6th Aug 2021 17:55
Caspian Sunrise PLC - Central Asian oil & gas exploration and production company - Production from the BNG contract area is running at rate of 1,950 barrels of oil per day, coming from eight wells on the MJF structure.
Following the success of horizontal well 154, Caspian plans to drill a horizontal side track from a depth of 2,200 meters from the existing well 153.
Also plans to restart drilling A8 from the current 4,500 metre depth to the original planned depth of 5,300 metres, targeting a potential structure in the Devonian. Drilling work is anticipated to take two months.
In addition, Caspian plans to spud a new deep well 802, also targeting structures in the Devonian, and has a total planned depth of 5,300 metres. The company expects drilling to take six months to complete.
"The improvement in the group's financial position allows a return to a more expansive approach to the development of the group's assets. The success of our first horizontal well demonstrates what we believe may be possible on the two shallow structure at BNG, namely the MJF and South Yelemes, both of which should have full international licences by October 2021, with the ability to sell the majority of oil produced by reference to international rather than domestic prices," said Chair Clive Carver.
Current stock price: 3.00 pence
Year-to-date change: up 33%
By Dayo Laniyan; [email protected]
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