Kazakhstan-focused Oilfield Developer Caspian Sunrise May Have Discovered Third Shallow Oil Structure

Kazakhstan-focused Oilfield Developer Caspian Sunrise May Have Discovered Third Shallow Oil Structure

The company is hoping that after analysis and testing it might be able to prove the existence of a new discovery and a third shallow structure

Caspian Sunrise, the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to provide the following  update in respect of its BNG Contract Area.

Background

Following the completion of the Baverstock Merger Caspian Sunrise will have 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, covering an area of 1,702 square kilometres.

The block has both shallow and deep areas of interest.

Well 808

The well was spudded in January 2017 targeting Cretacious, Jurassic and possibly Triassic horizons. The well was drilled on a potentially new structure North of the South Yelemes portion of the BNG Contract Area, on which wells 805, 806 & 807 have already been drilled and are producing.

The Company is pleased to announce that drilling at Shallow Well 808 has reached the total depth of 3,200 meters without incident.

Five horizons have been identified for further analysis and testing. Should this analysis and testing be successful it would prove the existence of a new discovery and a third shallow structure at BNG.

Clive Carver, Executive Chairman said: “It is pleasing that we have reached Total Depth on time and on budget.  We now look forward to assessing what we have and whether we have discovered a new structure.”

Caspian Sunrise PLC, formerly Roxi Petroleum Plc, is engaged in exploration and production of crude oil in Kazakhstan. It has interests in approximately four exploration and production contract areas spread over three petroleum basins, including the pre-Caspian basin, the Mangyshlak basin in Western Kazakhstan and the Turgai basin in Central Kazakhstan. Its BNG Contract Area is located in the west of Kazakhstan approximately 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of over 1,702 square kilometers. The BNG Contract Area has both shallow and deep prospects, including Deep Well A5, Deep Well 801, Deep Well A6, Well 805 and Well 54. Its other assets include Munaily and Beibars. The Munaily field is located in the Atyrau Oblast approximately 70 kilometers southeast of the town of Kulsary. It holds interest in Beibars Munai LLP, which operates over 167 square kilometers Beibars Contract Area on the Caspian shoreline south of the city of Aktau.

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