BNG Operational Update

RNS Number : 3462A

Caspian Sunrise plc

28 May 2019

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG operational update

Introduction

The Company is pleased to announce that work has commenced to take a third core sample taken from Deep Well A8 on the Airshagyl structure at its flagship BNG Contract Area.

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, with an expected interval depth starting at about 4,300 meters, and the second in the Devonian, with an expected interval depth starting at about 5,200 meters.

On 7 May 2019, the top of the carbonate interval of interest was encountered at a depth of approximately 4,328 meters.

At a depth of approximately 4,340 meters, there were several simultaneous indicators of hydrocarbons on the mudlog, including a significant increase in background gas and good oil shows indicated by florescence and cut testing on drill cutting samples from the well. 

The announcement on 9 May 2019, that drilling had reached a depth of 4,391 meters, should have read 4,344 meters.

Subsequent to the depth reached on 9 May, a first core was collected at a depth of 4,346 to 4,350 meters. A second core was collected over the interval 4,370 to 4,379 meters. Samples analysed from this interval also showed visible secondary porosity and oil staining.

On 24 May 2019, we announced that the preliminary analysis from the first two core samples showed them to be porous and oil and gas bearing.

Latest

After further analysis of the two sections of core we are pleased to confirm that the samples analysed showed visible secondary porosity and oil staining. Fluorescence and hydrocarbon cut tests classified the hydrocarbon indicators as fair to good.

Currently operations are ongoing to collect an 18-meter core from 4,379 meters to 4,397 meters.

For the avoidance of doubt, we believe the first two samples are from the same interval, which is believed to extend across the full 58km2 of the Airshagyl structure.

Ends

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. Nurlybek Ospanov, 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

 

 

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