Last checked at 27 Jul 2021 13:11
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
Company's first horizontal well is successful
Introduction.
The Board of Caspian Sunrise is pleased to update the market with news of its latest well drilled on the MJF Structure at the BNG Contract Area.
Background
Well 154, which was spudded in April 2021, was drilled vertically to a depth of 2,298 meters and then horizontally for a further 250 meters until it reached its full 2,548 meter length. This is the first horizontal well drilled by the Company and was recently perforated over a 152 meter length.
Initial results
We are pleased to announce that using an 8mm choke the well has produced for the past three days at a rate of approximately 90 tonnes per day or approximately 645 bopd.
Production at this level is expected to increase total production by approximately 50 per cent.
The majority of the oil produced from the well is expected to be sold by reference to international rather than domestic prices.
The Company intends to drill further horizontal wells on the MJF structure and once the final licence upgrade is received at the South Yelemes structure.
Comment
Clive Carver, non-executive chairman commented:
"For some time we have believed that the shallow structures at the BNG Contract Area, namely the MJF structure and the South Yelemes, would be suitable for a horizontal well.
The Company now plans to drill further horizontal wells on each structure."
Contacts:
Caspian Sunrise PLC
Clive Carver
Chairman +7 727 375 0202
WH Ireland, Nominated Adviser & Broker
James Joyce +44 (0) 207 220 1666
James Sinclair-Ford
Qualified person
Mr. Assylbek Umbetov, a member Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.
This announcement has been posted to:
www.caspiansunrise.com/investors
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.