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Caspian Sunrise plc (CASP)

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Wednesday 11 March, 2020

Caspian Sunrise plc

February 2020 Production & Operational Summary

RNS Number : 7676F
Caspian Sunrise plc
11 March 2020
 

 

Caspian Sunrise PLC

 

("Caspian Sunrise" or the "Company")

 

February 2020 Production Numbers & an Operational Summary

 

The Board of Caspian Sunrise is pleased to update the market with February 2020 production numbers and an Operational Summary.

 

February 2020 oil production figures

 

The total number of barrels produced in February 2020, was 38,626 (January 2020, 44,169) at a daily rate of 1,332 bopd (January 2020, 1,425).

 

The decline in daily production resulted principally from the impact of pausing production at Deep Well A5.

 

In February 2020, 64% of oil sold was at export prices and 36% at domestic prices (January 2020, 66% & 34%).

 

The export price achieved in February 2020, before adjustment for subsequent minor variations, was $50.5 per barrel (January 2020, $59.6 per barrel) and the domestic price was $17.82 per barrel (January 2020, $18.75 per barrel).

 

Operational summary

 

At BNG, work continues to clear Deep Well A5 to allow a resumption of production. Work also continues to prepare for the acid treatments at Deep Wells A6, 801 & A8.

 

Also at the MJF structure at BNG we are pleased to confirm New Well 150, has reached Total Depth of 2,500 meters, wireline logging has been completed, and cementing operations are ongoing in preparation for perforating.

 

In addition, New Well 153, which has a planned Total Depth of 2,500 meters, has reached a depth of 1,000 meters without incident.

 

At 3A Best work continues in preparation for a H1 spudding of a New Well also to be drilled to a depth of 2,500 meters as required under our revised 3A Best work programme.

 

Comments:

 

Clive Carver, Executive Chairman said

 

"We continue to pursue our twin track strategy of seeking to increase the production volumes at our MJF structure with low risk drilling of shallow wells within the proven perimeter of the structure and where production may be sold by reference to world rather than domestic prices together with seeking success with our highly prospective deep wells at BNG.

 

We note the recent sharp oil price movements, which will inevitably have an impact on our gross revenue receipts. The impact on the net amounts received however, is expected to be less pronounced given the way the Kazakh tax system works.

 

As a long time low cost producer used to selling at both domestic and international prices we do not expect the recent sharp oil price movements will result in any immediate changes to the planned BNG work programme at either the MJF structure or with any of the deep wells already drilled."

 

Contacts:

 

Caspian Sunrise PLC

 

Clive Carver

Executive Chairman  +7 727 375 0202

 

WH Ireland, Nominated Adviser & Broker

 

James Joyce  +44 (0) 207 220 1666

James Sinclair-Ford

 

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.

 

 


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