Caspian Sunrise intersects oil bearing reservoir at BNG site

Central Asian exploration and development outfit Caspian Sunrise revealed on Friday that two core samples taken from its flagship BNG contract area were shown to be porous and oil and gas bearing.

Caspian's Deep Well A8, which was spudded in November 2018 with a target total depth of 5,300 meters, had previously encountered oil shows below the salt layer but now a four-meter core sample taken at a depth of 4,342 meters and a second nine-meter core sample taken at a depth of 4,370 meters showed the well had intersected a gross oil bearing reservoir of at least 37 meters.

The AIM-listed group said further drilling and core samples will be taken with a view to establishing the full extent of the horizon's depth.

Executive chairman Clive Carver said: "It is obviously pleasing to have further confirmation of the potential of the Airshagyl structure and we look forward to establishing the full extent of the horizon."

At 0915 BST, Caspian shares were up 7.10% at 9.80p.