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LONDON (Alliance News) - Caspian Sunrise PLC said Tuesday it has identified four potentially oil bearing intervals during drilling at its Deep Well 801 in western Kazakhstan as it completes the acquisition of 3A Best.
Sunrise said the pressure at the well "remains high". Due to the lower density drilling mud it expects getting the well to flow to start testing should be easier than previously drilled deep wells.
The four potentially oil bearing intervals found were of six metres between 4,535 and 4,541 metres, the second of 20 metres between 4,554 and 4,694 metres. The third of 59 metres between 4,635 and 4,694 metres and the fourth of 36 metres between 4,812 and 4,848 metres.
The work at Deep Well A5 continues to "prepare the mobilised rig to remove the pipe from the well" and clear the obstruction which resulted in the suspension of a 90-day flow test at the end of 2017.
Caspian also confirmed the acquisition of the entire share capital of 3ABest, which owns a 1,347 square kilometre contract area near the Caspian port of Aktau in Kazakhstan. The purchase price of USD24.0 million was funded by a share placing of 149.3 million new shares at 12.00 pence per share.
3ABest's contract area is adjacent to and goes under the successful Dunga field, developed by Maersk Oil.
"The identification of, in aggregate, 121 meters of potential oil bearing intervals in drilling the 801 side-track allows us to move to the test phase sooner than was expected. The lower density drilling mud used on this side-track should make bringing the well into test production an easier proposition than with our earlier deep wells where far denser drilling mud was the principal issue," said Chairman Clive Carver.
Shares in Caspian Sunrise were up 8.5% Tuesday to 10.09 pence each.
