Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
The Board of Caspian Sunrise are pleased to provide an operational update from the Company's flagship BNG Contract Area.
The drilling phase has been completed without incident and Baker Hughes has been contracted to undertake the cementing work.
The side-track, which commenced from a depth of 3,976 meters has reached a Total Depth (TD) of 4,404 meters. Abundant hydrocarbon shows were observed while drilling consistent with the shows observed in the previous side-track which had a successful short term flow test. Wireline logging has just been completed and evaluation of reservoir properties and fluids is ongoing. Pressure in the well remains high and stable.
Baker Hughes has been contracted to commence cementing work . If this and the subsequent perforation work are successful, our intention would be to commence a 90 day flow test without delay.
Upon completion of the work at A5 the rig will move to assist in the drilling of shallow wells on the MJF structure.
Extensive use of powerful coil tubing equipment has been followed by two separate acid treatments.
A mixture of oil, gas, water and drilling mud flowed to the surface. The pressure in the well has remained strong throughout the process. Our intention is now to close the well for a short period to confirm the pressure measurements before deciding how to proceed.
Deep Wells 801 & A6
Once work at Deep Well A8 has been completed we will seek to apply the same techniques on Deep Wells 801 & A6.
We now expect to spud the first of the 18 infill wells at the MJF structure in December. Despite this delayed start we are still working to complete the full 18 well exercise by the end of 2020.
Caspian Sunrise PLC
Executive Chairman +7 727 375 0202
WH Ireland, Nominated Adviser &
James Joyce +44 (0) 207 220 1666
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.
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Market Cap: £175.09 m
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