REG - Caspian Sunrise plc - Completion of the acquisition of the Block 8

Caspian SunriseAnnouncement

28/01/2026 07:00

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RNS Number : 6165Q  Caspian Sunrise plc  28 January 2026

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 "Group")

Completion of the acquisition of the Block 8 Contract Area

 

Introduction

The Board of Caspian Sunrise is pleased to update shareholders with news that
the consent from the Kazakh Anti-Monopoly Authority for the Block 8
acquisition (the "Acquisition") has been received and that in accordance with
the terms of the SPA the Acquisition is set to compete on Thursday 29 January
2026.

 

Background

The Block 8 Contract Area extends over 2,823 km2 and is some 160 km from the
Group's flagship BNG asset.

 

The Board believes both BNG and Block 8 may have similar geological
characteristics as at the nearby world class Tengiz and Kashagan oilfields.

 

Operations

The arrangements put in place in 2023 when we exercised the option to acquire
the Block 8 Contract Area allowed development work there to proceed during
part of the extended period between the exercise of the option and today.

 

At the Sholkara structure well P1 oil has flowed on a test basis at rates up
to 270 bopd and at well P2 at rates on a test basis of up to 846 bopd. Work
continues at both wells with the intention of achieving commercial flow rates.

 

Acquisition terms

The licence for the Block 8 Contract Area is held by EPC Munai LLP, a limited
liability partnership registered in Kazakhstan, which is in turn owned by
Procyon Capital Limited, a company registered at the Astana International
Financial Center in Kazakhstan.

 

Caspian Sunrise PLC will acquire 100% of Procyon Capital Limited for an
initial consideration of $100 payable in cash and deferred consideration of up
to $60 million from the oil produced at the Block 8 Contract Area payable in
cash via a $5 per barrel royalty.

 

 

Comments:

 

Clive Carver, Chairman said

 

"We are delighted to be competing this acquisition on terms that do not dilute
shareholders.

 

We believe Block 8 represents, in addition to the deep structures at BNG, a
second potentially transformative asset in that either or both may enjoy the
same geological characteristics of the nearby world class Tengiz and Kashagan
assets."

 

Contacts:

 

 Zeus                +44 (0) 203 829 5000

 James Joyce

 James Bavister

 Andrew de Andrade

 

 

This announcement has been posted to:

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

 

Qualified Person

Mr. Sunjin Chang, a member of the Society of Petroleum Engineers, has
reviewed and approved the technical disclosures in these financial statements.

 

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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