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Caspian Sunrise shares drop on well programme delays

Operations on three wells slipped from the late 2017 schedule into the new year

oil and gas operations
The restart of a well testing programme for the Deep Well A5 is expected later this month

Caspian Sunrise Plc (LON:CASP) shares dropped in Thursday’s early deals as the company reported the impact of “unusually cold and windy weather” in Kazakhstan in late December.

The company said it moved to twelve-hour working days, from twenty-four hours, and as a result some activities have been deferred.

READ: Caspian Sunrise soars after delivering long awaited deep well success

Resumption of a 90-day flow test on the Deep Well A5 was due to occur before year-end and it is now expected later in January.

The spudding of the A8 well and the retesting of the shallow well 146 have also been delayed.

"Weather delays at this time of year are not unusual,” said Clive Carver, Caspian Sunrise executive chairman. “These coupled with the traditional Kazakh holiday period led us to decide to take the prudent approach and postpone the drilling activities previously expected in the second half of December.

READ: Kazakhstan-focused oilfield developer Caspian Sunrise may have discovered third shallow oil structure

“We look forward to updating the market with the outcomes of the various work streams at our active Deep and Shallow wells"

Caspian Sunrise shares were down 0.73p or 6.7%, trading at 10.15p. 

Quick facts: Caspian Sunrise

Price: 8.75 GBX

AIM:CASP
Market: AIM
Market Cap: £164.73 m
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