LONDON (Alliance News) - Caspian Sunrise PLC on Friday said that initial drilling at its deep well A8 on the BNG asset in Kazakhstan showed it contains oil-bearing carbonate.
Shares in the oil & gas company were trading down 2.1% at 11.50 pence each.
The company spudded the well in November and in May encountered the top of the carbonate interval of interest at 4,328 metres. The bottom was found at a depth of 4,456 meters, meaning that the oil-bearing interval extends to 110 meters.
The company said it now plans to resume drilling for additional 40 metres.
"We are clearly very pleased with the results from Deep Well A8. We now know that the potential oil-bearing interval extends to 110 meters, which is consistent with our expectations and the corresponds to the interval previously identified at Deep Well A5," Chair Clive Carver said.
Caspian Sunrise (CASP)