(Alliance News) - Caspian Sunrise PLC on Tuesday said its production declined month-on-month by 4.0% in November, with both domestic and international oil prices falling, too.
The oil & gas exploration and production company said total number of barrels produced from its flagship BNG contract area in Kazakhstan was 41,682 in November, down from 43,415 barrels it produced in October. The daily production rate, meanwhile, fell to 1,389 barrels of oil from 1,401 barrels of oil month-on-month.
The slight decrease in November, production numbers reflects one less day in the month compared to October, Caspian Sunrise explained.
The export price achieved in November, before adjustment for subsequent minor variations, was USD55 per barrel, Caspian Sunrise said, compared to October's USD55.5 per barrel. The domestic price was USD19 per barrel in November versus USD19.5 per barrel a month prior.
On the operational front, Caspian Sunrise said deep well A5 reached a depth of 4,044 meters without incident, which has become the well's new total depth. Currently, the company said the well is undergoing final cleaning and logging before the penetration, which if successful would be followed by a 90 day flow test.
Deep well A, meanwhile, was producing at the rate of 1,500 barrels of oil a day following acid treatment. However, the flow ended with the well becoming blocked. Caspian Sunrise said cleaning work is being undertaken in preparation for further acid treatments.
"Exciting times," said Executive Chair Clive Carver.
Caspian Sunrise shares closed 2.4% lower in London on Tuesday at 8.05 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Caspian Sunrise (CASP)