Business
BNG Success at Deep Well A5
BNG Success at Deep Well A5.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n \nRNS Number : 4667Y Caspian Sunrise plc 02 January 2020 \n\nCaspian Sunrise PLC\n \n(\"Caspian Sunrise\" or the \"Company\")\n \nBNG success at Deep Well A5\n \nThe Board of Caspian Sunrise is pleased to update the market with progress at Deep Well A5, on the Airshagyl structure at the from the Company's flagship BNG Contract Area.\n \nDeep Well A5\n \nAs previously announced the side-track from a depth of 3,796 meters successfully reached a depth of 4,405 meters without incident, which has become the well's new Total Depth.\n \nSince then cementing has been successfully completed, the well extensively cleaned and subsequently perforated over a 63 meter interval from 4,331 meters to 4,394 meters.\n \nWe are delighted to report the well has flowed without artificial stimulation for 4 days, without interruption and with increasing quantities of oil being produced.\n \nProduction has been estimated to have steadily increased to the rate of some 1,500 bopd using a 12 mm choke, with further increases expected.\n \nImpact on the Company\n \nOil produced from the Deep Wells at BNG will for the time being be sold by reference to domestic prices, which have been approximately $26 in recent months.\n \nWhile it is still too soon to predict with certainty the level at which A5 might produce on a consistent basis the current rate of production more than doubles at a single stroke the Company's total production from its successful MJF wells.\n \nWork continues on the three other deep wells already drilled with the intention of bringing them into production in due course.\n \nNext steps\n \nWe are preparing to commence a formal 90 day flow test, following which we plan to instruct Gaffney Cline to help assess the quantity of reserves associated with the Airshagyl structure.\n \nComments:\n \nClive Carver, Executive Chairman said\n \n\"This is the result we have been working to achieve for a long time. \n \nWhile we need to be careful not to get over excited, as it is possible the continuous flows exhibited over the past 4 days might be interrupted or reduced as happened before, the strength of the flows and the uninterrupted 3 day period lead are extremely encouraging.\n \nThey lead the Company's management to believe Deep Well A5 wil...