REG - Caspian Sunrise plc - BNG deep structures conditional funding

Caspian SunriseAnnouncement

26/02/2025 07:00

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RNS Number : 4304Y  Caspian Sunrise plc  26 February 2025

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information
is disclosed in accordance with the Company's obligations under Article 17 of
the UK MAR. Upon the publication of this announcement, this inside information
is now considered to be in the public domain.

 

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company" and together with its subsidiaries, the
"Group")

 

BNG Contract Area deep structures conditional funding

 

Introduction

The Board of Caspian Sunrise is pleased to provide the following update
regarding the future funding of the development of the BNG Contract Area's
deep structures.

 

Conditional funding to develop the BNG Contract Area's deep structures

The Board is pleased to announce that it's 99% subsidiary, BNG Ltd LLP
("BNG"), has entered into conditional and non-binding heads of Terms ("Heads
of Terms") with a prominent middle east financial institution for that
institution to invest $72.5 million for a 50% stake in BNG Ltd LLP, following
the disposal of the BNG shallow structures, the process for which is ongoing
and has a long stop date of 28 February 2025.

 

Under the Heads of Terms a total of $85 million would then be available to
further develop the BNG deep structures, of which the Caspian Sunrise Group
would contribute net new funds of $12.5 million.

 

A formal investment agreement would be required before any such new funding is
available, which in turn would be dependent on the completion of the current
$88 million sale of the shallow structures at the BNG Contract Area; the
receipt of the new 25 year production licences for the two deep structures at
the BNG Contract Area; and the associated formal Kazakh Geological Committee
confirmations of the submitted deep structure reserve estimates.

 

Further announcements in respect of the progress of the conditional investment
in the BNG Contract Area's deep structures and the progress of the Group's
various ongoing other corporate transactions and licence upgrade applications,
including the sale of the MJF and South Yelemes structures, will be made in
due course.

 

Comment

 

Clive Carver, Chairman said

 

"Although there is clearly some way to go before the current interest in
further developing BNG's deep structures provides the funding for the next
stage in the development of these potentially world class assets, it is
encouraging to note the indicated terms on which such new funding might be
available."

 

Contacts:

 

 Zeus            +44 (0) 203 829 5000

  James Joyce

   James Bavister

   Andrew de Andrade

 

 Qualified person

Mr. Assylbek Umbetov, a member of the Association of Petroleum Engineers, has
reviewed and approved the technical disclosures in this announcement.

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://www.caspiansunrise.com/investors)

 

The person responsible for arranging the release of this announcement on
behalf of the Company is Clive Carver, Chairman of the Company.

 

This announcement has been posted to:

www.caspiansunrise.com/investors (http://www.caspiansunrise.com/investors)

 

 

 

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