REG - Caspian Sunrise plc - First oil from the West Shalva Contract Area

Caspian SunriseAnnouncement

03/03/2026 11:15

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RNS Number : 1397V  Caspian Sunrise plc  03 March 2026

 

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")

First oil from the West Shalva Contract Area

 

Introduction

The Board of Caspian Sunrise is pleased to update shareholders with news of
oil flows at the West Shalva Contract Area.

 

Testing

A well with an initial planned total depth of 3,000 meters was spudded in
October 2025.

 

In February 2026 we announced that a five meter interval at a depth of
approximately 2,250 meters had been flow tested and produced high paraffin
content oil but that the extreme low temperatures prevented accurate testing
of the flow rate for a sustained period.

 

At that time the plan was 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, conditions at West Shalva improved sufficiently to allow further
testing at the perforated interval at 2,250 meters where oil has for three
days flowed at a sustainable rate of approximately 300 bopd.

 

The cold weather conditions continue to affect flow rates and storage.
Following completion of weatherproofing work at West Shalva the flow rates at
the well are expected to significantly increase.

 

We plan now to continue to produce from this well with a new well targeting
the Triassic expected to be spudded in H1 2026. Towards the end of the year we
plan to seek to upgrade the West Shalva licence to a full production licence.

 

 

Clive Carver, Chairman said

 

"We are delighted that the first well drilled at West Shalva has been a
success and confirms our belief in the Contract Area. The oil produced will
also allow a resumption in our profitable oil trading activities."

 

 

Contacts:

 

 Zeus                +44 (0) 203 829 5000

 James Joyce

 James Bavister

 Andrew de Andrade

 

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://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 (http://www.caspiansunrise.com/investors)

 

 

 

 

 

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