Caspian Sunrise plc (LON:CASP) BNG Operational Update and Production Numbers

The Board of Caspian Sunrise are pleased to update the market with news of developments at its flagship BNG asset.

Deep Well A8

As previously announced drilling at Deep Well 8, the fourth deep wells to be drilled at BNG and the third on the Airshagyl structure, paused at a depth of 4,520 meters to consider whether it was best to continue to the planned Total Depth of 5,300 meters or to seek to perforate the well at the levels already identified.

Agreement was reached with our drilling partner Sinopec to seek to perforate intervals of, in aggregate, 47 meters identified from wireline analysis and logging. The target intervals for perforation were between depths of 4,346 meters and 4,499 meters.

The perforation work took place over the weekend of 7 & 8 September, and intervals in aggregate of 47 meters were perforated without incident. Since then we have been gradually reducing the density of the drilling mud and will continue to do so over the next few days.

We are pleased to report strong initial gas shows followed by a steady flow of oil and drilling mud, estimated at the rate of 400 litres per hour.

We expect the drilling mud to be fully recovered in the next few days, after which we will be able to get a more reliable estimate of the flow rates, using a selection of choke sizes.

We are also pleased to report that the oil recovered to date is of very high quality with an API of 84.

Further updates will be issued in due course.


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