REG - Caspian Sunrise plc - General Update / AGM statement

Caspian SunriseAnnouncement

27/06/2024 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240627:nRSa1208Ua&default-theme=true

RNS Number : 1208U  Caspian Sunrise plc  27 June 2024

Caspian Sunrise PLC

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

 

General Update / AGM statement

 

Introduction

Ahead of the AGM to be held today at 11.00am at the offices of Taylor Wessing,
Hill House, 1 Little New Street, London EC4A 3TW, the Board of Caspian Sunrise
is pleased to update shareholders regarding drilling activities at the BNG
Contract Area and the imminent Caspian Explorer charter.

 

BNG drilling activities

 

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, and testing over a 16
meter horizontal has commenced. Once results of this flow testing have been
received, we will make a further announcement.

 

Deep 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 over a 15 meter interval is also set to commence. Once results of this
flow testing have been received, we will make a further announcement.

 

Deep Well A5

At Deep Well A5 a final attempt to remove the stuck pipe has been only
partially successful and the earlier decision to drill a new side-track is the
next step to be taken. In the meantime, the rig previously in use at Deep Well
A5 will be used to drill Well 815 on the South Yelemes structure.

 

New Well 815

New Well 815 at the shallow South Yelemes structure has a planned depth of
1,900 meters with drilling expected to take two months, targeting oil in the
dolomite.

 

BNG production

BNG production, excluding Wells 155 & 803, is approximately 1,600 bopd.

 

Additional oil from either Well 155 or Deep Well 803, would be sold for the
time being on the domestic market and will therefore be available for use in
our oil trading business.

 

Caspian Explorer

The Board is also pleased to confirm that the final preparations for the
charter for the consortium led by ENI are underway and that the Caspian
Explorer is expected to leave the port of Actau in good time to be on station
to commence the charter.

 

Drilling is therefore expected to commence as planned in early July and take
approximately two months.

 

 

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.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  AGMEASKXASFLEEA