Caspian Sunrise plc BNG Operational Update (7751I)

TIDMCASP

RNS Number : 7751I

Caspian Sunrise plc

28 November 2018

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG Operational Update

The Board of Caspian Sunrise are pleased to provide the following update at its BNG Contract Area:

Deep Wells - new wells

A8

Caspian Sunrise is pleased to announce the spudding of a new deep well A8 within the Airshagyl field of the BNG contract area. It has reached a depth of 350 meters without incident.

The well is planned with a total depth of 5,300 meters and will target pre-salt reservoirs of Permian, Carboniferous, and Devonian ages. Based on our interpretation of the 3D seismic data we expect to encounter the top of the salt layer at a depth of about 3,900 meters.

The well is being drilled in two parts. The first 4,100 meters; to the expected base of the salt layer, will be drilled by Sinopec.

To ensure lessons learned from the drilling of the previous three deep wells are utilized and the likelihood of a successful well maximized, BNG staff will provide direct oversight and work in close collaboration with the drillers when drilling from the base of the salt through the reservoir section.

A casing shoe will be set and drilling of the prospective reservoir sections will be done using the BNG operator and crew which successfully drilled the A5 side-track 2 with minimal formation damage.

The well is anticipated to take approximately 250 days to drill and complete.

Deep Wells - exiting wells

801

As previously announced our policy at Deep Well 801 is to wait until the pressure in the well reaches its natural peak before opening the well and commencing a flow test. The pressure in the well continues to rise steadily and by 27 November 2018 had reached 485 bar.

A5

Again as previously announced the issue at A5 has been the presence of approximately one meter of unwanted metal towards the bottom of the well. To date attempts to remove the metal have proved unsuccessful. Further specialist tools are being sourced to assist in the removal of this unwanted metal. Should the unwanted metal still remain present in the well after all attempts to remove it have been exhausted our fall back would be to drill a further side track from a position above the unwanted metal obstruction.

Ends

 
 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. 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 28, 2018 06:05 ET (11:05 GMT)