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Caspian Sunrise spuds first well on Shalva contract area
(Sharecast News) - Central Asian exploration and production company Caspian Sunrise said on Friday that the first well to be drilled on the Shalva contract area has been spudded. Caspian Sunrise acquired the West Shalva contract area in April 2025 for an initial $5m consideration, with a maximum consideration of $15m in the event of successful oil production.
The AIM-listed group said its new well had a planned total depth of approximately 3,000 meters, with two principal targets. The first target was at approximately 2,300 meters in the Jurassic sandstone, with the second at approximately 2,600 meters in the Triassic limestone.
Caspian Sunrise added that the well was expected to take approximately two months to drill.
As of 0900 BST, Caspian shares were suspended at 2.15p.
Reporting by Iain Gilbert at Sharecast.com
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