6th Nov 2019 12:15
(Alliance News) - Caspian Sunrise PLC on Wednesday said production was up in October but spudding of infill well 150 has been delayed by more than a month.
Shares in Caspian Sunrise were down 7.9% at 9.31 pence in London on Wednesday at midday.
Well 150 is to be the first of 18 infill wells planned for Caspian's MJF structure in the BNG contract area in Kazakhstan. It was expected to spud in early October but has been delayed by the need to prepare rigs and equipment for winter conditions. Commencement is now planned for mid-November.
"Whilst we may not have three additional wells ready to produce by the end of 2019, we believe we should still be able to meet our end of 2020 targets," said Caspian Sunrise.
In terms of production, Caspian Sunrise reported a 6.1% increase in October to 43,315 barrels from 40,828 in September thanks to the workover on shallow wells on BNG.
Half of the oil was sold at domestic prices versus one third in September. The domestic price fell month-on-month 4.9% to USD19.5 per barrel from USD20.5 per barrel. The gross price for international sales - before adjustments in reference to actual Brent prices on the day of sale - fell 0.9% to USD55.0 per barrel from USD55.5 per barrel the prior month.
By Anna Farley; [email protected]
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