Caspian Sunrise PLC - Kazakhstan-focused oil & gas exploration and production company - Says its bespoke drilling vessel Caspian Explorer wins a tender to drill a deep well in the Caspian Sea, with the formal contract expected to be signed by the end of February. Says the well is scheduled to be drilled in the summer of 2024, to a planned depth of 2,500 meters. Expects work to take about two months.
The charter rate is expected to be in excess of USD150,000 per day with all mobilisation and demobilisation costs to be borne by the Istay Operating Company LLP, a Kazakh registered explorer.
Chair Clive Carver says: "That a major international oil company considers chartering the Caspian Explorer to be the most technically and commercially advantageous option for the development of their field in the Caspian Sea reinforces the board's view that the Caspian Explorer will be a major contributor to the group."
Current stock price: 4.90 pence each, up 10% on Monday morning in London
12-month change: up 20%
By Xindi Wei, Alliance News reporter
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Caspian Sunrise (CASP)