REG - Caspian Sunrise plc - Update

Caspian SunriseAnnouncement

Today 07:45

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RNS Number : 5678W  Caspian Sunrise plc  13 March 2026

 

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 "Group")

 

Update

 

Introduction

The Board of Caspian Sunrise is pleased to provide the following update on
operations and corporate transactions.

 

Operations

The Group's focus is to maximise short term production from the wells already
drilled while developing the longer term potential at each of its three
oilfields, with the pace of work increasing as we come to the end of the
exceptionally cold winter.

 

BNG

At the BNG Contract Area the Group holds appraisal licences for the Airshagyl
and Yelemes Deep structures.

 

Airshagyl

At Deep Well A6, which has been drilled to a depth of 4,528 meters, the plan
is to drill a 600 meter side track from a depth of 3,800 meters targeting
Permian fractured dolomite and anhydrite, subject to rig availability.

 

Yelemes Deep

Deep Well 803, which had an original planned total depth of 4,500 meters with
a primary target at a depth of 3,950 meters and a secondary target at a depth
of 4,200 meters, was drilled to a depth of 3,420 meters before work paused
towards the end of 2024 for the renewal of the licence. At that time the well
had produced for a short period of time at rates of up to 500 bopd from a 10
meter perforated interval within a wider 60 meter interval showing indications
of oil between depths of 3,360 and 3,420 meters.

 

Work is underway to install a pump to resume production from this interval.

 

We also plan to drill a new deep well near the site of Deep Well 801, which
was drilled to a depth of 5,050 meters but later abandoned. A G70 rig will be
used to drill the well, which will have a planned total depth of 5,000 meters
targeting Permian dolomite/anhydrite, and carboniferous limestone.  The well
is expected to be spudded in Q2 2026 and reach its planned total depth by the
end of Q3 2026.

 

Block 8

At the Block 8 Contract Area the Group holds the licence for the Sholkara
structure and continues to work with the Kazakh authorities to renew the
licence for the Akkaduk structure.

 

At the Sholkara structure testing work continues to perforate a new 6 meter
interval at Deep Well P1 at a depth of 3,467 meters. Once completed the rig
will then move to Deep Well P2 to drill a 400 meter side track from a depth of
3,100 meters targeting oil in the Permian dolomite.

 

West Shalva

At the West Shalva Contract Area the intention is to continue to produce from
the interval identified at a depth of 2,250 meters, where weatherproofing work
continues to maximise oil flows, while a new well on the Contract Area is
drilled.

 

The new well will have a planned total depth of 2,400 meters targeting oil in
the Jurassic at a similar depth to the oil discovered at the existing well.

 

The new well is expected to be spudded in April 2026 and reach its planned
total depth by the end of June 2026.  Provided the new well produces as
expected the existing well will then be deepened targeting oil in the Triassic
limestone at a depth of approximately 3,000 meters.

 

Corporate transactions

 

Block 8 acquisition

Further to the announcement of 28 January 2026 the Board is pleased to confirm
that the acquisition of the Block 8 Contract Area has completed.

 

Tau Cen

In December 2025 we announced the conditional acquisition of Tau Cen, a mining
operation focused on titanium. We continue to work with the Kazakh authorities
to secure the regulatory consents required to complete the acquisition.

 

Clive Carver, Chairman said

 

"With the difficult winter conditions soon to be behind us we are increasing
the Group's operational activities with a view to maximising short term
production at each of our three oilfields."

 

Contacts:

 

 Zeus                +44 (0) 203 829 5000

 James Joyce

 James Bavister

 Andrew de Andrade

 

Qualified Person

Mr. Sunjin Chang, a member of the Society of Petroleum Engineers, has
reviewed and approved the technical disclosures in these financial statements.

 

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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