(Alliance News) - Caspian Sunrise PLC on Wednesday reported the "very good news" that an interval at the BNG asset in western Kazakhstan is larger than previously thought.
Earlier in June, Caspian Sunrise said the interval at the Deep Well A8 was 100 metres from a depth of 4,346 metres.
However, drilling further to 4,520 metres has revealed the oil-bearing rocks are present a bit deeper than thought, giving an interval of 155 metres.
The interval, Caspian said, starts at 4,342 metres to 4,501 metres, totalling 159 metres in total, of which 52.2 metres is porous, oil-saturated rock.
Caspian plans to drill the well to 5,300 metres, which is expected to occur by the end of August.
Elsewhere, at the Deep Well A5, the company is milling the liner hanger ahead of sidetrack drilling, with milling to take another seven to ten days. At the Deep Well A6, Caspian is preparing to complete and waterproof the well ahead of re-perforation.
The workover will start at Deep Well A6 by the start of July, targeting the lower-most zone over two intervals of six metres and 19 metres respectively.
Executive Chair Clive Carver said: "The larger than the previously detected interval at Deep Well 8 is clearly a significant development and very good news.
"The collective test results from the deep wells on the Airshagyl structure, A5, A6 and now A8, indicate the existence of a potentially very significant oil bearing structure."
Caspian shares were 2.7% higher Wednesday shortly after midday at 11.04 pence each, though did hit 12p in early trade.
Caspian Sunrise (CASP)