Caspian Sunrise (LON:CASP)

Caspian Sunrise (LON:CASP)


Share Price
9.99 p
Change
-0.51 (-4.86 %)
Market Cap
£182.25 m
Proactive Investors - Run By Investors For Investors

Caspian Sunrise RNS Release

BNG Operational Update


RNS Number : 6685C
Caspian Sunrise plc
19 June 2019
 

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG operational update

 

The Board of Caspian Sunrise is pleased to provide the following operational update at its flagship BNG asset.

 

Deep Wells

 

Deep Well A8

 

On 7 June 2019, we announced the interval of interest extends 110 meters from a depth of 4,346 meters.

 

Since that date we have drilled to a depth of 4,520 meters, below the intended casing point, as the drilling revealed the identified interval extends further than previously detected, with oil bearing rock present to depth of 4,501 meters, an interval of 155 meters, based principally on core samples. 

 

Using more detailed and reliable wireline logging across the full depth of the interval, we now understand the interval identified extends from a start point of 4,342 meters to a depth of 4,501 meters, in total 159 meters, of which 52.2 meters is porous, oil saturated rock.

 

We had previously reported our estimation that the surface area for the identified interval extends across the full 58km2 of the Airshagyl structure.

 

Casing is now being run to a depth of 4,520 meters, where it will be set and cemented, following which we intend to continue to drill towards the next expected interval of interest believed to be at a depth of approximately 5,200 meters.

 

The planned Total Depth of the well remains for the present at 5,300 meters, which we expect to reach by the end of August 2019.

 

Deep Well A5

 

In preparation for a new sidetrack, milling of the liner hanger continues at a depth of 3,900 meters.  Removal of the liner is expected to create sufficient working space to drill a new side-track from below the salt layer.

 

To date 1.6 meters of the liner hanger has been successfully milled away leaving a further 1 meter to remove. Milling work is expected to take another 7-10 days, at which time a laser will be used to cut the surplus liner, which we will then attempt to pull from the well.

 

Deep Well A6

 

A 100-tonne crane is on site to position a more cost-effective rig over the well, in readiness to first complete and waterproof the bottom of the well and then to re-perforate the well.

 

The workover expected to commence by July 1 and will include, squeezing cement near the bottom of the well to ensure the wellbore is isolated from any water deeper in the well, reperforation of the lower most prospective interval, and then clean up and testing. 

 

Once the bottom of the well is watertight the pressures present at the intervals of interest are expected to be lower than at the times of earlier attempts to penetrate the well, thereby making the re-perforation work easier.

 

We intend to perforate the lower most prospective zone over two intervals; a 6 meter interval between depths of 4,447 and 4,453 meters and a 19 meter interval between depths of 4,479 and 4,498 meters.

 

Deep Well 801

 

We continue to await the sourcing by our international contractor of a more powerful coil tubing unit with which to clear the well.

 

Clive Carver, Executive Chairman commented:

 

"The larger than previously detected interval at Deep Well 8 is clearly a significant development and very good news

 

The collective test results from the deep wells on the Airshagyl structure, A5, A6 and now A8, indicate the existence of a potentially very significant oil bearing structure."

 

 

Caspian Sunrise PLC

 

Clive Carver

Executive Chairman

+7 727 375 0202

 

 

WH Ireland, Nominated Adviser & Broker

 

James Joyce

Jessica Cave

James Sinclair-Ford

 

+44 (0) 207 220 1666

Yellow Jersey PR

Tim Thompson

Henry Wilkinson

+44 (0) 203 735 8825

 

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 Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
UPDUWOVRKBANAAR

Caspian Sunrise Timeline

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use