Operational Update

The Board of Caspian Sunrise is pleased to provide the following operational update on the Group's activities.

BNG shallow structures

MJF

The interval tested at Well 142 did not prove commercial so testing is now underway at another interval at that well. Following completion of testing at Well 142 the rig will move to drill Well 155, the final shallow well under the existing work programme.

South Yelemes

Work has started at Well 805 drilling horizontal side-tracks at a depth of 2,222 meters targeting the dolomite. The G20 rig in use will conduct similar side-tracks in turn at wells 806, 807 and 54.

Production from the BNG shallow structures continues to be approximately 2,000 bopd. All production continues to be sold on the domestic and domestic mini refinery markets. However, an increase in the price generally for Kazakh oil sold on the international markets makes future international sales more likely.

BNG Deep structures

Airshagyl

A G70 rig recently acquired from Sinopec is being tested with the resumption of drilling at Deep Well A7. This well has a total depth of 5,300 meters but in 2022 was paused at 2,150 meters to allow another well to be drilled.

Yelemes Deep

Deep Well 803, the final deep well under the current work programme, has been spudded with drilling now past 200 meters without incident. The well's total depth is 4,200 meters with drilling expected to take a further 4 months.

Offshore drilling services

Work continues to prepare for the Caspian Explorer's first major drilling contract under the Group's ownership. Drilling is set to commence in Q3 2024 with an expected net profit to the Group estimated to be in the range $10 - $15 million.

This announcement has been posted to: