12th Jul 2024 22:03
Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Says first commercial charter for its Caspian Explorer drilling vessel commences on time. The operation in the Caspian Sea is expected to take around two months, with a planned depth of 2,500 meters. The vessel will operate under the Isatay Operating Co, a joint venture between Eni Spa and Kazakh state oil company KazMunayGas.
Further, company announces trading of ordinary shares to be restored following the publication of its 2023 annual report on July 14.
Also updates on drilling at the BNG contract area in western Kazakhstan. Says drilling first begun in the first quarter is now complete at well 155. Oil has been detected over a 22 meter interval. Announces a 16 meter interval was perforated, through which oil has flowed over the past two weeks. Flow rate has been reduced to about 700 barrels of oil per day to sustain output. At well 803, says oil has been detected over a 60 meter interval at a depth between 3,360 meters and 3,420 meters. Findings above expectation and located above main salt layer. Also announces drilling at new well 815 on the area's South Yelemes shallow structure has reached 240 meters without incident. The well has a planned total depth of 1,900 meters.
Current share price: suspended at 3.20 pence
12-month change: down 21%
By Aidan Lane, Alliance News reporter
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