First well spudded at West Shalva Contract Area
First well spudded at West Shalva Contract Area acquired in April 2025.
- Acquisition consideration (initial) $5 million
- Maximum consideration $15 million
- Planned well depth approximately 3,000 meters
- First target depth approximately 2,300 meters
- Second target depth approximately 2,600 meters
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The board of Caspian Sunrise is pleased to announce that the first well to be drilled on the West Shalva Contract Area has been spudded.
The West Shalva Contract area was acquired in April 2025 for an initial $5 million consideration with a maximum consideration of $15 million in the event of successful oil production.
The well has a planned total depth of approximately 3,000 meters with two principal targets. The first target is at approximately 2,300 meters in the Jurassic sandstone with the second target at approximately 2,600 meters in the Triassic limestone.
The well is expected to take approximately two months to drill.
- Sunjin Chang, a member of the Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.
This announcement has been posted to:
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.