LONDON (Alliance News) - Caspian Sunrise PLC on Thursday said it recovered an oil bearing rock, indicating the presence of an oil-bearing interval, at its deep well A8 in Kazakhstan.
The well was spudded in November and has now reached a depth of 4,391 metres.
The company has now engaged with a third party specialist firm to help define the full extent of the oil bearing interval.
"This find, together with the finds at Deep Wells A5 and A6, marks the third of the three deep wells drilled on the Airsghagyl structure to have shown the presence of oil. The company believes the structure may extend across the full 58 km2 of the Airshagyl structure," Caspian Sunrise said.
Furthermore, Caspian said that production from its shallow wells in April was, in aggregate, 44,115 barrels of oil, slightly lower than the 45,6000 in March as a result of one less day in April compared to March.
Caspian Sunrise shares were trading up 6.4% at 5.215 pence each on Thursday.
Caspian Sunrise (CASP)