REG - Caspian Sunrise plc - BNG Operational update

Caspian SunriseAnnouncement

16/02/2024 07:00

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RNS Number : 3577D  Caspian Sunrise plc  16 February 2024

 

 

Caspian Sunrise PLC

BNG Operational update

 

Introduction

The Board is pleased to present this operational update on the BNG Contract
Area.

 

Shallow structures

We are pleased to confirm that Well 142, the best performing well on the MJF
structure, has returned to production after an absence of more than 12 months.

 

Well 142 was originally drilled in 2016 and for several years was a strong
producer. Following completion of a new side track in 2023 testing began with
the first two intervals tested not proving commercial. The third interval
tested has proven more successful with oil currently flowing at approximately
160 bopd.

 

Additionally, at Well 805 on the South Yelemes structure, through the use of
horizontal drilling from a depth of 2,222 meters targeting oil in the
shallower Dolomites, we have increased production to approximately 160 bopd.

 

Well 805 was drilled in the Soviet era and is one of 4 such wells on the South
Yelemes structure. We plan to use the same techniques on the other three South
Yelemes wells with Well 807 being the next to be worked over.

 

As a result of the above production is currently approximately 1,900 bopd.

 

The rig in use at Well 142 will now be used to spud Well 155, which is the
final shallow well under the current BNG work programme. The intention at Well
141 is to resume work by first removing approximately 27 meters of stuck
pipes, before drilling a horizontal side-track. The workover at Well 145 was
not successful.

 

Deep Structures

In Q3 2023 we spudded Deep Well 803, the final deep well under the current BNG
work programme.  Drilling has reached a depth of 500 meters without incident
and is expected to reach the planned Total Depth of 4,200 meters in Q2 2024.

 

We are mobilizing a G40 rig at Deep Well A5 to resume work to attempt to bring
that well into commercial production.

 

At Deep Well A7 we plan to use the G70 rig we are in the process of acquiring
to resume drilling from a depth of approximately 2,150 meters where drilling
was paused to allow other wells to be drilled. The Planned Total Depth of the
well is 5,300 meters with an interval of interest identified at approximately
4,000 meters.

 

We are in discussions with potential partners to work together to attempt to
bring Deep Well 802 into commercial production.

 

Pricing

We continue to sell all our oil to the domestic and domestic mini refinery
markets where the gross prices are approximately $32-34 per barrel.

 

Comment

 

Clive Carver, Chairman said

 

"With the return of Well 142 production levels are moving in the right
direction."

 

 

Contacts:

 

Caspian Sunrise PLC

 

Clive Carver,
Chairman
+7 727 375 0202

 

WH Ireland, Nominated Adviser & Broker

 

James
Joyce
+44 (0) 207 220 1666

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 (http://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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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