Caspian Sunrise plc BNG operational update (1230W)

TIDMCASP

RNS Number : 1230W

Caspian Sunrise plc

15 April 2019

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

BNG operational update

The Board of Caspian Sunrise are pleased to update shareholders with developments at its flagship BNG Contract Area.

Shallow wells

Production from our shallow wells for March 2019, was in aggregate 44,566 or 1,658 bopd (February 2019 42,913 barrels or 1,533 bopd), with oil sold at an average price of $18 per barrel (February $20.50 per barrel).

Compared to February 2019, average daily production was 125 bopd higher while total monthly oil production increased by 1,653 barrels as the result of there being three more days in the month and the impact of a hot oil treatment of all flowlines, including wells 141 and 144, to remove solids build-up.

Deep Wells

A5

The well has now been cleared to a depth of 4,254 meters, some 131 meters above the top of the previously perforated and tested interval; 4385-4395m.

Since our previous announcement we have examined the well casing where the majority of the work to clear the blockage has been undertaken and do not believe this has been damaged.

The metal obstruction mentioned in previous announcements has been mostly removed but there remain some metal fragments that are adding complexity in operations to mill out remaining rock debris.

In the event that steps to remove remaining debris are not successful we will consider a further side track from a depth of 3,800 meters. We stress that no decision has yet been taken in this regard.

801

Since our last update we have on an almost daily basis opened the well for safety reasons.

This is in anticipation of conducting a further pressurised acid treatment of the potential oil horizon using a contractor with equipment designed for the process.

Further announcements will be made following the completion of the required tender process.

A6

As previously announced work on Well A6 is temporarily suspended pending the outcomes at Deep Wells A5 and 801. During this pause we are reviewing our workover program with new international consultants with extensive experience with deep and high-pressure wells.

Based on our assessment of the work programmes at the other wells, we believe should work commence at Deep Well A6 before end of Q2 2019. A rig has already been installed over the well.

A8

Progress remains encouraging at our latest deep well, A8, which was spudded on November 2018 with a target Total Depth of 5,300 meters.

We have successfully drilled to a depth of 4,100 meters. Wireline logging of the open-hole has been completed, the 9 5/8" casing has been set and cement has been poured.

Based on progress to date we continue to expect to reach total depth in the first half 3Q 2019.

 
 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.

END

UPDUSRVRKRASAAR

(END) Dow Jones Newswires

April 15, 2019 02:00 ET (06:00 GMT)