Operational Update - Spudding of Well 144

RNS Number : 7276E

Caspian Sunrise plc

10 May 2017

 

Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")

formerly Roxi Petroleum Plc

Spudding of Well 144

Introduction

Caspian Sunrise PLC (formerly Roxi Petroleum plc) ("Caspian Sunrise"), the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news from its BNG Contract Area.

Background

Caspian Sunrise has a 58.41% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,702km². The block has both shallow and deep structures of interest. Following completion of the Baverstock Merger the Company's interest in BNG will be 99%.

MJF structure

The MJF structure, currently extends to at least 10km² from which we are producing in aggregate some 1,200 bopd from 3 wells including more than 600 bopd from the initial Well 143.

Well 143 was drilled in 2013 to a depth of 2,750 meters to explore a potential new structure.  After delays to clear the well of excess drilling fluid, we tested the well at 5 separate intervals, with the result the well is currently producing at the rate of 604 bopd using an 8 mm choke.

Wells 141 and 142 were subsequently drilled to depths of 2,500 meters to assess the extent of the MJF structure, which to date has been shown to extend to at least 10km².

Caspian Sunrise is pleased to announce that a fourth well on the MJF structure, well 144, has  spudded. The well has a planned Total Depth of 2,500 meters is targeting the same Jurassic Callovian sands at a depth of 2,200 meters.

The well is expected to cost some $1.5 million with Total Depth expected to be reached by the end of Q2 2017.  Well 144 is located some 0.89 km from well 141 and some 2 km from well 143, which is believed to be near the centre of the MJF structure. 

In the event the well is successful it could significantly increase the size of the structure.

Clive Carver, Executive Chairman, Caspian Sunrise comments: "Success with Well 144 will not only increase the volumes of oil for sale but would also show the MJF structure is greater in size than the existing 10km² estimate."

Ends

Caspian Sunrise PLC
Clive Carver Executive Chairman	[phone]
WH Ireland, Nominated Adviser & Broker
James Joyce James Bavister	[phone]
Abchurch Communications
Tim Thompson / Vera Prokhorenko	[phone]
[e-mail]

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

 

END

 

 

MSCAMMLTMBTBMAR