REG - Caspian Sunrise plc - General Update

Caspian SunriseAnnouncement

12/07/2024 12:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240712:nRSL2665Wa&default-theme=true

RNS Number : 2665W  Caspian Sunrise plc  12 July 2024

12 July 2024

Caspian Sunrise PLC

("Caspian Sunrise", the "Company" or the "Group" as the context requires)

General Update & Resumption of Trading

Introduction

The Board of Caspian Sunrise is pleased to update shareholders with news of:

 

·    Publication of the 2023 audited financial statements

·    The ongoing well tests for wells 155 and 803 at the BNG Contract Area

·    Well 815 - the new shallow well being drilled at the BNG Contract
Area

·    The charter for the Caspian Explorer; and

 

Publication of the 2023 audited financial statements

The audited financial statements for the year ended 31 December 2023
("Accounts") are expected to be published on Monday 14 July 2024. Following
publication of the Accounts, trading in the Company's Ordinary Shares on AIM
is expected to be restored on the same day.

 

Operational update

 

BNG well tests

 

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 now flowed for the past
13 days. To optimise the longer term output of the well the flow rate has been
reduced to approximately 700 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 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 240 meters without incident.

 

Caspian Explorer

The first commercial drilling charter for the Caspian Explorer under the
Group's ownership has started as planned and on time.

 

AIM Rule 17 Schedule 2 (G) Update

 

Clive Carver, Executive Chairman of Caspian Sunrise, was appointed as a
director of Airnow PLC ("Airnow") on 21 June 2017 and resigned on 25 November
2022. On 9 October 2023, Airnow shareholders approved Airnow entering a CVA.
To date all CVA obligations have been met.

 

 

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  UPDFLFVLDRIFLIS