BNG Operational Update

RNS Number : 2674U

Caspian Sunrise plc

23 October 2017

 

Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")

formerly Roxi Petroleum Plc

BNG Operational Update

Introduction

Caspian Sunrise PLC (formerly Roxi Petroleum plc) ("Caspian Sunrise"), the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news of success at its Deep Well A5 at its flagship BNG Contract Area.

Background

Caspian Sunrise has a 99% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast.

Deep Well A5

Status

The previously announced side-track has been drilled and completed without incident using a 4-1/2 inch pre-perforated liner followed by running 3-1/2 inch tubing

On 21 October 2017 the well was opened  for clean-up purposes. The initial flow rates were approximately 3,500 bopd using a 11 mm choke.

The well flowed without interruption for 4 hours and without artificial stimulation before it was shut in pending the arrival on site of additional high pressure testing equipment.

The well-head pressure varied from 160 to 300 bar. The pressure build-up dynamics indicate an excellent reservoir quality. The current shut-in pressure is 470 bar (6,887 psi). The high well-head pressure and the good presence of rich gases such as butane and pentane also indicate lighter and more valuable oil compared to our shallow wells.

The interval tested is limestone and extends 85 meters in height between depths 4,335 meters and 4,420 meters.

We look forward to updating the market further on the progress of this well in due course.

Other deep wells

We continue to work to start flow tests at both A6 and 801. 

Shallow wells

Shallow Well 146

Caspian Sunrise is also pleased to report that Well 146, which was spudded on the MJF Structure towards the end of September, has reached a depth of 1,732 meters without incident. The next step is to run and cement 9-5/8 inch casing.

Well 146 is targeting the same Jurassic Callovian sands at a depth of 2,200 meters with a secondary objective in the Cretaceous Valinginian limestone at a depth of 1,900 meters as the already successful MJF wells 141, 142, 143, 144 & 145.

The costs of the well are expected to be approximately $1.5 million and we expect to reach the total depth of 2,500 meters in November 2017. The well is situated some 1.2 kilometres from Well 143 and our hope is for a similar outcome.

Clive Carver, Executive Chairman, Caspian Sunrise comments:

"The long sought after prize of a deep well flowing has now been achieved.

The volumes of high quality oil already recovered under natural pressure from the well indicates the huge potential of the deep horizons at BNG.

We continue to work to bring deep Wells A6 and 801 into production and look forward to providing further updates on Deep Well A5 in due course."

Caspian Sunrise PLC
Clive Carver Executive Chairman	[phone]
WH Ireland, Nominated Adviser & Broker
James Joyce James Bavister	[phone]

Yellow Jersey PR                                                       [phone]    

Tim Thompson

Qualified Person

Mr. Nurlybek Ospanov, Caspian Sunrise PLC's Chief Geologist / Technical Director who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.

This announcement has been posted to:

www.caspiansunrise.com/investors

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

END

 

 

UPDUUORRBOARUUA