Operational Update

Caspian Sunrise plc

21 December 2023

 

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

Operational update

Introduction

The Board of Caspian Sunrise is pleased to provide the following operational update on the Group's activities.

BNG shallow structures

MJF

The interval tested at Well 142 did not prove commercial so testing is now underway at another interval at that well. Following completion of testing at Well 142 the rig will move to drill Well 155, the final shallow well under the existing work programme.

South Yelemes

Work has started at Well 805 drilling horizontal side-tracks at a depth of 2,222 meters targeting the dolomite. The G20 rig in use will conduct similar side-tracks in turn at wells 806, 807 and 54.

Production from the BNG shallow structures continues to be approximately 2,000 bopd. All production continues to be sold on the domestic and domestic mini refinery markets. However, an increase in the price generally for Kazakh oil sold on the international markets makes future international sales more likely.

BNG Deep structures

Airshagyl

A G70 rig recently acquired from Sinopec is being tested with the resumption of drilling at Deep Well A7. This well has a total depth of 5,300 meters but in 2022 was paused at 2,150 meters to allow another well to be drilled.

Yelemes Deep

Deep Well 803, the final deep well under the current work programme, has been spudded with drilling now past 200 meters without incident.  The well's total depth is 4,200 meters with drilling expected to take a further 4 months.

Offshore drilling services

Work continues to prepare for the Caspian Explorer's first major drilling contract under the Group's ownership. Drilling is set to commence in Q3 2024 with an expected net profit to the Group estimated to be in the range $10 - $15 million.

Contacts:

Caspian Sunrise PLC

Clive Carver, Chairman                                                                [phone]

WH Ireland, Nominated Adviser & Broker

James Joyce                                                                            [phone]

James Bavister

Andrew de Andrade

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