LONDON (Alliance News) - Caspian Sunrise PLC said on Monday it has achieved increased production at the shallow wells in its BNG contract area in Kazakhstan, and also reported progress on its deep wells.
Shares in the oil & gas company were down 6.6% at 5.06 pence on Monday.
In the shallow wells, average production for March was 1,658 barrels of oil per day, up from 1,533 barrels in February, due to there being three more days in the month as well as the impact of hot oil treatment of all flowlines.
Oil was sold at an average price of USD18 per barrel, down from USD20.50 in February.
At the BNG deep wells, Caspian said the A5 well has mostly been cleared of the metal obstruction within, however noted there are still some fragments, complicating efforts to mill out the remaining rock debris.
Well 801 has been opened on an almost daily basis for safety reasons, ahead of further pressurised acid treatment of the potential oil horizon.
Caspian's well A6 has been temporarily suspended ahead of outcomes at A5 and 801, and during this pause Caspian will review its workover programme.
Based on the company's assessment of the work programmes at the other wells, Caspian expects work to commence at A6 before the end of the second quarter.
Finally, on well A8 progress is encouraging, with successful drilling to a depth of 4,100 metres and expectations of reaching the total depth within the third quarter of 2019.
Caspian Sunrise (CASP)