Caspian Sunrise (AIM:CASP), an oil and gas explorer focused on Kazakhstan, has spudded Deep Well 707 at the Yelemes Deep structure, the first well under an appraisal licence renewed in December 2025.
The licence carries an obligation to drill three deep wells before the end of 2027 in order to qualify for a 25-year production licence.
Well 707 is planned to reach a total depth of 3,500 metres, targeting the Lower Triassic T1 reservoir via a fault-related structural closure.
The principal objectives are to establish the lateral and vertical extent of the Lower Triassic reservoir, refine the position of the oil-water contact, and evaluate the hydrocarbon potential of the overlying Middle Jurassic section.
Separately, the company confirmed planned board departures: Chairman Clive Carver and non-executive director Seokwoo Shin will both step down on 31 December as part of the company's succession planning.
Replacements have not yet been named, with further announcements on new board members to follow.
Two more wells must be drilled at Yelemes before the end of 2027 to satisfy the production licence application threshold.
