Caspian Sunrise
PLC
BNG Operational
update
Introduction
The Board is pleased to present this operational
update on the BNG Contract Area.
Shallow
structures
We are pleased to confirm that Well 142, the
best performing well on the MJF structure, has returned to
production after an absence of more than 12
months.
Well 142 was originally drilled in 2016 and for
several years was a strong producer. Following completion of a new
side track in 2023 testing began with the first two intervals
tested not proving commercial. The third interval tested has proven
more successful with oil currently flowing at approximately 160
bopd.
Additionally, at Well 805 on the South Yelemes
structure, through the use of horizontal drilling from a depth of
2,222 meters targeting oil in the shallower Dolomites, we have
increased production to approximately 160 bopd.
Well 805 was drilled in the Soviet era and is
one of 4 such wells on the South Yelemes structure. We plan to use
the same techniques on the other three South Yelemes wells with
Well 807 being the next to be worked over.
As a result of the above production is currently
approximately 1,900 bopd.
The rig in use at Well 142 will now be used to
spud Well 155, which is the final shallow well under the current
BNG work programme. The intention at Well 141 is to resume work by
first removing approximately 27 meters of stuck pipes, before
drilling a horizontal side-track. The workover at Well 145 was not
successful.
Deep
Structures
In Q3 2023 we spudded Deep Well 803, the final
deep well under the current BNG work programme. Drilling has
reached a depth of 500 meters without incident and is expected to
reach the planned Total Depth of 4,200 meters in Q2
2024.
We are mobilizing a G40 rig at Deep Well A5 to
resume work to attempt to bring that well into commercial
production.
At Deep Well A7 we plan to use the G70 rig we
are in the process of acquiring to resume drilling from a depth of
approximately 2,150 meters where drilling was paused to allow other
wells to be drilled. The Planned Total Depth of the well is 5,300
meters with an interval of interest identified at approximately
4,000 meters.
We are in discussions with potential partners to
work together to attempt to bring Deep Well 802 into commercial
production.
Pricing
We continue to sell all our oil to the domestic
and domestic mini refinery markets where the gross prices are
approximately $32-34 per barrel.
Comment
Clive Carver, Chairman said
"With the
return of Well 142 production levels are moving in the right
direction."
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
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.
