REG - Caspian Sunrise plc - Update

Caspian SunriseAnnouncement

08/07/2024 13:45

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RNS Number : 5440V  Caspian Sunrise plc  08 July 2024

 

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         +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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