Caspian Sunrise shares up on tender win to drill well

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Caspian Sunrise PLC – a Kazakhstan-focused oil and gas exploration and production company – Says its purpose-built drillship Caspian Explorer wins bid to drill a deep well in the Caspian Sea, with a formal contract is expected to be signed by the end of February. He says that the well is scheduled to be drilled in the summer of 2024, to a planned depth of 2,500 meters. He expects the work to take about two months.

The rental rate is expected to be more than USD150,000 per day with all mobilization and demobilization costs to be paid by the Stay Operating Company LLP, a registered explorer from Kazakhstan.

President Clive Carver says: “That a major international oil company considers leasing the Caspian Explorer to be the most technically and commercially advantageous option for the development of their field in the Caspian Sea reinforces the view of the board that the Caspian Explorer will be a major contributor to the group.”

Current stock price: 4.90 pence each, up 10% on Monday morning in London

Change in 12 months: up to 20%

By Xindi Wei, Alliance News reporter

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