Operations, acquisitions & financial reporting
Caspian Sunrise PLC has provided an operational update detailing progress at its BNG, Block 8, and West Shalva oilfields, alongside the acquisition of Tau-Cen LLP for $0.7 million, which focuses initially on titanium. Drilling is ongoing at BNG with Deep Well 803 undergoing testing and Deep Well 707 reaching approximately 1,800 meters, while Deep Well 701 is expected to be completed by year-end. Block 8's P2 Well is producing 150 bopd, and West Shalva is producing 50 bopd with a new pump installed. The company anticipates publishing its 2025 audited financial statements in the coming weeks, following which the temporary suspension of its share trading is expected to be lifted.
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Introduction
The Board of Caspian Sunrise is pleased to update shareholders with news of progress at its BNG, Block 8 and West Shalva oilfields; with the acquisition of Tau-Cen; and with news on the timing of the publication of the 2025 financial statements, following which the Board expects the temporary suspension in the trading of its shares to be lifted.
Oil & gas
All four of the Groups rigs are currently in use.
BNG
At Deep Well 803 on the Group's flagship BNG Contract Area's Yelemes Deep structure testing is underway at the Lower Permian P1f (Filippovian) horizon where the target intervals were selected based on the interpretation of geological and geophysical data acquired during earlier drilling.
A 10 meter interval at depths between 4,071 and 4,081 meters has been perforated and a further 12 meter interval at depths between 3,911.5 and 3,964 meters will be perforated and both intervals tested in the coming days, and the results announced. After testing the rig will move to spud Deep Well 701.
At Deep Well 707, which has a planned total depth of 3,500 meters, drilling has reached a depth of approximately 1,800 meters with nine inch casing being set. Drilling is expected to reach the planned total depth early in Q4 2026.
The next well to be drilled on the Yelemes Deep structure is Deep Well 701, with a planned total depth of 5,000 meters and with drilling expected to be completed by the end of the year.
Block 8
The P2 Well on the Sholkara structure is producing at the rate of approximately 150 bopd.
Further drilling at Block 8 is on hold pending rig availability.
West Shalva
At West Shalva work continues to improve flow rates where the oil produced to date has a higher than expected paraffin content restricting its natural flow. A sucker-rod pump has been installed at surface level to stimulate increasing flow rates and currently the well is producing at the rate of 50 bopd.
Oil trading
The oil production at Block 8 and West Shalva has allowed a resumption in oil trading, which in recent years has been a significant contributor to Group profits.
Tau-Cen
In December 2025 we announced the conditional acquisition of Tau-Cen LLP (Tau-Cen) for a consideration of $0.7 million, where the initial focus is titanium but then also later gold and zirconium.
We are pleased to confirm that the regulatory approvals for the Tau-Cen acquisition have been received and accordingly we are moving to formally complete the acquisition.
Publication of the 2025 audited financial statements
We now have sufficient access to the financial information on the MJF and South Yelemes structures to be able to satisfactorily progress the 2025 audited financial statements towards finalisation, which we expect to publish in the coming weeks, and following which the temporary suspension in the trading of the Company's shares is expected to be lifted.
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.