Caspian Sunrise notes oil flow at deep well 802 before completion
(Alliance News) – Caspian Sunrise PLC on Monday said its 802 deep well in the BNG contract area in southwest Kazakhstan is producing between 700 to 900 barrels of oil per day, as that the oil was discovered before the well was completed.
Caspian Sunrise is an oil and gas exploration and production company focused on Kazakhstan.
The company said that oil was discovered earlier than expected at a depth of 3,900 meters, before the well was completed. It added that the consultants provided Caspian “with the highest success estimate for any of our deep BNG wells drilled to date.” Since the oil was discovered earlier than anticipated, this led the company to drill a new side-track from a depth of 2,416 meters to approximately 4,100 meters, to target the oil at the higher level it encountered before.
Caspian explained that about 100 meters remain to be drilled to complete the side-track. The company continues to work with Texas-based oilfield services company Baker Hughes Co to stabilize the well. Current total Caspian production from the BNG contract area is over 3,000 barrels of oil per day.
Caspian Sunrise shares were 16% higher at 5.96 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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