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BNG Operational Update

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RNS Number : 1197O
Caspian Sunrise plc
30 September 2019
 

Caspian Sunrise PLC

 

("Caspian Sunrise" or the "Company")

BNG Operational Update

 

Deep Well 8

 

Deep Well A8 is the third deep well drilled on the Airshagyl structure and the fourth deep well in total on the BNG Contract Area.  Previous announcements referred to the existence of a 159 meter carbonate interval, of which 52.5 meters is of porous oil-bearing rock from a depth of 4,342 meters.

 

The well was spudded with an intended Total Depth of 5,300 meters, but in conjunction with our drilling partners, Sinopec, we decided to seek to exploit the interval already identified in drilling to a depth of 4,520 meters. Accordingly, as also previously announced, the well was perforated across a 47 meters interval following which, encouragingly,  strong gas and oil shows were detected.

 

We are working to further clean of the well before formal testing.

 

Deep Well A5

 

Drilling of the 500 meter side-track from a depth of 3,976 meters is proceeding without incident.  Drilling has reached 4,288 meters leaving a further approximately 200 meters. Drilling has paused to allow logging operations.

 

Baker Hughes, who had been scheduled to undertake the final cementing at the end of September, are now expected to perform this work in early October, following which we would seek to perforate the well over an initial single interval of 50 meters.

 

Deep Wells A6 & 801

 

As previously announced, we intend to use pressurised acid treatments to seek to stimulate both Deep Wells A6 & 801.  Following sub-contractor delays, work is now set to commence at Deep Well A6 on early October and then at Deep Well 801 several days later.

 

Provided the treatment stimulates the wells sufficiently we plan to start 90-day flow tests at both wells without delay.

 

Shallow Wells - MJF structure

 

Preparatory work continues at Well 150, which is scheduled to spud in early October and at Well 151 which is scheduled to spud in early November.

 

In total six new wells sites are being prepared to avoid delays resulting from the usual winter weather. These wells are part of the planned 18 well infill well drilling campaign due to complete by the end of 2020, when we expect to have 24 wells on the MJF structure with the capacity to produce approximately 8,000 bopd.

 

The recently acquired G40 rigs will be used to drill the 18 new wells, significantly reducing the capital costs.

 

Ends

 

 

 

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.

 

 

 

 


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Quick facts: Caspian Sunrise

Price: 8.35

Market: AIM
Market Cap: £157.2 m
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