28th Apr 2020 06:56
(Alliance News) - Caspian Sunrise PLC said Monday its New Well 153 has commenced production at its BNG project in Kazakhstan.
Well 153 was the second of the MJF Phase 1 production wells drilled. It was spudded in mid-February 2020, and reaching a total depth of 2,503 meters in early April 2020.
Then, Caspian said, the first of several prospective oil bearing intervals in the well was perforated.
The 3.5 meter interval between depths of 2,232.0 and 2,235.5 meters had an initial production rate of approximately 350 barrels of oil per day.
Currently the well is producing about 200 bopd, as Caspian continues to establish the long term flowrate.
Chief Executive Clive Carver said: "The second successful New Well on the MJF is a boost and takes aggregate production capacity to approximately 2,000 bopd."
Well 150 - the first of the infill wells drilled on the MJF structure - continues to produce around 500 bopd, Caspian said.
The oil and firm added: "New Well 153 demonstrates the relatively straightforward wins available from our shallow structures. With multiple proven productive horizons in each well risk of a dry and/or uneconomic well is considered to be very low."
At its deep well A5, Caspian said its G50 rig is being mobilised to pull out and replace a cracked link in the tubing. Work is then expected to recommence, at higher rates seen towards the end of the 40 day flow test at the start of the year.
Caspian believes the well can hit 1,500 bopd.
Shares in Caspian Sunrise closed at 3.35 pence in London on Monday.
By Paul McGowan; [email protected]
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