- Kazakhstan focused oil company Caspian Sunrise said it would temporarily suspend all new drilling activities in the wake of the plunge in oil prices.

Completion of wells 150 and 153 would occur as planned, plus acid treatments at deep wells A6 and 801 & A8.

Caspian Sunrise said the suspension, together with the deferment of a significant portion of board member salaries, would help bring costs into line with the income receivable from existing shallow wells production.

'For the avoidance of doubt the existing producing wells will continue to be operated and the production sold, as will the new wells 150 & 153 as they come into production, and as will any of the three deep wells that flow following the acid treatment,' it added.

The company said it would resume the planned drilling programme once there was an improvement in world prices.

'The company has no long term debt and the board believes the outlook for the company over the medium and longer term remains encouraging,' it said.

'The steps noted above should assist in realising our medium / longer term potential.'

At 2:25pm: [LON:CASP] Caspian Sunrise Plc Ord 1p share price was +0.13p at 2.73p

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