REG - Caspian Sunrise plc - Debt Conversion and Operational Updates

Caspian SunriseAnnouncement

09/03/2022 14:15

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RNS Number : 2256E  Caspian Sunrise plc  09 March 2022

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

 

Debt Conversion and Operational Updates

 

Introduction

 

The Board of Caspian Sunrise is pleased to update the market with news of the
$6.2 million debt conversion, to provide an operational update including the
impact of sanctions imposed against Russia.

 

Debt Conversion

 

At the General Meeting earlier today Independent Shareholders approved the
resolution required to implement the proposed Debt Conversion in full.
30,442,701 votes, representing 97.05% of those cast, voted in favour of the
resolution or gave discretion to the Chairman of the meeting. 926,869 votes,
representing 2.95% of those cast voted against.

 

The 139,729,446 Debt Conversion shares will be issued later today. Application
will made to London Stock Exchange for these shares to be admitted to trading
on AIM ("Admission"), and dealings in the new ordinary shares are expected to
commence on or around 15 March The new shares will, when issued, rank pari
passu in all respects, and carry the same rights as the existing Ordinary
Shares. Following Admission the total number of ordinary shares in issue will
be 2,250,501,560.

 

The Oraziman Family Concert Party will in aggregate hold 1,089,544,792 shares
representing 48.41% of the enlarged number of shares in issue. The Wider
Concert Party, of which the Oraziman Family Concert Party is a member, will
hold 1,460,918,437 shares representing 64.92% of the enlarged number of shares
in issue.

 

Operational update

 

Shallow wells

In February 2022 we produced at the rate of 2,396 bopd.

 

Work continues at Well 142, where testing was interrupted by the shut down at
the BNG Contract Area in early January. Preparatory work also continues to
drill the first horizontal well on the South Yelemes structure.

 

Deep Wells

At Deep Well A8, we perforated the first of the three intervals of interest,
which resulted in oil flows at approximately 100 bopd.  We are preparing to
perforate a second interval later this month.

 

Impact of sanctions on Russia

To date we have not experienced any material adverse impact from the sanctions
imposed on Russia.

 

Comment: Clive Carver, Chairman said

 

"With oil prices at record levels and increasing production volumes we look
forward to a period of cash generation. Accordingly, we intend to put
resolutions to the Annual General Meeting planned for June 2022, which if
passed and if approved by the UK Court, would allow the commencement of
dividends with an initial dividend expected to be declared in July 2022 and
with the main dividend for the year expected to be declared in December 2022."

 

Caspian Sunrise PLC

 

Clive Carver

Executive
Chairman
+7 727 375 0202

 

WH Ireland, Nominated Adviser & Broker

 

James
Joyce
+44 (0) 207 220 1666

Andrew de Andrade

 

This announcement has been posted to:

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

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014.

 

The below notification made in accordance with the requirements of the EU
Market Abuse Regulation, provides further detail.

 

 

 

 

 

 

 

 

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