13th Oct 2021 14:57
Caspian Sunrise PLC - Kazakhstan-focused oil & gas exploration and production company - Says horizontal drilling production from MJF structure at flagship BNG contract area in Kazakhstan producing 1,800 barrels of oil per day. Awaits licence upgrade for South Yelemes area to recommence drilling at four shallow wells, hopes to start using horizontal drilling techniques.
Deep Well A8 drilling reaches depth of 5,046 meters from 4,500, finding four new oil bearing intervals. Working towards 5,300 total depth.
"We continue to make the progress we expected with the horizontal wells and with the results from A8 have a further four oil bearing intervals to assess on our deep structures," says Chair Clive Carver. "With oil international prices now comfortably ahead of USD80 per barrel we look forward to further strengthening of the group's financial position."
Reported last month that revenue for six months to June 30 doubled to USD10.1 million from USD5.0 million a year ago, leading to a pretax profit of USD3.4 million for the period, swung from a loss of USD1.4 million.
Current stock price: 4.10 pence, up 6.5% on Wednesday
Year-to-date change: up 82%
By Josie O'Brien; [email protected]
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