REG - Caspian Sunrise plc - Reserve update

Caspian SunriseAnnouncement

14/06/2024 10:45

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RNS Number : 5254S  Caspian Sunrise plc  14 June 2024

 

Caspian Sunrise PLC

("Caspian Sunrise", the "Group" or the "Company")

Reserve update

Introduction

The Board of Caspian Sunrise is pleased to update the market with news of
newly assessed reserves at the Airshagyl structure, one of the two deep
structures on the BNG Contract Area.

Reserve assessment

SciRes, an independent Kazakh consultancy retained by the Group, has provided
its assessment of the reserves attributable solely to the immediate drainage
vicinity for wells A5, A6 & A7 at the Airshagyl structure as follows:

·    C1 - 6.809 million tonnes  - approximately 49.0 million barrels

·    C2 - 4.009 million tonnes - approximately 28.9 million barrels

These reserve estimates have been produced using the data obtained from wells
A5, A6 & A7 on the Airshagyl structure and do not reflect the full
potential of the Airshagyl structure.

The reserve estimate has been prepared using the former Soviet classification
system operated by the Geological Committee of the Republic of Kazakhstan, as
required under the Kazakh reserve reporting rules and has been submitted to
the Kazakh authorities in connection with the scheduled licence renewal.

A similar exercise is underway at the Yelemes Deep structure, the second deep
structure on the BNG Contract Area, where to date three wells have been
drilled.  This reserve estimate  requires the completion of the current work
at Deep Well 803 and is therefore expected to be available in Q3 2024.

 

 Asset                                             Operator                                       Interest  Status             Licence expiry date  Licence  Comment

                                                                                                                                                    area
 The Airshagyl structure on the BNG Contract Area  CTS, a 100% subsidiary of Caspian Sunrise PLC  99%       Appraisal licence  4 August 2024        58 km2   Four wells drilled to date

 

Glossary

C1 reserves are those quantities of petroleum which, by analysis of
geosciences and engineering data, can be estimated with reasonable certainty
to be commercially recoverable, from a given date forward, from known
reservoirs and under defined economic conditions, operating methods, and
government regulations.

C2 reserves are those additional reserves which analysis of geosciences and
engineering data indicate are less likely to be recovered than proved reserves
but more certain to be recovered than possible reserves. It is equally likely
that actual remaining quantities recovered will be greater than or less than
the sum of the estimated proved plus probable reserves.

Comment:

Clive Carver, Chairman said

"These new and independently assessed reserves, although based solely on the
immediate drainage vicinity for just three wells, mark a significant increase
in the Group's overall reserves, and the Directors believe there will be more
to come from the similar exercise underway on the Yelemes Deep structure."

Contacts:

Caspian Sunrise PLC

 Clive Carver, Chairman              +7 727 375 0202

WH Ireland, Nominated Adviser & Broker

 James Joyce         +44 (0) 207 220 1666

 James Bavister

 Andrew de Andrade

 

Qualified person

 

Mr. Assylbek Umbetov, a member of the Association of Petroleum Engineers, has
reviewed and approved the technical disclosures in this announcement.

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://www.caspiansunrise.com/investors)

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information
is disclosed in accordance with the Company's obligations under Article 17 of
the UK MAR. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

 

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