Business
General Update / AGM statement
General Update / AGM statement.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n\nCaspian Sunrise PLC\n(\"Caspian Sunrise\", the \"Group\" or the \"Company\")\n \nGeneral Update / AGM statement\n \nIntroduction\nAhead of the AGM to be held today at 11.00am at the offices of Taylor Wessing, Hill House, 1 Little New Street, London EC4A 3TW, the Board of Caspian Sunrise is pleased to update shareholders regarding drilling activities at the BNG Contract Area and the imminent Caspian Explorer charter.\n \nBNG drilling activities\n \nWell 155\nWell 155 on the shallow MJF structure at the BNG Contract Area was spudded in Q1 2024 with a planned total depth of 2,400 meters. Drilling has been completed and oil detected over a 22 meter interval, and testing over a 16 meter horizontal has commenced. Once results of this flow testing have been received, we will make a further announcement.\n \nDeep Well 803\nDeep Well 803 was spudded in Q4 2023 with a planned Total Depth of 4,200 meters and a primary target at a depth of 3,950 meters with a secondary target at a depth of 4,200 meters.\nOil has been detected over a 60 meter interval between 3,360 meters and 3,420 meters, above expectations and also above the main salt layer.\n \nTesting over a 15 meter interval is also set to commence. Once results of this flow testing have been received, we will make a further announcement.\n \nDeep Well A5\nAt Deep Well A5 a final attempt to remove the stuck pipe has been only partially successful and the earlier decision to drill a new side-track is the next step to be taken. In the meantime, the rig previously in use at Deep Well A5 will be used to drill Well 815 on the South Yelemes structure.\n \nNew Well 815\nNew Well 815 at the shallow South Yelemes structure has a planned depth of 1,900 meters with drilling expected to take two months, targeting oil in the dolomite.\n \nBNG production\nBNG production, excluding Wells 155 & 803, is approximately 1,600 bopd.\n \nAdditional oil from either Well 155 or Deep Well 803, would be sold for the time being on the domestic market and will therefore be available for use in our oil trading business.\n \nCaspian Explorer\nThe Board is also pleased to confirm that the final preparations for the charter for the consortium led by ENI are underway and that the Caspian Explorer is expected to leave the port of Actau in good time to be o...