BNG operational update

RNS Number : 8509O

Caspian Sunrise plc

13 October 2021

 

13 October 2021

Caspian Sunrise  PLC

("Caspian Sunrise" or the "Company")

BNG operational update

The Board of Caspian Sunrise is pleased to provide the following operational update at the Group's flagship BNG Contract Area.

Shallow structures

MJF

Production from Well 154, the first of our wells to be drilled horizontally, continues at approximately 600 bopd, using a reduced 7mm choke.

Drilling is now complete at Well 153, the second horizontal well, which is now being tested.

The next wells to be redrilled using horizontal drilling techniques will be well 144 and then well 146.

Daily production from the MJF structure is running at the rate of approximately 1,800 bopd.

South Yelemes

We continue to await receipt of the licence upgrade before being allowed to recommence production from the existing 4 shallow wells.

Once received we will also look to use horizontal drilling techniques on this structure.

Deep structures

Deep Well A8

As previously announced drilling at deep well A8 resumed from the previous depth of approximately 4,500 meters and has now reached a depth of 5,046 meters.

Four new oil bearing intervals, which in aggregate extend over 90 meters, have been identified.

Drilling will continue for the time being towards the original total depth of 5,300 meters.  Once the drilling has stopped we will look to test each of the new intervals detected.

Comment

Clive Carver, non-executive chairman said

"We continue to make the progress we expected with the horizontal wells and with the results from A8 have a further four oil bearing intervals to assess on our deep structures.

With oil international prices now comfortably ahead of $80 per barrel we look forward to further strengthening of the Group's financial position."

Contacts:

Caspian Sunrise PLC

Clive Carver

Chairman  [phone]

WH Ireland, Nominated Adviser & Broker

James Joyce  [phone]

Andrew de Andrade

Qualified person

Mr. Asslybek Umbetov, a member Association of Petroleum Engineers, 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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