 27: Caspian Energy Inc., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 33 Figure 28: Caspian Energy Inc., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 33 Figure 29: Caspian Energy Inc., Production Costs, By Country/Region, US$ mil, 2011-2015 34 Figure 30: Caspian Energy Inc., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 34 Figure 31: Caspian Energy Inc., Oil and Gas Performance Metrics, 2011-2015 36 Figure 32: Caspian Energy Inc., Producible Oil and Gas Wells, 2011-2015 37