The Board of Caspian Sunrise plc announced that the Caspian Explorer, the Group's bespoke drilling vessel capable of drilling to depths of 6,000 meters from shallow water, has been advised it has won a tender to drill a deep well in the Caspian Sea, with the formal contract expected to be signed by the end of February 2023. Further details: The well is scheduled to be drilled in the summer of 2024 and is to be drilled to a planned depth of 2,500 meters. It will be drilled for the Istay Operating Company LLP ("IOC"),a Kazakh registered explorer, in which Italy's ENI is a leading participant.

The work is expected to take approximately two months.   The charter rate is expected to be in excess of $150,000 per day with all mobilisation and demobilisation costs to be borne by IOC. The tender is subject to the signing of a formal contract.

Further details of the contract will be announced when signed.