Caspian Sunrise
PLC
("Caspian Sunrise", the
"Group" or the "Company")
Update
Introduction
The Board is pleased to update
shareholders with further news of the ongoing testing at Wells 155
& 803, drilling at new Well 815 and with the progress on the
Caspian Explorer's charter, together with an update on the expected
time for the resumption of trading in the Company's
shares.
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.
As previously reported on 2 July
2024, a 16 meter interval was perforated and flowed at a rate of
900 to 1,000 bopd using a 4.5mm choke. Oil has now flowed from the
well for the past 10 days. A further update on well 155 will be
provided in due course.
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 continues over an interval
now extended to 15 meters.
Well 815
Well 815 is a new well on the South
Yelemes shallow structure at the BNG Contract Area with a planned
total depth of 1,900 meters.
Drilling has now reached a depth of
110 meters without incident.
Caspian Explorer
The Board is pleased to confirm that
the preparatory work for the charter for a consortium led by ENI
has been completed and that the Caspian Explorer has left the port
of Aktau and reached the drill location.
Drilling is expected to take two
months to complete.
Publication of the 2023 Financial Statements
The Board expects to publish the
audited financial statements for the year ended 31 December 2023 by
the end of the week, which would allow a resumption in the trading
of the Company's shares on AIM.
Contacts:
Caspian Sunrise PLC
|
Clive Carver,
Chairman
|
+7 727 375 0202
|
WH
Ireland, Nominated Adviser & Broker
|
James Joyce
James Bavister
Andrew de Andrade
|
+44 (0) 207 220 1666
|
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.