REG - Caspian Sunrise plc - Production and Testing from Block 8 Contract Area

Caspian SunriseAnnouncement

Wed 07:00

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RNS Number : 2486N  Caspian Sunrise plc  18 June 2025

 

 

 

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.

 

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company" and together with its subsidiaries, the
"Group")

Introduction

The Board of Caspian Sunrise PLC is pleased to update shareholders with news
of production and testing from the Block 8 Contract Area.

 

Background

As previously announced the Group is nearing the end of the process to acquire
the Block 8 Contract Area, which extends over 2,823 sq km and is approximately
160 km from the BNG Contract Area. The licence for the Sholkara structure on
the Block 8 Contract Area was renewed in Q4 2024 which has allowed the
resumption of drilling and testing.

 

Production

At Deep Well P2 production has commenced at the rate of approximately 250
bopd.

 

Testing

At Deep Well P1, the well has been perforated across an interval of 3 meters
at a depth of 3,400 meters to allow testing to commence.

 

Following the completion of the acquisition of the Block 8 Contract Area any
proceeds from the sale of oil produced there, less a $5 per barrel royalty
capped in aggregate at $60 million, will be for the Group. In the meantime the
income from the production at the Block 8 Contract Area will be used to start
to pay down the loan advanced as part of the Block 8 acquisition arrangements.

 

Oil trading

Production from the Block 8 Contract Area will allow the continuation of the
Group's oil trading activities after the expected completion of the disposal
of the BNG's MJF and South Yelemes shallow structures.

 

Contacts:

 

 Zeus            +44 (0) 203 829 5000

  James Joyce

   James Bavister

   Andrew de Andrade

 

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 person responsible for arranging the release of this announcement on
behalf of the Company is Clive Carver, Chairman of the Company.

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://www.caspiansunrise.com/investors)

 

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