Latest Caspian Sunrise Drill Sample Continues Positive Indications

LONDON (Alliance News) - Caspian Sunrise PLC on Wednesday reported an encouraging result from a ...

Alliance News 29 May, 2019 | 10:45AM
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LONDON (Alliance News) - Caspian Sunrise PLC on Wednesday reported an encouraging result from a third sample from a well in western Kazakhstan.

Caspian Sunrise spudded Deep Well A8 on the BNG contract in November, with two cores already collected at different dates. Both showed the intervals to be porous, bearing oil and gas.

The third sample has now showed similar indications, the company said. This one began at 4,379 metres and ended at 4,397 metres.

The first sample came from a depth of 4,346 metres to 4,350 metres, with the second from 4,370 metres to 4,379 metres.

"Rather than to continue to delay the completion of the well we intend to resume drilling until the mudlogs indicate we are approaching the end of the oil-bearing interval, at which time we will conduct a further core sample to prove its total extent," said the company.

Shares were 6.2% higher on Wednesday at a price of 10.89 pence each.

By George Collard; georgecollard@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Caspian Sunrise PLC 10.35 GBX 1.22 -
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