12 July
2024
Caspian Sunrise
PLC
("Caspian Sunrise", the
"Company" or the "Group" as the context requires)
General Update &
Resumption of Trading
Introduction
The Board of Caspian Sunrise is
pleased to update shareholders with news of:
·
Publication of the 2023 audited financial
statements
·
The ongoing well tests for wells 155 and 803 at
the BNG Contract Area
·
Well 815 - the new shallow well being drilled at
the BNG Contract Area
·
The charter for the Caspian Explorer;
and
Publication of the 2023 audited financial
statements
The audited financial statements for
the year ended 31 December 2023 ("Accounts") are expected to be
published on Monday 14 July 2024. Following publication of the
Accounts, trading in the Company's Ordinary Shares on AIM is
expected to be restored on the same day.
Operational update
BNG
well tests
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.
A 16 meter interval was perforated
from which oil has now flowed for the past 13 days. To optimise the
longer term output of the well the flow rate has been reduced to
approximately 700 bopd.
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
240 meters without incident.
Caspian Explorer
The first commercial drilling
charter for the Caspian Explorer under the Group's ownership has
started as planned and on time.
AIM
Rule 17 Schedule 2 (G) Update
Clive Carver, Executive Chairman of
Caspian Sunrise, was appointed as a director of Airnow PLC
("Airnow") on 21 June 2017 and resigned on 25 November 2022. On 9
October 2023, Airnow shareholders approved Airnow entering a CVA.
To date all CVA obligations have been met.
Contacts:
Caspian Sunrise PLC
|
Clive Carver,
Chairman
|
+7 727 375 0202
|
WH
Ireland, Nominated Adviser & Broker
|
James Joyce
James Bavister
Andrew de Andrade
|
+44 (0) 207 220 1666
|
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.