Caspian Sunrise plc Deep Well Production at BNG (5485Z)

TIDMCASP

RNS Number : 5485Z

Caspian Sunrise plc

25 January 2022

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

Deep Well Production at BNG

Deep Structures

Deep Well A8

The Board of Caspian Sunrise is pleased to report initial production from Deep Well A8 on the Airshagyl structure at the Group's flagship BNG Contract Area.

Production from the first of three intervals planned for testing has been at the rate of approximately 120 bopd for several days. Work continues to establish the full potential of this well.

Production levels

Aggregate production for the year ended 31 December 2021 was 533,857 barrels at the average rate of 1,462 bopd (2020: 545,667 barrels at the rate of 1,495 bopd).

Production for sale in January 2022 is expected to be approximately 65,000 barrels.

Comment:

Clive Carver, Chairman said "The early results from Deep Well A8 are encouraging. With international oil prices in excess of $85 per barrel the Company is set for a good year."

Contacts:

Caspian Sunrise PLC

Clive Carver

Chairman [phone]

WH Ireland, Nominated Adviser & Broker

James Joyce [phone]

Andrew de Andrade

Qualified person

Mr. Assylbek Umbetov, a member Association of Petroleum Engineers, 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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January 25, 2022 02:48 ET (07:48 GMT)