Operational Update

Caspian Sunrise plc

02 July 2024

 

Caspian Sunrise PLC

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

Operational Update

Introduction

The Board is pleased to update shareholders with news of the well testing at Wells 155 and 803, the spudding of new Well 815 and with preparations for the Caspian Explorer's imminent charter.

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.

A 16 meter interval was perforated from which oil has flowed over a three day period. Using a 4.5mm choke, the well is now flowing at between 900 and 1,000 bopd.

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 is underway across an 11 meter interval.

Well 815

Well 815 has been spudded. The well is a new well on the South Yelemes shallow structure at the BNG Contract Area with a planned total depth of 1,900 meters.

BNG production

Including the oil flowing at Well 155 the aggregate production from the BNG Contract Area is now between 2,500 and 2,600 bopd.

Caspian Explorer

Final preparations for the charter for a consortium led by ENI are underway and the Caspian Explorer is expected to leave the port of Aktau later this week to allow drilling to commence as planned in early July.

Drilling is expected to take two months to complete.

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