23rd Dec 2021 10:34
(Alliance News) - Caspian Sunrise PLC said on Thursday that it has received 25-year production licence for its South Yelemes structure in Kazakhstan.
Shares in Caspian were up 25% at 5.48 pence on Thursday morning in London following the announcement.
The London-based oil and gas exploration and production company said the licence would allow for its existing wells to be re-opened and the majority of the production from the structure to be sold at international rather than domestic prices.
Caspian added that the production licence would also allow it to add to its proven reserves.
The company reported that production from well 153, which commenced production earlier this week, has increased to approximately 1,000 barrels of oil per day. Taken together with the production expected from its existing South Yelemes wells, Caspian said that the production capacity of its shallow structures on the BNG contract area in Kazakhstan is now approximately 3,000 barrels of oil per day.
By Heather Rydings; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Caspian Sunrise