The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")
Operational update
Introduction
The Board of Caspian Sunrise is pleased to update shareholders with news of progress at its oilfields.
BNG Contract Area
Our focus at the BNG Contract Area is to complete the three new deep wells required on the Yelemes Deep structure to be able to apply for a full 25-year production licence for that structure.
At Deep Well 803 the well was deepened to a depth of 4,030 meters. The testing results were encouraging with an oil bearing interval of 50 meters detected. However, a re-cementing job will be required to deal with water flowing into the well before further testing can be completed. The rig there is now being used elsewhere to help meet the work programme obligations.
Deep Well 707, which has a planned Total Depth of 3,500 meters, was spudded in July 2026 and has reached a depth of 3,260 meters without incident. Deep Well 703, which was also spudded in Q3 2026 with a planned Total Depth of 4,750 meters is currently at a depth of 700 meters. Deep Well 701 was spudded in October 2026 with a planned total depth of 5,000 meters.
The Yelemes Deep work programme obligations are expected to be met in full in Q1 2027, following which work on the application to move to a full 25 year production licence can begin.
At Deep Well A6 on the Airshagyl structure, which was drilled to a depth of 4,528 meters, the plan is in Q2 2027 to drill a 600-meter side track from a depth of 3,800 meters targeting Lower Permian carbonate reservoirs, predominantly limestones. Additionally, subject to funding and rig availability, two new deep wells are planned for 2027.
Block 8 Contract Area
At Well P1 on the Sholkara structure oil has flowed on a test basis at rates up to 270 bopd but is not currently producing. At Well P2, which has flowed at rates on a test basis of up to 846 bopd, the well is currently producing at the rate of approximately 90 bopd. Further work is planned at both wells subject to rig availability with the intention of achieving commercial flow rates. A third deep well, Well P3, is planned for 2027 subject to funding and rig availability.
West Shalva Contract Area
A well with an initial planned total depth of 3,000 meters was spudded in October 2025. A 5 meter interval at a depth of approximately 2,250 meters has been flow tested and produced oil briefly at rates of up to 300 bopd. The oil from the well has a higher than expected paraffin content restricting its natural flow. The well is currently shut in and not producing, pending further work. Prior to shut-in, the well was producing approximately 38 bopd per day
The planned second well at West Shalva is on hold pending the outcome of the work to improve flow rates at the first well.
Oil trading
The production from Block 8 has allowed a limited resumption of oil trading activities.
Contacts:
|
Zeus – Nominated Adviser & Broker James Joyce James Bavister Andrew de Andrade |
+44 (0) 203 829 5000 |
Qualified Person
Ms Danara Junussova, a member of the Society of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.
This announcement has been posted to:
www.caspiansunrise.com/investors
The person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.
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