Caspian Sunrise identifies oil-bearing intervals at Kazakhstan sidetrack

5/29/2018

LONDON -- Caspian Sunrise identifies, in aggregate, 121 m of potential oil-bearing intervals in drilling the 801 sidetrack in Kazakhstan. Accordingly, the company issued the following operational update.

Deep Well 801

As previously announced, our plan to bring Deep Well 801 into production was by drilling a sidetrack of between 450-500 m from a starting depth of 4,501 m.

Having identified potential oil bearing (net-pay) intervals covering in aggregate 121 m so far during the drilling of the sidetrack, we have decided to stop the sidetrack at a depth of 4,851 m and, after running and cementing a 5-in. liner to the full depth of the sidetrack, to test the well.

Four potentially oil bearing intervals have been identified during drilling and supported by mud log data. The first of 6 m between 4,535 and 4,541 m; the second is of 20 m between 4,554 and 4,694 m; the third is of 59 m between 4,635 and 4,694 and the fourth is of 36 m between 4,812 and 4,848 m.

The pressure in Well 801 remains high indicating good connectivity. As the side-track has been drilled using lower density drilling mud we expect the task of getting the well to flow to allow testing to commence should be easier than previously drilled deep wells.

Deep Well A5

At Deep Well A5 work continues to prepare the mobilized rig to remove the pipe from the well and thereby clear the obstruction, which resulted in a suspension of the 90-day flow test towards the end of 2017. We expect to commence operations in the near future once the drilling mud in use at Deep Well 801 becomes available.

Pressure in the well remains high at 400 bar at the wellhead, which suggests there is still good communication throughout th length of the well.

Deep Well A6

Our plan with Deep well A6 remains to re-perforate the well using more powerful explosive charges.

The drill pipes to be used in this operation are currently in use at Deep Well 801 and work at Deep well A6 will not commence until the pipes at Deep Well 801 are released.

Acquisition of 3A Best

SPA signed

Further to the announcement of Jan. 31, 2018, the Company is pleased to confirm that the Sale and Purchase Agreement for the conditional acquisition of 100% of the shares of 3A Best Group JSC for a consideration of $24 million to be satisfied by the issue of 149,253,732 shares at an issue price of 12p per share has been formally entered into. Completion of the Acquisition is now dependent upon the satisfaction of a number of post signing conditions, including the issuance of a new license.

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