14th Jun 2024 12:03
Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Reports newly assessed reserves at Airshagyl structure. Says independent Kazakh consultancy SciRes provided a reserve assessment of about 49.0 million barrels at C1, and about 28.9 million barrels at C2.
Caspian explains: "C1 reserves are those quantities of petroleum which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations."
"C2 reserves are those additional reserves which analysis of geosciences and engineering data indicate are less likely to be recovered than proved reserves but more certain to be recovered than possible reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated proved plus probable reserves."
Chair Clive Carver says: "These new and independently assessed reserves, although based solely on the immediate drainage vicinity for just three wells, mark a significant increase in the group's overall reserves, and the directors believe there will be more to come from the similar exercise underway on the Yelemes Deep structure."
Current stock price: 3.36 pence each, up 5.0% on Friday noon in London
12-month change: down 27%
By Tom Budszus, Alliance News slot editor
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