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Yelemes Deep Structure – 3 wells

Three deep wells are currently live on this structure:

• Deep Well 802 – work ongoing to bring into commercial production. Spud 2022, stuck pipe, work halted Total depth 4200m flowed at 700-900 bopd 100m earlier than expected looking for partners. No further news

• Deep Well 803 – drilled to ~4,200 m; nearing testing. The well had produced for a short period of time at rates of up to 500 bopd from a 10 meter perforated interval within a wider 60 meter interval showing indications of oil between depths of 3,360 and 3,420 meters. Work is underway to install a pump to resume production from this interval.

• Deep Well 701 – planned to follow 803 (per 2026 update). The well is expected to be spudded in Q2 2026 and reach its planned total depth by the end of Q3 2026.

Airshagyl Deep Structure – 3 wells

Three deep wells are currently live on this structure:

• A5 – drilled to 4,442 m; stuck pipe; sidetrack planned. Stuck pipe removal partially successful, 63m interval flowed at 3800 Bopd 19mm choke for 15 days Dec 2017, flowed at 1500 Bopd 12mm choke Feb 2019 for 40 days. New sidetrack from 3769m to 4405m required. No further news.

• A6 – drilled to 4,528 m; chemical treatment planned. At Deep Well A6, which has been drilled to a depth of 4,528 meters, the plan is to drill a 600 meter side track from a depth of 3,800 meters targeting Permian fractured dolomite and anhydrite, subject to rig availability. This is still the plan but no further news.

• A7 – drilling paused at 2,150 m; planned TD 5,300 m. Paused at 2150m to be continued to 5300m Q1 2024 interval of interest at 4000m G70 rig required. Subject to rig availability, this will be the first well to be re-worked in 2026, as per previous RNS.

Block 8 Deeps:- Two licences, Sholkara and Akkuduk .

Sholkara:

Deep Well P1

• Depth: ~3,434 m

• Status: Perforated and under testing

• Notes: Has flowed oil on test at rates up to 270 bopd (earlier RNS) and is being re tested. Work continues to perforate a new 6 meter interval at Deep Well P1 at a depth of 3,467 meters. Work continues

Deep Well P2

• Depth: ~3,415 m

• Status: Actively producing on test

• Notes: Test production has reached ~876 bopd on a 4 mm choke. Earlier tests showed up to 846 bopd. Once P1 completed the rig will then move to Deep Well P2 to drill a 400 meter side track from a depth of 3,100 meters targeting oil in the Permian dolomite.

Akkuduk:

Awaiting licence renewal.

AKD-4:- Reached target depth 3922m awaiting testing Jul 2024 Akkuduk structure.

West Shalva area:-

Wsh-4:- Drilled 1977 depth 3500m oil detected at 1033m 3 other intervals not tested, well outside the Triassic shale West Shalva structure. Now abandoned?

First New well :- Planned depth: 2,660–3,000 m. Spudded: October 2025. Tested an interval at ~2,250 m, producing high‑paraffin oil. Now being deepened to ~3,400 m to test deeper Triassic targets.

Second New Well: Planned depth: ~2,500 m. Expe

I see that they have omitted any update on the fabled drilling contracts for the canoe. Shocking. Also confusing is talk of the G70 rig. Just what is the position here. There was talk of Caspian purchasing one of these rigs years ago. Then it was rumoured that we had one and that it was scheduled to drill. Then everything went quiet again and now we are trying to source one. How hard can this be? Either we have a G70 or not and if not and we need one have we got the money to either purchase one or do we have to hire it. For the love of God just get off of your ar*es and get one drilling! I also agree that it is shocking that we are not told how much oil we are pumping and what we are selling it for. Yet again lots and lots of planned, scheduled, proposed etc, etc, platitudes. The major shareholders need to sell half of their shares and then other shareholders can exert pressure on this underperforming group that calls itself a board and bounce some of them out. Hopefully that will focus the rest on actually delivering results, not plans.

Any board of directors worth its salt would have an in depth plan B worked out once the original long stop date was extended, so they have had several months to get this in place (if not what else have they been doing?), no doubt they will now be springing into action in order to get the company into a drill ready situation. Don't forget these boys were in charge of this throughout the period when they partnered with Shell and had two potentially major fields in their portfolio. Okay there was the little oversight with one of the fields that any junior manager would have spotted as a potential catastrophe that lead to the loss of one of those fields but obviously they learned their lesson from that and hence secured the future of the company with a plan B in case the buy out failed. So, come on chaps lets have a strategy update in order to enhance your management credentials. Why not also buy a chunk of shares in the company, showing your faith in that plan? This would also go down well with the shareholders, showing solidarity between board members and the hundreds of little guys who believed in you. Chaps....chaps........hello anybody there?..........................................

Yes, on the face of it 2025 seems to have been a successful year and the reduction in receivables was a good boost. However, the following line from the financials looks to have thrown a cautionary spanner in the works as far as market response is concerned:

Loss for the year of $6.6m (2024: profit $23.6m including net post-tax impairment reversals of $19.9m).

Even without the impairment reversal, that is a considerable swing from profit to loss.

Well long term private holders here have been screwed. My holding is down 99%. I hold them in an iWeb ISA. They don't trade on the TSXV, where the new company is listed. The new company isn't listed on AIM and no one knows when or even if it will be. I will have no option but to cash my shares and confirm my losses. Many thanks to the board for this, no doubt they will have feathered their nests and will get a good position in either the new company of the privately listed Challenger. Scam artists par excellence.

Anyone care to comment on how this impacts long term AIM holders (Pre Bahamas drill results). AIM share held in a UK ISA?

My take is that the only option is to cash in at a huge loss. The Sintana guys are not and will not be listed on AIM at the exchange date and maybe never listed on AIM, so you can't hold the new shares in an ISA. So, the dream of a comeback with the Uruguay drill results have been sold down the river. Wonder if the board will be hurting or is it a cushy job in the new private company or in Sintana itself? Looks like the little guy private investors get stuffed again............

Yes, the recent swings in share price are rather strange given that no significant news has been released. Between the 23rd September and the 10th October the share price dropped c17%. From ten until the 30th October it rose c15% and then dropped c7.6% the next day. The price is all over the place without news from the company having any sort of guiding influence. Management really need to get a grip and secure a drilling deal for 125 / 126 and make sure the drill happens in the short term. In general feedback to the shareholders doesn't happen frequently enough in order to keep a positive trend in place, consequently the devils work is done with idle hands.

I see that Iran has started shallow water drilling in the Caspian Sea. Looks like we missed an opportunity to hire our boat out for that one. I wonder what Iran are using to drill it with? They haven't drilled in the Caspian for years, surely they must have hired in the equipment. They're also talking about drilling in deeper water but I think this will be beyond reach for our boat.

No doubt the clowns masquerading as a board of directors will not only sell us down the river but they will have secured themselves lucrative posts to settle into, going forward. Pensacola was the cherry on the top of their incompetence. Fingers crossed for a rival bidder.

Ridiculous amount of spread (25%) at time of typing this. This will really slow down any recovery as long as it remains at these levels. All designed to bash the little guys.....

Okay, great, at last the authorities have granted licence extensions. Caspian have completed their duty to the market by informing us of that fact. Beyond that information is scant. We now need another RNS detailing the operational schedule with dates covering restart times at each site. Which drills are being used where along with any other relevant information on things like acid testing. Then we can all get really interested again!

Also not a big fan of share buybacks. Sometimes they show benefits but in a company like ours the money could be better spent on developing / drilling our current assets. I don't have a problem with things progressing slowly as long as they are progressing. What I find frustrating is the lack of feedback on things like the Block 125 & 126 situation. We have supposedly been trying to get partners involved in this for around two years now and no progress has been reported. In the 2024 Preliminary Results it states that we are undertaking detailed drilling plans and under the section 2025 Outlook and Highlights it states - Vietnam exploration - Blocks 125 & 126. What does this mean? Will we be drilling them ourselves? Have we got a partner that is about to sign? Or will we just draw up wishful plans? Time for some firmer deadlines that state spud dates and / or decision on going it alone decision date on partners verses other means of raising capital. Shareholders will stay onboard if they know what is going on and what the targets are and by when. Better communication needed board members...................

Can anyone post the Shore Capital research note on here?

In ball park terms, this puts the 50% sale of the deeps at roughly the same value of the shallows sale. Were the deeps therefore only worth potentially twice as much as the shallows? If so what has all the previous hype about their potential value and size been about? As other posters on here I am a little confused as to why the sale because I too thought the shallows sale would have funded the deeps development. Someone please explain why this isn't a carve up and sell off of the assets to line the pockets of the biggest shareholders. Is there still a large bounce in the share price here for the smaller holders?

Somm,

Thank you for a better insight to this potential well.

In the last interim report Caspian made the following statement:

"At 3A Best no work was undertaken as the licence there has expired and cannot be renewed without the payment of outstanding social obligation".

If Caspian are responsible for the outstanding social obligations, how much do they owe and what is it for? This may be a reason for the slow granting of other licences if we are dragging our feet on this. If Caspian are not responsible why don't they grant us a licence so that we can either sell it or develop it and if social obligations are needed, make those a stipulation in the granting of the licence? Otherwise we could be waiting forever if the last holder of the licence is responsible for payment. Puzzling. Has anyone got a better insight on this?

Well done for signing of the MOU, hopefully it isn't long before this issue is finally concluded. What would be better is if we got some news on signing of a deal to drill 125 & 126. How much longer is this going to take?

Is this a guess or have you seen a published report somewhere?

It s all well and good listing what could benefit shareholders in 2025 but almost exactly the same list could have been written a year ago. Why did the management let us get into a position of having all the licence paperwork run out? Either the authorities held out on purpose (in which case you would have to ask why?) or the management are incompetent and that doesn't bode well for them to do all the miraculous things listed for Q1 &Q2. Don't get me wrong I am a LTH here and hope it all comes off but the story is getting rather stale and the share price continues to be locked in a low range. Time the management really started to deliver of move on and let someone else try.

Unless I have missed something I don't think Eni have announced the results of the drill. Can we safely assume that if was dry? If so it is less likely Caspian Explorer gets another shot any time soon. Surely Eni should have released some news by now, for the sake of their own shareholders?