Caspian Sunrise has reported that New Well 153 has commenced production.

Location of Caspian Sunrise assets (Map source: KeyFacts Energy)

Background

Well 153, was the second of the MJF Phase 1 production wells drilled. It was spudded in mid-February 2020, and reached `Total Depth' of 2,503 meters in early April 2020.

Recently the first of several prospective oil bearing intervals in the well was perforated. This 3.5 meter interval between depths of 2,232.0 and 2,235.5 meters had an initial production rate of approximately 350 bopd using a 6 mm choke. Currently the well is producing about 200 bopd as work continues to establish an optimal long term flowrate from this interval.

New Well 150, the first of the infill wells drilled on the MJF structure continues to produce around 500 bopd.

New Well 153 demonstrates the relatively straightforward wins available from the company's shallow structures. With multiple proven productive horizons in each well risk of a dry and/or uneconomic well is considered to be very low.

Increased aggregate production

With New Well 153 adding approximately 200 bopd our total average daily production has increased to approximately 1,700 bopd bringing total production capacity from existing wells to approximately 2,000 bopd.

Clive Carver, Executive Chairman said,
"The second successful New Well on the MJF is a boost and takes aggregate production capacity to approximately 2,000 bopd.

Being close to events, owning our own rigs and having them on site has allowed us to respond quickly to the changing situation on the ground.

This allows the Company to continue to pursue our twin track approach of seeking relatively straight forward wins in our shallow structures while also going for the higher risk / higher impact successes at our Deep Wells.

As soon as the acid required for the treatments planned at deep Wells A6, 801 and A8 arrives we will resume our planned operations there, which do not require rig movements."

KeyFacts Energy: Caspian Sunrise Kazakhstan country profile