Caspian Sunrise hails first well spud at West Shalva in Kazakhstan

(Alliance News) - Caspian Sunrise PLC on Friday said the first well to be drilled on the West Shalva Contract Area has been spudded.

The London-based mining company focused on Kazakhstan's oil and gas sector said it bought the West Shalva Contract Area in April for an initial USD5 million with a maximum consideration of USD15 million in the event of successful oil production.

The well is expected to take about two months to drill.

Caspian Sunrise said: "The well has a planned total depth of approximately 3,000 meters with two principal targets. The first target is at approximately 2,300 meters in the Jurassic sandstone with the second target at approximately 2,600 meters in the Triassic limestone."

On Tuesday, the company had announced a delay in publishing its 2024 results as well as its results for the first half of 2025, both of which it aims to publish in the second half of October.

Caspian Sunrise shares are currently suspended in London until it reports its results.

By Tom Budszus, Alliance News slot editor

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