Caspian Sunrise plc BNG Operational Update & March Production Numbers (8137I)

TIDMCASP

RNS Number : 8137I

Caspian Sunrise plc

06 April 2020

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG Operational update & March production numbers

Introduction

The Board of Caspian Sunrise is pleased to announce New Well 153, the second of the planned infill wells on the MJF structure, has reached its Total Depth of 2,500 meters.

Background

New Well 153 was spudded in mid-February 2020, and on 2 April 2020, reached its Total Depth. Wireline logging has been completed and Baker Hughes are set to complete the final cementing. After approximately 7 days to allow the cement to fully dry we intend to perforate an interval to be determined by analysis of the logging data.

Our expectation is for a similar result to New Well 150, which commenced production in March 2020.

On the basis that New Well 153 meets our expectations the production from the shallow structures at BNG would be comfortably in excess of 2,000 bopd.

March 2020 oil production figures

The total number of barrels produced in March 2020, was 40,277 (February 2020, 38,626) at an average daily rate of 1,299 bopd (February 2020, 1,332).

During March the loss of production from Deep Well A5 was effectively replaced by less than four days production from New Well 150.

Ends

Clive Carver, executive Chairman said:

"Drilling shallow wells on the MJF structure is generally a straight forward matter, as has been the case with New Well 153.

We look forward to bringing the well into production in the next couple of weeks."

Contacts:

Caspian Sunrise PLC

Clive Carver

   Executive Chairman                                                                [phone] 

WH Ireland, Nominated Adviser & Broker

James Joyce [phone]

James Sinclair-Ford

Qualified person

Mr. Nurlybek Ospanov, 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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April 06, 2020 02:00 ET (06:00 GMT)