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Caspian Sunrise falls 30% on operational delays (CASP)

Caspian Sunrise PLC (LSE:CASP) announced complications with its Deep Well A5 in an operational update this morning. An initial flow test over 15 days provided a rate of 3800 bopd which reduced to 1000 bopd due to a partial blockage.

The company explains: ‘Following unsuccessful attempts to clear the obstructions using readily available equipment, a contractor with more specialised coil tubing equipment was mobilized.’

 ‘The permitting required to begin coil tubing operations is expected to be finalized before the end of March and then, subject to clearing the obstruction, we would resume the 90-day flow test.’

 The update gives further updates on Deep Well’s 801, A6 and A8 as well as shallow wells with weather delaying some progress.

The shares were off nearly 30% this morning but may offer a good opportunity for entry for those interested in the story.

Author: Stuart Langelaan

Disclosure:
The author of this piece owns shares in the company written about above

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