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Caspian Sunrise PLC announces spudding of well 144

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Oilfield Technology,

Caspian Sunrise PLC has released an update on its BNG Contract Area.

Caspian Sunrise has a 58.41% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 km southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1702 km2. The block has both shallow and deep structures of interest. Following completion of the Baverstock Merger the Company's interest in BNG will be 99%.

The MJF structure currently extends to at least 10 km2, from which the company is producing in aggregate some 1200 bpd from 3 wells including more than 600 bpd from the initial Well 143.

Well 143 was drilled in 2013 to a depth of 2750 m to explore a potential new structure. After delays to clear the well of excess drilling fluid, the well was tested at 5 separate intervals, with the result the well is currently producing at the rate of 604 bpd using an 8 mm choke.

Wells 141 and 142 were subsequently drilled to depths of 2500 m to assess the extent of the MJF structure, which to date has been shown to extend to at least 10 km2.

Caspian Sunrise has also announced that a fourth well on the MJF structure, well 144, has spudded. The well has a planned Total Depth of 2500 m is targeting the same Jurassic Callovian sands at a depth of 2200 m.

The well is expected to cost some US$1.5 million with TD expected to be reached by the end of 2Q17. Well 144 is located some 0.89 km from well 141 and some 2 km from well 143, which is believed to be near the centre of the MJF structure.

In the event the well is successful it could significantly increase the size of the structure.

Clive Carver, Executive Chairman, Caspian Sunrise, commented: "Success with Well 144 will not only increase the volumes of oil for sale but would also show the MJF structure is greater in size than the existing 10 km2 estimate."

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