LONDON (ShareCast) - (Sharecast News) - Caspian Sunrise updated the market on its operations on Thursday, reporting that it had now received the 25-year production licence for the South Yelemes structure.
The AIM-traded firm said that would allow existing wells to be reopened, and the majority of production from the structure to be sold at international prices, rather than domestic.

It said the structure itself lent itself to the use of the horizontal drilling approach that was working well on the MJF structure.

"The South Yelemes production licence upgrade should also allow us to add to our proven reserves," the board said in its statement.

Looking at the production levels, the board reported that production from Well 153, which commenced production earlier in the week, had increased to around 1,000 barrels of oil per day.

"Taken together with the production expected from the existing South Yelemes wells the production capacity of the shallow structures on the BNG Contract Area is now approximately 3,000 barrels of oil per day."

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