Caspian Sunrise (AIM:CASP), the AIM-listed oil and gas explorer focused on Kazakhstan's Mangistau region, on Monday announced it expects to complete the Yelemes Deep structure's work programme obligations in full during the first quarter of next year.
That milestone would clear the way for the company to apply for a full 25-year production licence on the structure, the central aim of its current BNG Contract Area campaign.
Deep Well 803 was deepened to 4,030 metres, with testing identifying a 50-metre oil-bearing interval, though a re-cementing job is now needed to address water ingress before further testing can proceed; the rig has moved on to help meet other work programme obligations.
Deep Well 707, targeting a total depth of 3,500 metres, has reached 3,260 metres without incident since spudding in July, while Deep Well 703, spudded in the third quarter with a planned total depth of 4,750 metres, stands at 700 metres.
Deep Well 701 was spudded in October with a planned total depth of 5,000 metres.
At the Airshagyl structure's Deep Well A6, drilled to 4,528 metres, the company plans a 600-metre side-track from 3,800 metres in the second quarter of 2027 to target Lower Permian carbonate reservoirs, with two further new deep wells planned for 2027 subject to funding and rig availability.
On the Block 8 Contract Area's Sholkara structure, Well P1 has flowed on test at rates up to 270 barrels of oil per day (bopd) but is not currently producing, while Well P2, which tested at up to 846 bopd, is now producing around 90 bopd; a third well, P3, is planned for 2027 subject to funding and rig availability.
Read more about Caspian Sunrise
- 19/08/26Caspian Sunrise moves to complete Tau-Cen deal, eyes suspension lift
- 08/07/26Caspian Sunrise spuds Deep Well 707 at Yelemes targeting Lower Triassic reservoir
- 25/06/26Caspian Sunrise expands Yelemes deep drilling to four wells with July spud target
At West Shalva, a well spudded in October 2025 flow-tested a five-metre interval at around 2,250 metres, briefly producing up to 300 bopd before paraffin content restricted natural flow; the well produced approximately 38 bopd prior to being shut in pending further work, and a planned second well there is on hold until flow rates improve.
Production from Block 8 has allowed Caspian Sunrise to resume oil trading on a basis.