Caspian Sunrise plc February 2020 Production & Operational Summary (7676F)
11 March 2020 - 9:08PM
UK Regulatory
TIDMCASP
RNS Number : 7676F
Caspian Sunrise plc
11 March 2020
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
February 2020 Production Numbers & an Operational
Summary
The Board of Caspian Sunrise is pleased to update the market
with February 2020 production numbers and an Operational
Summary.
February 2020 oil production figures
The total number of barrels produced in February 2020, was
38,626 (January 2020, 44,169) at a daily rate of 1,332 bopd
(January 2020, 1,425).
The decline in daily production resulted principally from the
impact of pausing production at Deep Well A5.
In February 2020, 64% of oil sold was at export prices and 36%
at domestic prices (January 2020, 66% & 34%).
The export price achieved in February 2020, before adjustment
for subsequent minor variations, was $50.5 per barrel (January
2020, $59.6 per barrel) and the domestic price was $17.82 per
barrel (January 2020, $18.75 per barrel).
Operational summary
At BNG, work continues to clear Deep Well A5 to allow a
resumption of production. Work also continues to prepare for the
acid treatments at Deep Wells A6, 801 & A8.
Also at the MJF structure at BNG we are pleased to confirm New
Well 150, has reached Total Depth of 2,500 meters, wireline logging
has been completed, and cementing operations are ongoing in
preparation for perforating.
In addition, New Well 153, which has a planned Total Depth of
2,500 meters, has reached a depth of 1,000 meters without
incident.
At 3A Best work continues in preparation for a H1 spudding of a
New Well also to be drilled to a depth of 2,500 meters as required
under our revised 3A Best work programme.
Comments:
Clive Carver, Executive Chairman said
"We continue to pursue our twin track strategy of seeking to
increase the production volumes at our MJF structure with low risk
drilling of shallow wells within the proven perimeter of the
structure and where production may be sold by reference to world
rather than domestic prices together with seeking success with our
highly prospective deep wells at BNG.
We note the recent sharp oil price movements, which will
inevitably have an impact on our gross revenue receipts. The impact
on the net amounts received however, is expected to be less
pronounced given the way the Kazakh tax system works.
As a long time low cost producer used to selling at both
domestic and international prices we do not expect the recent sharp
oil price movements will result in any immediate changes to the
planned BNG work programme at either the MJF structure or with any
of the deep wells already drilled."
Contacts:
Caspian Sunrise PLC
Clive Carver
Executive Chairman +7 727 375 0202
WH Ireland, Nominated Adviser & Broker
James Joyce +44 (0) 207 220 1666
James Sinclair-Ford
Qualified person
Mr. Nurlybek Ospanov, Caspian Sunrise PLC's Chief Geologist /
Technical Director who is a member of the Society of Petroleum
Engineers ("SPE"), has reviewed and approved the technical
disclosures in this announcement.
This announcement has been posted to:
www.caspiansunrise.com/investors
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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contact rns@lseg.com or visit www.rns.com.
END
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