Last checked at 6 Apr 2017 07:00
Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")
formerly Roxi Petroleum Plc
BNG Operational update
Introduction
Caspian Sunrise, the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to provide the following update in respect of its BNG Contract Area.
Background
Following the completion of the Baverstock Merger Caspian Sunrise will have a 99% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,702 square kilometres.
The block has both shallow and deep areas of interest.
Well 808
The well was spudded in January 2017 targeting Cretacious, Jurassic and possibly Triassic horizons. The well was drilled on a potentially new structure North of the South Yelemes portion of the BNG Contract Area, on which wells 805, 806 & 807 have already been drilled and are producing.
The Company is pleased to announce that drilling at Shallow Well 808 has reached the total depth of 3,200 meters without incident.
Five horizons have been identified for further analysis and testing. Should this analysis and testing be successful it would prove the existence of a new discovery and a third shallow structure at BNG.
Clive Carver, Executive Chairman said
"It is pleasing that we have reached Total Depth on time and on budget. We now look forward to assessing what we have and whether we have discovered a new structure."
Comments:
Caspian Sunrise PLC +7 727 375 0202
Clive Carver
Executive Chairman
WH Ireland, Nominated Adviser & Broker +44 (0) 207 220 1666
James Joyce
James Bavister
Abchurch +44 (0) 2017 398 7700
Tim Thompson / Rebecca Clube
Qualified Person
Mr. Nurlybek Ospanov, Caspian Sunrise's senior geologist who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.