ValueTheMarkets Logo
Stock Market Review for the Retail Investor

Caspian Sunrise falls 30% on operational delays (CASP)

19 Mar 2018 | by: James Moore

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

The author of this piece owns shares in the company written about above, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

    RNS Responses

    Bieber and BTS label HYBE invests in AI

    Big Hit Entertainment, now HYBE is heavily investing in Artificial Intelligence (AI) and strategic collaborations disrupting the entertainment industry.

    Could Stripe IPO at $100 billion?

    Stripe’s success is getting investors excited at the prospect of a $100 billion IPO. Will this fintech company become a hot growth stock for 2021?