Caspian Sunrise plc BNG Operational Update (8286U)
08 Abril 2021 - 4:27AM
UK Regulatory
TIDMCASP
RNS Number : 8286U
Caspian Sunrise plc
08 April 2021
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
BNG Operational Update
Introduction
The Board of Caspian Sunrise are pleased to provide the
following operational update at its flagship BNG Contract Area
asset.
First quarter production volumes
In the three months ended 31 March 2021, 119,916 bbls of oil
were produced at an average of approximately 1,332 bopd.
Oil Prices
While international prices have recovered to their pre Covid-19
levels, domestic prices remain extremely low but have recently
increased from approximately $6 per barrel to approximately $7.27
per barrel.
Operations at BNG
Deep Wells
The Company has engaged a local contractor to undertake fracking
operations to seek to bring three of the four deep wells drilled to
date into production.
Deep Well A8 on the Airshagyl structure will be the first well
worked on before in turn A6 and 801.
Work at at Deep Well A5, to remove 400 meters of stuck pipes
remains paused. However, contracts are being finalised with a
different local contractor to use specialist tools to attempt to
free these pipes from the well.
Shallow wells - MJF
The Board is also pleased to report a new shallow well, 154, has
been spudded on the MJF structure with a planned Total Depth of
2,200 meters. The well is expected to take 2 months to drill and if
successful should be able to produce towards the end of Q2
2021.
Additionally, management are considering the use of horizontal
drilling on the MJF structure to further increase production.
Shallow wells - South Yelemes
Our expectation remains that the licence upgrade will come
through in Q3 2021, when the majority of oil produced may be sold
at export rather than domestic prices.
Comment
Clive Carver, non-executive chairman commented.
"With the improving weather we are able to increase the pace of
our operations at BNG. We now have three operational rigs and
expect a fourth rig to become operational in the next few
weeks.
Contacts:
Caspian Sunrise PLC
Clive Carver
Chairman +7 727 375 0202
WH Ireland, Nominated Adviser & Broker
James Joyce +44 (0) 207 220 1666
James Sinclair-Ford
Qualified person
Mr. Asslybek 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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END
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April 08, 2021 05:27 ET (09:27 GMT)
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