Caspian Sunrise plc BNG Operational Update (9036W)

TIDMCASP

RNS Number : 9036W

Caspian Sunrise plc

20 November 2017

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG Operational Update

Introduction

Caspian Sunrise (formerly Roxi Petroleum plc), the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news of progress of its Deep Well A5 at its flagship BNG Contract Area and at its shallow MJF structure.

Background

Caspian Sunrise has 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.

Deep Well A5

Caspian Sunrise is pleased to report the contractors engaged to undertake the 90 day flow test have been on site with their specialist testing and storage equipment for 7 days and are expected to commence the 90-day flow test before the end of November, when they determine the preparations are completed.

The well is currently being cleared of excess drilling fluids to maximise the volumes of oil produced during the test.

The pressure in the well remains 380 bar.

Further updates on the test will be made in due course.

Shallow Well 146

Caspian Sunrise is pleased to report that Well 146, which was spudded in September 2017, and is the sixth well drilled on the MJF Structure, has reached its revised total depth of 3,000 meters.

The decision to drill deeper than originally planned was taken to assess potential intervals below the 2,500 meter depth typical of the other five commercial wells drilled on the MJF structure to date.

Casing has been set to the full depth of the well and three intervals have been identified for flow testing.

Based on information analysed to date we believe Well 146 most closely resembles Well 143, the first drilled on the MJF structure, which is currently producing at the rate of 600 bopd.

Clive Carver, Executive Chairman, Caspian Sunrise comments:

"We are pleased that our contractors at Deep Well A5 are taking great care in making sure everything is in place for a successful flow test. Time taken now by our independent contractors should provide better quality information for our independent experts to use to assess their reserve estimates."

"From what we can assess it appears well 146 will be our sixth commercial well drilled on the MJF structure."

 
 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                             [phone] 
 

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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 20, 2017 02:00 ET (07:00 GMT)