Spudding of Deep Well 707 & planned board changes
Caspian Sunrise PLC has spudded Deep Well 707 at the Yelemes Deep structure, targeting the Lower Triassic T1 reservoir to a planned total depth of 3,500 meters as part of its obligation to drill three wells before the end of 2027 to qualify for a 25-year production licence. Additionally, the company announced planned board changes, with Chairman Clive Carver and Non-executive director Seokwoo Shin set to leave the board effective December 31, 2026, with further announcements on new board members to follow.
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The Board of Caspian Sunrise is pleased to update shareholders with news that the first of three new deep wells at the Yelemes Deep structure on the BNG Contract Area has been spudded and with planned board changes later in the year.
Deep Well 707
The licence at the Yelemes Deep structure was renewed at the end of December 2025 as an appraisal licence with the obligation to drill three deep wells before the end of 2027 to qualify to apply for a 25-year production licence.
Well 707 is to be drilled to a Planned Total Depth of 3,500 meters, targeting the Lower Triassic T1 reservoir.
The well is planned to test a fault-related structural closure. Its principal objectives are to establish the lateral and vertical extent of the Lower Triassic reservoir, refine the position of the oil-water contact, and evaluate the hydrocarbon potential of the overlying Middle Jurassic section.
Planned board changes
With effect from 31 December 2026 and in accordance with the Company's succession plans, Clive Carver, (Chairman) and Seokwoo Shin (Non-executive director) will leave the board.
Further announcements about new board members will be made in due course.
Ms Danara Junussova, a member of the Society 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.