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 "Group")
Spudding of Deep Well 707 and planned board changes
Introduction
The Board of Caspian Sunrise is pleased to update shareholders with news that the first of three new deep wells at the Yelemes Deep structure on the BNG Contract Area has been spudded and with planned board changes later in the year.
Deep Well 707
The licence at the Yelemes Deep structure was renewed at the end of December 2025 as an appraisal licence with the obligation to drill three deep wells before the end of 2027 to qualify to apply for a 25-year production licence.
Well 707 is to be drilled to a Planned Total Depth of 3,500 meters, targeting the Lower Triassic T1 reservoir.
The well is planned to test a fault-related structural closure. Its principal objectives are to establish the lateral and vertical extent of the Lower Triassic reservoir, refine the position of the oil-water contact, and evaluate the hydrocarbon potential of the overlying Middle Jurassic section.
Planned board changes
With effect from 31 December 2026 and in accordance with the Company's succession plans, Clive Carver, (Chairman) and Seokwoo Shin (Non-executive director) will leave the board.
Further announcements about new board members will be made in due course.
Contacts:
|
Zeus 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.