BNG Operational Update

RNS Number : 4435B

Caspian Sunrise plc

07 June 2019

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG operational update

Deep Well A8

The Company is pleased to provide an operational update on drilling at Deep Well A8 on the Airshagyl structure at its flagship BNG asset.

As previously announced, we decided to take a further 18-meter sample core sample at a depth of 4,440 meters.  We are pleased to announce that the initial evaluation of this core shows it to contain oil bearing carbonate for 16 of the 18-meter length.

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, possibly 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. 

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.  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

With the top of the oil-bearing interval at a depth of 4,346 meters and the bottom of the most recent core sample at a depth of 4,456 meters the oil-bearing interval now extends to 110 meters.

We plan to resume drilling for an additional 40 meters before conducting a full wireline analysis over the whole 110 meter oil-bearing interval before casing the well to a depth of 4,500 meters.

Our seismic information indicates there are potential further intervals of interest. We hope to encounter the next at around a depth below 4,500 meters.

We continue to expect reaching the planned total depth of 5,300 meters before the end of Q3 2019.

Clive Carver, Executive Chairman commented.

"We are clearly very pleased with the results from Deep Well A8. We now know that the  potential oil-bearing interval extends to 110 meters, which is consistent with our expectations and the corresponds to the interval previously identified at Deep Well A5.

We continue to believe that this interval extends across the full 58km2 of the Airsghagyl structure.

The correlation between our 3D seismic information and what we have to date encountered in drilling Deep Well A8, increases our level of confidence of finding other significant intervals."

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.

 

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