Caspian Sunrise reports progress on several fronts

Caspian Sunrise updated the market on its recent activities on Tuesday, including well testing results, new drilling, and preparations for the charter of the Caspian Explorer.

The AIM-traded firm said that at the shallow MJF structure within the BNG contract area, well 155 was spudded in the first quarter of the year with a planned total depth of 2,400 metres.

Drilling was complete, and oil had been detected over a 22-mete interval.

A 16-metre interval had been perforated, and oil had flowed over a three-day period.

Currently, using a 4.5 millimetre choke, the well was reportedly flowing at a rate of 900 to 1,000 barrels of oil per day.

Elsewhere, deep well 803, spudded in the fourth quarter of 2023, had a planned total depth of 4,200 metres.

Its primary target was at 3,950 metres, with a secondary target at 4,200 metres.

Oil was detected over a 60-metre interval between 3,360 and 3,420 metres, exceeding expectations and located above the main salt layer.

Testing was underway across an 11-metre interval.

Well 815 had meanwhile been spudded as a new well on the South Yelemes shallow structure within the BNG contract area, with a planned total depth of 1,900 metres.

Including the output from well 155, the total production from the BNG contract area now ranged between 2,500 and 2,600 barrels of oil per day.

Final preparations for the Caspian Explorer's charter by a consortium led by ENI were meanwhile nearing completion.

The Caspian Explorer was expected to depart from the port of Aktau later in the week, with drilling set to start in early July.

Caspian Sunrise said the drilling operation was expected to take two months to complete.

Reporting by Josh White for Sharecast.com.