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‘’At Deep Well A6 a workover to perforate a 6 meter interval at a depth of 4,300 meters is planned to commence in mid-August. This may however, be delayed to allow the shallow horizontal well planned to be drilled on the South Yelemes structure to be drilled first using the rig and crew currently intended for Deep Well A6’’

The A6 Deep Well flowed oil to surface before becoming blocked with rocks and drilling mud. This well is a know re flows oil from the 6m interval and I would prefer this deep well to be perforated-drilled first, the SY horizontal shallow well is an unknow, but I think the CoS here is very good with less pressure-heat and other shallow wells across the way already flowing – plus it opens a new structure to flowing oil.

So next week op’s will start to kick off again, a busy 2H ahead.

Bluemango,

You’re new to CASP, some for us have been here quite a while, and I for example sometimes relay my thoughts (mostly positive) especially on Operational Updates and try to join the dots and look at ahead of where we might be at in 3/ 6/ 12 months time/ longer and EVERY time the latest Op’s RNS comes out it’s completely different to what they said was happening/ what they were going to do etc.. We all know the potential that’s why we’re all here.

You went to the AGM and said you got the impression the CE sale was going through imminently, I’ve been saying ‘where’s the dosh’ for 6 weeks only now to find out the CE sale has been pretty much scuppered and now the sales process has had to start again FFS, it's always one step forward and two steps back with CASP.

I understand why people moan, I do it myself sometimes when it’s warranted.

We keep saying CASP will come good this year blah blah blah and they are nearly there, but they’re another year behind schedule AGAIN and the years have mounted up.

A5/ 802 Deep Wells should be flowing this year and some shallows too boot, we were given the impression they would be flowing last years end now it’s this years end.

Why has the 802 Deep Well got solid mud (let alone a stuck pipe) at 3,900m-4,100m when they managed to drill the A8 Deep Well to 5,400m using the new mud mix no problem, hmm? In the Q&A they have said they will continue drilling to the original 802 Deep Wells TD of 5,200m – I have been asking this question for ages as I wanted to know if they would try drilling through the 4 intervals as found in the 801 Deep Well that flowed (to see if they also exist in this well), which is great, but will they change their minds again and stay stopped at the current depth? it will take at least another month to drill to TD on top of the 2 months they need to sort the mud/stuck pipe and then flow test the well at that point so this well won’t be flowing until nearing Year End. Imo. If it was me I would be throwing everything at the A5 Deep Well sidetrack now, but who am I to tell them?

No doubt there'll be a bit more venting to come this year.

More like a pipe fitter.

More like a coma.

Re the Q&A.

CASP say the CE is more likely to be sold at 100% so if it is sold for let say at circ. $40 million it will no doubt also include 100% of the $15 million fee that's due next year meaning the net sale will probably end up working out at about $25 million less a few million in taxes to boot.

I'm taking the RNS 2023 work program with a very large pinch of salt re dates given as it's all ifs and buts.

No new production due for 2-3 months.

Another carp RNS putting operations behind another 6 months on top of the past years delays, geez!

Production down further and CE back up for sale - what f.... joke.

I fully expect the share price to bomb a gain today, nothing of significance happening for months - 802 need 3 more months a month ago - nothings happened and they need another 2 months at least to TD!

Sorry chaps for the vent but f... me!

No the CE dosh is not a reward, they need the dosh to pay upfront costs and to keep operations going old and new.

What bigger deal? it's 50% and that's it or they would have said in an RNS while the share transfer is still being signed off in the UAE.

The meeting is to sign off on 2022 accounts/ remuneration,

Clive baby where's our dosh....

''The sale is conditional inter alia upon payment being received by the Company and the re registration of the sale shares in the UAE.''

Where's our CE dosh?

The good news is they will have completed 2 new wells before year end - 45 day drill time to TD - super fast.

Thought one of these wells would have been knocked into next year, all good and back to double digits if commercial flow rates.

The A8 Deep Well flowed 120 bopd from 1-3 intervals between 4,500 and 5,400m.

The A5 Deep Well flowed 3,800 bopd for a couple of weeks from – how many intervals?

The A6 Deep Well flowed oil to surface before becoming blocked from 1-4 intervals – how far away is this well from the A5 Deep Well.

These two wells (A5/A6) should have been sidetracked and completed by the end of Q1 2024 proving the PI/P2 OIP volumes to?

The 802 Deep Well flowed 700-900 bopd between 3,900m to 4,000m with at least another 100m to drill and flow is expected to be around 2,000 bopd.

The 803 Deep Well is about to spud is the 802 Deep Well connected to it – how far away are these wells from one another?

The 801 Deep Well flowed oil and will be sidetracked in the new year.

These three wells should have been sidetracked and completed by the end of Q1 2024 proving the PI/P2 OIP volumes to?

So there’s a good chance 42p per share is on the cards if these two deeps structures are flowing commercial quantities of oil with the shallows to boot.....offers/ Merger £?

An initial 40 million barrels of P1 Reserves booked works out at 42p per share – roll on a new CPR.

''The sale is conditional inter alia upon payment being received by the Company and the re registration of the sale shares in the UAE.''

It's likely the UAE registration is holding up the release of our dosh, 5 weeks and counting ZzZzZz.....

Dear FCA,

I would like to make a complaint - a share holder sold half of their shares and the transaction wasn't reported for week!

FCA - Hahahahahahahahahahahahahahahahaha....let us guess Mrcautious?

Chuckle.

K,

Yep, when there’s no news followed by carp news followed by more carp news and no more news due for weeks the share price will obviously dip no matter how hard the usual suspects try to float this boat while it’s stuck a sand dune.

Like I said until the CE dosh is in the bank we’ll be in share price limbo - no matter how hard CC and Smarty try to raise the bar.

But, yes I'm feeling lucky ;-)

110m shares sold at approx. 4p each - with CE dosh on the way/ 802 Deep Well expected to be back producing - share price should rise on the back of these two near term events so why sell now and so cheaply?

Has Carver fell down the 802 well? :-0

Took over a week to report this 110m shares bought, hmm.

Where did they get 110m shares (5%) from (that's knocking on 20% of PI investor holdings (27% PI holding) - or how long did it take to accumulate them?

WCP transfer?

Belles,

There's a lot going on this year, but yeah they're way behind again, however this quarter should see the 802 Deep Well flowing again (unless they drill to the original 5,200m) and that combined with the CE payment should see these two events push the share price wards/into double digits.

Boosted with possible 141/142 Horizontal Shallow Wells drilling completed (back to around 4k bopd from the shallows if they solve the water cut) and the 803 Deep Well spud to boot.

If your timeline is end of 2024 like mine i.e. to reassess where CASP are at then 2023 should have underpinned higher P1/P2-OIP numbers and some decent production numbers potentially knocking 10k bopd door. imo.

Like I said we'll see a share price dip until CE dosh is in the bank - in the meantime time to pick the low hanging fruit in the 3p's shortly and benefit later on re by Q1 2024 end we could be looking at 802/803/ A5 Deep Wells flowing, let's see.

''The Company raised US$6.6 million through a capital raise that will allow the Company to test the low-cost, high impact Velociraptor exploration prospect, evaluate new areas offered for licencing by the Mongolian government in the 2022/23 tender round and explore renewable energy projects.''.

2022 Financial Highlights

''As of 31 December 2022, the Group's cash position was $5.1 million (Financial Assets) (31 December 2021: $8.2 million)''.

Based on the above funding for the VEL well which will be pretty much spent and CAB probably being pretty low I'm expecting another cash raise to fund the Heron operations.

How much will they need to get the well into production etc.?

How many more shares to be issued?

It's on the cards if you ask me and they probably won't get paid for the international oil sales for a couple of months - are they selling the oil locally (payment one month after local sales?).

First oil in 2 months time?

If the CE dosh comes in in Q3 CASP infer a dividend could be paid from it so a dividend could be paid out end of September.

''In March 2023 the Company announced it was moving to quarterly dividends but in these financial statements has announced a suspension of dividend payments for the remainder of the financial year, or until production from wells 141, 142 or 802 allow payments OR UPON THE RECEIPT OF THE $22 MILLION consideration expected from the sale of the Caspian Explorer.''

No doubt a share price tick up when the dosh in bank RNS is released.

Oh yes and CASP have confirmed the 2024 CE $15 million hire proceeds will be split 50%-50% in effect making the CE 50% sale worth $12.5m after taxes if you look at it with a half full glass. boo hoo.

A couple of thing I've noted is the G70 rig has not been purchased yet after saying in December the sale was expected to be complete in a 'few weeks' time - 7 months later and it's still pending. I'd guess it won't be purchased until the CE dosh is in the bank, speaking of which, what is the current bank balance - not reported on?

An extra $5-$10 per barrel for our in-house broker selling the oil should have kicked in earlier this year, for most of 2022 CASP were getting $32 per barrel for domestic sales and $38 per barrel from mini refineries sales so if oil prices stay the same (approx. $75 pb) profits should be higher per barrel come next years 2023 audit report though total production could be less - all depends on 141/142/802 - other coming online Q3/Q4.

All in all a good 2022.

Nothing happening for a few weeks yet so no doubt we'll see a further dip in the share price - CE dosh/ 803 spud/ 802 back producing along with 141/142 wells producing again in the coming months should see a significant rise in production with the share price reacting positively to boot, back to double digits are on the cards this quarter. imo.