Caspian Sunrise (AIM:CASP) said it has received anti‑monopoly consent for the conditional acquisition of Kazikhan, with an initial consideration of $25m and a maximum consideration of $45m, and formal completion remains subject to remaining approvals.
The Kazakhstan-focused oil and minerals explorer also reported regulatory permission to drill four new wells on the BNG Contract Area in addition to wells already drilled or started.
Two new deep wells at Yelemes Deep will target Permian limestone to around 5,000 metres, a shallower Yelemes Deep well will target Triassic sandstone to about 3,500 metres and a new shallow LK6 well will target Cretaceous point bar sandstone to about 2,500 metres.
Drilling work will be executed by the Group’s in‑house drilling company CTS and predominantly use rigs owned by the Group.
Deep Well 803 has been deepened to 3,906 metres from 3,420 metres, having previously produced up to 500 bopd from a 10 metre perforated interval, and is expected to reach new target intervals later this month prior to perforation and flow testing.
Subject to a successful outcome at 803 the Group plans to drill Deep Well 701 to around 5,000 metres, spudding in Q3 2026 and reaching planned depth by the end of Q4 2026 with a G70 rig being sourced.
The programme also includes a 600 metre side‑track at Deep Well A6, a 400 metre side‑track at Deep Well P2 from 3,100 metres followed by re‑perforation of P1, and at West Shalva a decision to deepen the current well to 3,200 metres or to spud a second well to 2,500 metres with spudding expected at the end of Q2 2026.
Separately the Group remains conditional on the $0.7m acquisition of titanium miner Tau Cen and reminded shareholders that the shallow MJF and South Yelemes structures produced more than 4.5m barrels before being sold for $88m in headline cash consideration.
