BNG operational update

RNS Number : 1059A

Caspian Sunrise plc

24 May 2019

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG operational update

Introduction

The Company is pleased to announce that two core samples taken from Deep Well A8 on the Airshagyl structure at its flagship BNG Contract Area have undergone preliminary analysis that shows them to be porous and oil and gas bearing.

Background

Deep Well A8 was spudded in November 2018 with a target Total Depth of 5,300 meters and with two principal targets.  The first in the Carboniferous and the second in the Devonian.

The well has now reached a depth of 4,379 metres.

As previously reported Deep Well 8 encountered oil shows below the salt layer.

Latest

A 4 meter core sample was taken at a depth of 4,342 meters and a second 9 meter core sample was taken at a depth of 4,370 meters.  Based on log analysis and the findings of the independent coring contractor, the Company believes the A8 well has intersected at least 37 meters of gross oil bearing reservoir.

Further drilling and core samples will be taken with a view to establishing the full extent of the depth of the horizon.

Also, as previously reported, with oil confirmed from Deep Wells A5, A6 and now A8, at what we believe to be the same horizon, we believe the Airshagyl structure extends over a surface area of 58 km2. 

Comment

Clive Carver, Executive Chairman said

"It is obviously pleasing to have further confirmation of the potential of the Airshagyl structure and we look forward to establishing the full extent of the horizon.

Caspian Sunrise PLC
Clive Carver Executive Chairman	[phone]
WH Ireland, Nominated Adviser & Broker
James Joyce Jessica Cave James Sinclair-Ford	[phone]
Yellow Jersey PR Tim Thompson Henry Wilkinson	[phone]

Qualified Person

Mr. NurlybekOspanov, Caspian Sunrise PLC's Chief Geologist / Technical Director who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.

This announcement has been posted to:

www.caspiansunrise.com/investors

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

END

 

 

UPDCKQDQABKKPPB