General Update / AGM statement

Caspian Sunrise plc

27 June 2024

 

Caspian Sunrise PLC

("Caspian Sunrise", the "Group" or the "Company")

General Update / AGM statement

Introduction

Ahead of the AGM to be held today at 11.00am at the offices of Taylor Wessing, Hill House, 1 Little New Street, London EC4A 3TW, the Board of Caspian Sunrise is pleased to update shareholders regarding drilling activities at the BNG Contract Area and the imminent Caspian Explorer charter.

BNG drilling activities

Well 155

Well 155 on the shallow MJF structure at the BNG Contract Area was spudded in Q1 2024 with a planned total depth of 2,400 meters. Drilling has been completed and oil detected over a 22 meter interval, and testing over a 16 meter horizontal has commenced. Once results of this flow testing have been received, we will make a further announcement.

Deep Well 803

Deep Well 803 was spudded in Q4 2023 with a planned Total Depth of 4,200 meters and a primary target at a depth of 3,950 meters with a secondary target at a depth of 4,200 meters.

Oil has been detected over a 60 meter interval between 3,360 meters and 3,420 meters, above expectations and also above the main salt layer.

Testing over a 15 meter interval is also set to commence. Once results of this flow testing have been received, we will make a further announcement.

Deep Well A5

At Deep Well A5 a final attempt to remove the stuck pipe has been only partially successful and the earlier decision to drill a new side-track is the next step to be taken. In the meantime, the rig previously in use at Deep Well A5 will be used to drill Well 815 on the South Yelemes structure.

New Well 815

New Well 815 at the shallow South Yelemes structure has a planned depth of 1,900 meters with drilling expected to take two months, targeting oil in the dolomite.

BNG production

BNG production, excluding Wells 155 & 803, is approximately 1,600 bopd.

Additional oil from either Well 155 or Deep Well 803, would be sold for the time being on the domestic market and will therefore be available for use in our oil trading business.

Caspian Explorer

The Board is also pleased to confirm that the final preparations for the charter for the consortium led by ENI are underway and that the Caspian Explorer is expected to leave the port of Actau in good time to be on station to commence the charter.

Drilling is therefore expected to commence as planned in early July and take approximately two months.

Contacts:

Caspian Sunrise PLC

Clive Carver, Chairman

[phone]

WH Ireland, Nominated Adviser & Broker

James Joyce James Bavister Andrew de Andrade

[phone]

Qualified person

Mr. Assylbek Umbetov, a member of the 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 to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

END