Member Info for somm

Divermike,

Please stay on topic, this thread is about Coffeemug who will no doubt be absolutely devastated about getting banned from LSE , this board was his whole life and is probably now on LSD. ;- )

Poor fella, excuse the pun ;-)

The nonsensical gibbering Jabberwocky is probably stalking and harassing that poor fella Flawless he kept going on about who he said lives 40 minutes outside of Warsaw, geez that's a bit precise, lol!

Mike,

You're a bit late to the party and should have pointed this out weeks ago, lol!

''We currently have a COMBINED licence for the Airshagyl and Yelemes Deep structures which we intend to extend for a two year period before applying for separate 25 year licences for both structures.

''The Yelemes Deep reserve estimate requires the completion of the current work at Deep Well 803 and is therefore expected to be available in Q3 2024.''

I guess with both the Airshagyl and Yelemes Deep licenses being COMBINED the expiry dates will be the same i.e. 4 August, which answers my question Jo. The other question is did they manage to flow test the 803 Deep Well before the license expired on 4 August - so they can book the Yelemes reserves this quarter.

If they've managed to flow test the well why haven't they told us if the 15m interval flowed or not? I'm guessing they ran out of time, hence no update, and will complete the flow test once they have the license extensions - they indicate they need the well to be completed to book the Yelemes reserves, will a delayed flow test stop them from booking this quarter?

If they can include the A7 Deep Well in the Airshagyl's booked reserves I'd guess not.

Jo,

We know that, but what is the Yelemes Deep license exact expiry date?

Knowing the Yelemes licenses exact expiry date would tell us if they've definitely had to stop work on the 803 Deep Well. The Airshagyl license expired on 4 August as confirmed in the Airshagyl booked Reserves update.

Just because they've applied for the two extensions doesn't mean they both expired on the same date hence my question though this is what I now presume.

However, if you could confirm the Yelemes Deep license expiry date would be appreciated.

DM,

You'll have to stay in the shallows then.

Looks like we all will for now ZzZzZz.........

Divermike,

The cost of releasing a RNS is irrelevant.

If operations have stopped on the BNG deeps because the licenses have expired or the 803 Deep Well has had to stop due to flow problems CASP have a responsibility to tell shareholders in a timely manner.

It's a pretty poor show that they only until very recently applied for a two year extension knowing that the deep license(s) were about to expire, well before 4 August, they chose the two year extension option instead of applying for two new 25 year deep licenses which imo would have taken a lot longer to process than the two year extension(s) they've now applied for. They've had all year to get these license renewals/ extensions sorted - whosoever's responsibility it was to sort the licenses out before they expired should be fired for their incomitance, the deep rigs are now sitting idle.

Anyway keep your regulator up news is due...........

P.S.

Leveller45 - CASP will definitely 100% have to have a mining license to mine whatever and that will come with an expiry date to boot, not sure why you would think they wouldn't need one?

Come on lads let's go dig massive open holes all over KAZ and pillage the Country's resources, the Energy Ministry won't mind...chuckle.

I said a couple of weeks a go if there was no 803 Deep Well update by 'last week' then I reckoned they would either be drilling ahead to their 3,950m primary target or, and this looks more likely to be the case now that the Yelemes license has expired on or around the same date as the Airshagyl structures license on 4 August and they've had to stop operations on the deeps leaving just the shallows to work on.

If that's the case then the two BNG deep structures are in the same boat as Block 8 re waiting for the Energy Ministry to extend the license for another 2 years etc. who lets face move at a glacial pace. I do believe CASP started 'preparing' to test the 15m interval, but have had to stop before actually flowing the interval because they'd run out of time and would have had to plug the well anyway until the license extension was signed off, as with Block 8 testing, so they may well have had to stop flowing the well regardless commercial flow rates.

It's possible all three licenses could be renewed around the same time, next month/ October? meaning 2 Yelemes Deep wells (803 testing off the bat) and 3 Airshagyl deep wells (A5 soon after 815 has completed next month - the A6 acid wash could be a quick turn around too) and the 2 Block 8 deep wells will that are ready to test plus a shallow well spud on West Shalva next month to boot leading to a very busy operational Q4.

With the CE dosh coming in next months end and revenue from circ. 2,600 bopd CASP are looking pretty good for a major share price rise with $88m in the wings and a special dividend payout on the cards - I've no doubt new II's are waiting for the license extensions/ renewal to be signed off before plough in, I think this uncertainty has been weighing on the share price for sometime.

WRT mining: I reckon CASP are looking at an open gold mining operation with gold prices being at an all time high, it will cost a few million for the equipment unless they partner up with an existing miner whose already got the equipment - though they should have more than enough upfront funding for this type of operation to start from scratch with with the incoming available above lump sum cash to hand etc..

It's been a month since the last 803 Deep Well update so I reckon the odds are that the Yelemes Deep license has lapsed too.

In saying all that though shouldn't CASP tell us so in a RNS or have they already told us what the Yelemes expiry date was, anyone?

Probably see a RNS tomorrow saying the 803 Deep Wells flowing X,000's bopd :-)

We live in hope...........

Buying back 10's of millions of shares won't do diddly squat to the share price, as I've said before a buy back would have to be in the many hundreds of millions to impact the share price, but that won't happen imo.

There's 2.25b shares in issue and buying back 100m shares for example would have zip effect on the share price and sentiment would be gone in a blink of an eye to boot.

West Shalva:

The purchase of West Shalva is still a couple of months off due to the below factors, imo.

''Under the AIM Rules for Companies the proposed disposal would require the approval of Caspian Sunrise shareholders. Following the signing of a conditional SPA the Company would therefore need to convene a general meeting for shareholders to consider and, if thought fit, approve the proposed disposal.

Completion would then also be dependent on the receipt of all appropriate regulatory and tax consents in Kazakhstan, the UAE and the UK.

''CASP are expecting to spud a shallow well Q3 but the acquisition isn't expected to complete until Q4, can they spud a well before the purchase has been fully completed?  - not holding my breath due to too many moving parts outside CASP's control.

''Block 8:

22 Dec 2022''Due diligence work continues with the expectation that, provided there are no material adverse findings, the option to acquire Block 8 will be triggered in Q1 2023 and the acquisition would complete later that year.''

24 March 2024

''The  licence renewal remains the final substantive condition to the completion of the acquisition of Procyon Investments FZE, the UAE registered owner of EPC Munai LLP, which is the Kazakh registered owner of the Block 8 Contract Area.

''CASP are expecting the Block 8 license renewal to complete in Q3 and test the two deep wells in Q3, however the acquisition isn't expected to complete until Q4, can they test the two wells before the acquisition has fully completed in Q4? - again I'm not holding my breath re well tests due to too many moving parts outside CASP's control.

Work will have stopped on Airshagyl due to the license expiring, has the same happened on Yelemes Deep? was the 803 Deep Well 15m interval testing completed in time, IF the Yelemes Deep license also expired on 4 August - C1 Reserves are expected to be announced in Q3.

Other than an imminent update on the 803 Deep Well and 815 Shallow Well depth update and possibly the G70 rig purchase finally completing I'm not expecting anything material happening this month, hopefully the 803 Deep Well is a gusher and not a blusher.

It's not what you all want to hear but operationally it's looking that way with only the MJF shallows in play.

CE lump sum dosh paid out in Sept/ Oct and Shallows dosh to follow much later to boot.

Is the 803 Deep Well drilling down to the 3,950m primary target/ blocked/ still testing - 26 days since the last update and 36 days since testing began..........

You didn't baboon until I pointed this out to you et el back in June and again last month only to be called a knocker - let's only post the positives hey. Like I've repeatedly said the market is waiting for any license doubts to be put to bed, Yelemes Deep Reserves booked next month and extensions signed of so we can crack on with A5 sidetrack and A6 acid wash.

When's the Yelemes Deep license expiring, same time as Airshagyl, we'll get to know when they book Reserves or confirmed in the 803 Deep Well update maybe?

Am I the only one on here joining the BNG dots............yup.

Clueless Mug try keeping up.

The sp couldn't have sunk much more, but now the market has 7p to chew away on, no doubt more funding is to flollow as always with a consolidation. If only BHP had hit oil.....

Hi Jo,

Yes the Airshagyl license expired on Sunday 4 August, for some reason I had at 24 August so glad you pointed that out. The good thing here is they've managed to booked the Reserves on the Airshagyl structure in time and I'd guess the G40 Rig on the A5 Deep Well didn't do a sidetrack (only tried to get the pipe out etc.) because the license would have expired expired beforehand, hence the rig was sent to off to drill the 815 Shallow Well, it's becoming clearer now why they decided to drill a shallow well instead of the A5 sidetrack.

So when does the Yelemes Deep license expire, same time?

If so, does that mean they've had to stop drilling the 803 Deep Well, hence the wait until the Yelemes Deep license has been renewed for us to be update?

The 803 Deep Well plot thickens.

JoSoap,

Could confirm what you mean by your below comment.

"For the record, the licence expired on Sunday.[RNS 14th June]"

The big issue for the market is CASP have yet to extend the BNG two year license, what happens if the extension hasn't been signed off by the 24th? do the BNG deep drilling come to a stand still like Block 8?

If it is non commercial they would have carried on drilling to 3,950m primary target weeks ago so either way we'll get to know soon, drilling 25m per day for the past 3 weeks would now put the drill bit into the primary target - IF they've drilled ahead, alternatively they're doing an extended drill test - it's one or the other. imo.

There are a few scenarios as to where the 803 Deep Well is at as.

The drill pipes perforated holes are blocked and they've had to re-pressurize the well and use acid etc. to clear the holes in the drill pipe.

They're treating this well with kid gloves by doing an extended flow test to be sure this part of the deep structure flows commercial quantities of oil as it could be a small pocket of oil.

Or they're drilling onto their primary target at 3,950m.

After 24 days since the last well test update, where they'd already been testing the well for 10 days having extended the 11m interval to 15m of a 60m gross oil interval, I'm still of the opinion they've continued drilling down another 530m to the primary target so they can add as much oil Reserves to the immediate drainage vicinity from below the salt layer, which could take around 20 days or so to drill, which as it happens falls into the 24 window since the last update so they could have carried on, with news imminent - Long threw me off a bit here in his note when he said the well had been perforated and had competed - we'll see?

So I'm leaning towards the wells having/ had problems as 24 days seems a bit too long in telling us what's happening with the flow test result, especially as they reported three times on the wells progress within the first 10 days of testing?

Yes they could have been doing an extended well test for the past three weeks and we might get to know good/ bad news this week, but if there's no news out this week then they're surely drilling to the primary target? imo.

Tuesdays are always a good day for an update as CC likes a lie in on Mondays ;- )

Tomorrow Rodders..........

Geez Bottled, the baboon's going to find that information soooo helpful ;- )

I drove the Garden Route from CT to PE and back and went on safari and shark diving (in a cage), and got serious sun burnt on Table Mountain, love Camps Bay busy place - looking at beach house further down the coast. My neighbor in Bangkok had an ostrich peck on his kitchen window for food which lived on an ostrich farm next door.

Anyway tomorrow Rodders.

Bottled,

The baboon makes it up as he goes along, he's nothing but a nonsensical gibbering Jabberwocky who plagiarizes most of my posts onto X as his own because he can't think for himself coping and pasting everything, lol - apparently he screwing ostriches too, the only bird that'll have him cos he's weird like that.

Smarty, some peeps shouldn't buy AIM stocks if they think a 4% down day means there's a leak and the wheels have come off...........chuckle.