(Alliance News) - Caspian Sunrise PLC on Monday said that its deep well 802 at the BNG contract area in the south-west of Kazakhstan is flowing at between 700 to 900 barrels of oil per day, as oil was discovered before the well was completed.
Caspian Sunrise is a Kazakhstan-focused oil & gas exploration and production company.
The company said that oil was discovered earlier than expected at a depth of 3,900 metres, before completion of the well. It added that advisers provided Caspian "with the highest estimate of success for any of our BNG deep wells drilled to date." As oil was discovered sooner than anticipated, this led to the company drilling a new side-track from a depth of 2,416 metres to about 4,100 metres, to target the oil at the higher level previously encountered.
Caspian explained that about 100 metres remain to be drilled to complete the side-track. The company continues to work with Texas-based oil field services company Baker Hughes Co to stabilise the well. Caspian's current total production from the BNG contract area is over 3,000 barrels of oil per day.
Caspian Sunrise shares were 16% higher at 5.96 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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Caspian Sunrise (CASP)