(Alliance News) - Caspian Sunrise PLC said Monday oil production from flagship BNG contract area in Kazakhstan increased in month-on-month in September due to successful workovers at two wells.
For September, the oil & gas firm produced 1,361 barrels of oil per day from BNG, up 16% from 1,178 in August.
The increased production was mainly as a result of successful workovers at wells 141 and 145, leading to production more than doubling for well 141 and increasing by 58% for well 145.
One third of September's produced oil was sold at domestic prices, while the other two third was sold by reference to world prices.
The average gross price achieved for oil sold to the domestic market was USD20.5 per barrel, up 2.5% from USD20.0 in August. Meanwhile the gross price achieved for the oil sold by reference to world prices was USD55.5 per barrel.
Looking ahead, further workovers are planned on the existing MJF wells, which are expected to boost production volumes. In addition, the campaign to drill a further 18 MJF infill wells is underway, with the first six drill sites being prepared for drilling.
Caspian Sunrise is targeting the end of 2019 for completing the next three wells at the MJF structure.
Shares in Caspian Sunrise were up 1.7% at 10.04 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Caspian Sunrise (CASP)