8th Apr 2021 15:43
(Alliance News) - Caspian Sunrise PLC announced on Thursday that its flagship BNG contract area asset produced 120,000 barrels in the first three months of the year while domestic prices had recently risen to USD7.27 from USD6 a barrel.
The positive update saw shares shoot up 15% to 2.25 pence in London on Thursday afternoon. The stock is up 2% so far in 2021.
The Kazakhstan-based oil & gas company also announced that at BNG it is undertaking fracking operations to bring deep wells drilled into production.
Non-Executive Chair Clive Carver 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."
By Will Paige; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Caspian Sunrise