(Alliance News) - Caspian Sunrise PLC on Thursday said that the interval tested at a well was not commercial.
The Kazakhstan-focused oil and gas exploration and production company said the interval tested at well 142 at the MJF structure did not prove commercial, "so testing is now underway at another interval at that well."
Caspian Sunrise shares fell 9.1% to 2.50 pence each on Thursday afternoon in London.
Further, it said the rig will move to well 155, the final shallow well under the existing work programme, after completion of testing at well 142.
It added that production from the BNG shallow structure at the South Yelemes structures continued to be about 2,000 barrels of oil per day.
Finally, Caspian Sunrise said that work continues to prepare for the Caspian Explorer's first major drilling contract under the company's ownership. Drilling is expected to start in the third quarter of 2024 with an expected net profit for the company of USD10 million to USD15 million.
By Tom Budszus, Alliance News slot editor
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Caspian Sunrise (CASP)