Caspian Sunrise plc BNG Deep Well Operational Update (3942W)

TIDMCASP

RNS Number : 3942W

Caspian Sunrise plc

01 August 2018

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG Deep Well operational update

Deep Well 801

As previously announced we successfully completed a 350 meter side-track from a depth of 4,501 meters by-passing the blocked pipe. A 5-inch liner was run to the new bottom of the borehole at a Total Depth of 4,852 meters.

Also as previously announced while drilling the side-track we detected four potentially oil-bearing intervals. The first of 6 meters between 4,535 and 4,541 meters; the second is of 20 meters between 4,554 and 4,574 meters; the third is of 59 meters between 4,635 and 4,694 and the fourth is of 36 meters between 4,812 and 4,848 meters.

We are pleased to update the market with news that 75 meters of the identified intervals have been perforated.

The drilling fluids used to contain the high pressure in the well have been progressively changed to lighter density fluids in preparation for acidizing the perforated reservoir intervals. The acid work is expected to clean up any borehole damage caused in the perforating process and enhance the permeability of the reservoir.

Further announcements will be made in due course.

Deep Well A5

As previously announced we already have an operational rig on site at Deep Well A5. The drilling mud previously used at Deep Well 801 is being readied for use in the conventional drilling planned to clear the obstruction that caused a suspension in the 90-day flow test.

Once the drilling is complete we plan to run tubing to the bottom of the well, after which a new 90-day flow test would commence.

Pressure in the well remains stable at around 450 bar at the wellhead, which suggests there is still good communication throughout the length of the well.

Deep Well A6

As previously announced, our plan with Deep well A6 remains to re-perforate the well using more powerful explosive charges.

The drill pipes to be used in this operation have been in use at Deep Well 801 and will be moved to Deep Well A6 once the current operations at Deep Well 801 are concluded.

Ends

Comments

Clive Carver, Executive Chairman said

"We are at the final stages of the complex operation to get Deep Well 801 to flow and we remain confident of a positive outcome, although given past delays nothing is being taken for granted. We look forward to making further reports as soon as reliable additional information is available."

 
 Caspian Sunrise PLC 
 Clive Carver 
  Executive Chairman              [phone] 
 
 WH Ireland, Nominated Adviser 
  & Broker 
 James Joyce 
  Jessica Cave 
  James Sinclair-Ford             [phone] 
 Yellow Jersey PR 
  Tim Thompson 
  Henry Wilkinson                 [phone] 
 

Qualified Person

Mr. NurlybekOspanov, Caspian Sunrise PLC's Chief Geologist / Technical Director who is a member of the Society of Petroleum Engineers ("SPE"), 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.

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August 01, 2018 02:01 ET (06:01 GMT)