(Alliance News) - Caspian Sunrise PLC on Thursday said drilling continued in its deep wells, as work progresses to increase shallow well production.
The Kazakhstan-focused oil & gas exploration and production company said drilling in Deep Well 802 has reached a depth of 3,614 metres. The drilling and testing is expected to be completed by the end of January next year, the company said.
Caspian Sunrise said it intends to drill to a depth of 4,100 metres before testing the well. The company said the oil-bearing interval was previously encountered at a depth of 3,900 metres, but that there is a salt layer believed to be between 3,580 metres and 3,860 metres deep.
Drilling will be resumed at Deep Well A7 "in the next few weeks", while Deep well A5 is expected to be drilled when the company's G50 rig becomes free.
The company also said work to bring shallow wells 141 and 142 back into production continues, and is expected to be completed in the first quarter of 2023, following which production will be close to the previous 4,000 barrels of oil per day. Currently, production in the shallow wells remains at 2,400 bopd.
Caspian Sunrise shares were up 4.5% trading at 4.18 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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Caspian Sunrise (CASP)