Atlantic Caspian Resources Reports a 580% Increase in Net Assets and a 229% Increase in Net Assets Per Share for the Year Ending December 31, 1997

Business Wire, April 29, 1998

LONDON--(BUSINESS WIRE)--April 29, 1998--Atlantic Caspian Resources Plc. (OTCBB/ADR: ALCRY) announced its results for the year ended 31 December 1997. The financial statements, audited by Arthur Andersen, reported an increase in net assets from $2,646,917 at 31 December 1996 to $14,710,320 at 31 December 1997. This equates to $2.09 per ADR equivalent at 31 December 1997 against $0.96 per ADR equivalent at 31 December 1996.

The loss for the year ended 31 December 1997 was $832,380 - $0.12 per ADR equivalent versus 31 December 1996 of $237,180 - $ 0.09 per ADR equivalent.

Peter Catto, Chairman, stated: "The financial statements recognize the transition into an oil and gas exploration and production company. 1997 has been a very exciting and fruitful year. The company has come a long way since October 1996 when I joined the board. In 1998, the company will continue to build its portfolio of oil and gas assets in Kazakhstan and I look forward to further growth. The company is now in the process of filing its Form 20-F to become a fully reporting company under the rules of the Securities and Exchange Commission and is applying for listing on NASDAQ for its ADRs in America. In addition, the Company will shortly be applying to move its share quotation from AIM to the main market of the London Stock Exchange."

Atlantic Caspian Resources Plc. is an oil production and development company which has acquired, and is continuing to acquire, a portfolio of recoverable reserves in the Caspian region of Kazakhstan which are capable of producing oil quickly, efficiently and economically. The Company's ordinary shares trade on the AIM exchange in London and its ADR's trade on the pink sheets in the United States.

The information in this release includes certain forward-looking statements that are based upon assumptions that are subject to a number of uncertainties and risks and actual results may differ materially. The uncertainties and risk include, but are not limited to, actual production, the price of oil and the ability to sell the product produced.

CONTACT: Atlantic Caspian Resources

Peter Catto, Chairman, 44 (0)171 629-9559

or

Douglas Biles, CEO, 44 (0)171 629-9559

or

US Investor Relations:

Capital Communications Ltd.

Nick Rau / Don Odle, 916/353-1953

or

Liviakis Financial Communications

Bob Prag, Sr. Vice-President, 916/448-6084