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Pin to quick picksCaspian Sunrise Share News (CASP)

Share Price Information for Caspian Sunrise (CASP)

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Share Price: 4.00
Bid: 3.90
Ask: 4.10
Change: 0.35 (9.59%)
Spread: 0.20 (5.128%)
Open: 3.65
High: 4.00
Low: 3.55
Prev. Close: 3.65
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Production At Latest Caspian Sunrise Well Rises, Appoints New Director

Mon, 04th May 2020 17:47

(Alliance News) - Caspian Sunrise PLC on Monday said New Well 153 at its BNG asset in Kazakhstan is producing more than 500 barrels of oil per day, matching New Well 150's production.

As a result of this, total daily production is now more than 2,000 barrels of oil per day and could rise to 2,300 barrels once the licence upgrade is approved. Such an upgrade would allow for a return to full production at the South Yelemes shallow structure.

On March 18, Caspian suspended all operational drill activity after completion of work then in hand. Going forward, it has opted to pursue development of the shallow and deep structures within the BNG contract area "on a controlled basis".

Given this, the rig currently at New Well 153 is to move to Deep Well A5 so that cracked tubing can be replaced and work to bring the well into production can continue.

Another rig has already move to the third infill drilling site within the MJF structure to drill New Well 151, which has been spudded and so far reached a depth of 12 metres.

Caspian said is has agreed short term salary and fee reductions in response to Covid-19, having already cut staff and suspended some work in March. As a consequence, Caspian's monthly cash outlay is now only a quarter of pre Covid-19 contracted levels.

"As a result of the actions noted above the board believes the group is now well placed to come through the current Covid-19 related difficulties in good shape," said Caspian.

The company also said it will be appointing Aibek Oraziman, its largest individual shareholder, as a non-executive director. Oraziman holds an 18.8% stake in Caspian and is a members of Caspian's largest shareholding group, the Oraziman family, which owns a 42.9% interest.

Executive Chair Clive Carver said: "The progress at New Well 153 is pleasing as is the resumption of our shallow and deep structure drilling campaigns, albeit at a controlled pace.

"The financial measures put in place demonstrates the commitment and confidence of the board, our largest shareholding group and the local oil traders in the company's medium and long term prospects.

"We look forward to welcoming Aibek Oraziman to the board in the near future."

Shares in Capian Sunrise ended 7.1% higher at 3.38 pence in London on Monday.

By Anna Farley; annafarley@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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25 Mar 2024 11:44

IN BRIEF: Caspian Sunrise considers sale of BNG contract area

Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Says it is mulling the sale of all or part of the BNG contract area's shallow structures at "indicative prices potentially significantly greater than its current carrying value". Says any deal would likely require shareholder approval due to its size of the transaction value relative to the group. "We believe this heightened level of corporate interest in BNG's producing shallow structures is in part the result of the changes last year to the Kazakh oil trading regulations, which now require the production of oil to obtain a trading licence, and the relative scarcity of producing fields with full production licences. The sharp reduction in the discount for international sales referred to below may also have had an effect," the company says. Caspian Sunrise says no binding agreements have been entered into and there is no certainty that discussions will lead to a firm offer or that the board would put an offer before shareholders.

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IN BRIEF: Caspian Sunrise MJF Well 142 returns to production

Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Reports that the best performing MJF Well 142 on the BNG contract area returns to production after a 12-month absence. Says production is currently approximately 1,900 barrels of oil per day. Adds that the rig in use at Well 142 will now be used to spud Well 155, which is the final shallow well under the current BNG work programme. The intention at Well 141 is to resume work by first removing approximately 27 meters of stuck pipes, before drilling a horizontal side-track. Chair Clive Carver says: "With the return of Well 142 production levels are moving in the right direction."

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Caspian Sunrise reports progress at BNG contract area

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(Sharecast News) - Gas and oil explorer Caspian Sunrise announced the conditional sale of a 50% stake in the Caspian Explorer drilling vessel for cash consideration of $22.5m on Monday.

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