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Caspian Sunrise PLC acquired the 25 sq. km West Shalva Contract Area in April 2025 for an initial consideration of $5 million. A well spudded in October 2025 flow tested a 5-meter interval at approximately 2,250 meters, producing oil with about 20% paraffin content and a +32 degree Celsius pour point; the company now plans to deepen the well to approximately 3,400 meters.
| Date | 10 Feb 2026 |
| Time | 07:00:13 |
| Category | Miscellaneous |
| ID | 3220S |
The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Caspian Sunrise PLC ("Caspian Sunrise" or the "Group")
Testing at the West Shalva Contract Area
Introduction
The Board of Caspian Sunrise is pleased to update shareholders with news of testing at the West Shalva Contract Area.
Background
The Group acquired the West Shalva Contract Area in April 2025 for an initial consideration of $5 million and a maximum consideration of $15 million.
The West Shalva Contract Area extends over 25 sq. km and is located approximately 600 km south of the Group's BNG and Block 8 Contract Areas.
Testing
A well with an initial planned total depth of 3,000 meters was spudded in October 2025. A 5 meter interval at a depth of approximately 2,250 meters has been flow tested and produced high paraffin contents oil (about 20%) with +32 degree Celsius pour point temperature
Further testing at this interval will require heat treatment and pumps given the current low temperatures in the field as the solidification of paraffin in the well prevented accurately testing the flow rate for a sustained period.
The plan is now to deepen the well to a depth of approximately 3,400 meters to test an interval where potentially greater volumes of oil could be produced from Triassic reservoirs. However, in the event the deeper interval is not commercial the intention is to produce from the interval at 2,250 meters.
Contacts:
|
Zeus James Joyce James Bavister Andre de Andrade |
+44 (0) 203 829 5000 |
This announcement has been posted to:
www.caspiansunrise.com/investors
Qualified Person
Mr. Sunjin Chang, a member of the Society of Petroleum Engineers, has reviewed and approved the technical disclosures in these financial statements.
The person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.
This announcement has been posted to:
www.caspiansunrise.com/investors