(Alliance News) - Caspian Sunrise PLC on Tuesday reported some progress at its BNG contract area near Tengiz in western Kazakhstan as well as changes to its board.
The oil and gas exploration focused on Kazakhstan said progress has been made at all deep wells but have yet to produce at commercial quantities.
At deep well A5, Caspian noted some progress despite struggles with stuck pipes. "However, if the current attempt to free the well is not successful, we plan to pause operations at Deep Well A5 to make use of the rig and specialist pipes at other deep wells," Caspian said.
At deep well A8, Caspian has completed acid and hot oil treatments but a consistent flow has yet to be established. The company said it is erecting a drilling rig over the well to continue the cleaning process, including reducing any near wellbore formation damage caused by previous drilling. This however requires equipment being used at deep well A5.
At deep well A6, acid treatments have to date been inconclusive, Caspian said, but it appears that reservoir connectivity and permeability has been improved. The well is also awaiting equipment being used at deep well A5, the company added.
Caspian's BNG shallow wells are producing at rates between 1,300 and 1,550 barrels of oil per day, with a daily average of 1,445 barrels of oil per day.
Caspian additionally announced that Talgat Kuzbakov will become chief financial officer, but not a board member, as Clive Carver steps down from the position, reverting back to being non-executive chair.
Non-Executive Director Tim Field will also be leaving the board, but will remain a consultant.
Caspian did not mention the dates of the board changes.
Caspian shares were down 36% at 1.74 pence each in London on Tuesday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Caspian Sunrise (CASP)