REG - Caspian Sunrise plc - General Update

Caspian SunriseAnnouncement

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RNS Number : 8732M  Caspian Sunrise plc  16 June 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")

 

General Update

 

Introduction

The board of Caspian Sunrise is pleased to update shareholders with news on
its ongoing corporate transactions and on the expectations for the publication
of the audited accounts for the year ended 31 December 2024.

 

MJF / South Yelemes disposal

Completion of the $88 million disposal of the BNG Contract Area's shallow MJF
and South Yelemes structures, which was overwhelmingly approved by
shareholders in September 2024, ("Disposal") continues to be dependent on the
receipt of certain regulatory approvals.

 

To date $15.7 million of the purchase price has been received and the work
between the parties relating to the operational change of control has been
completed.

 

The financial impact of the Disposal is expected to be transformative on the
Group's financial position and future prospects.  In particular, the content
of the 2024 financial statements would be very different with or without the
Disposal.

 

Accordingly, the board of Caspian Sunrise, in consultation with the Group's
auditors, has decided to delay publication of the 2024 financial statements
until after completion of the Disposal, or should the regulatory consents be
significantly delayed or withheld, until after it is clear the Disposal will
not take place in the foreseeable future, or not take place at all.

 

Impact of a delay in the publication of the 2024 Financial Statements

In the event the required regulatory consents are not provided in time for the
Disposal to complete and for the Financial Statements for the year ended 31
December 2024 to be published on or before 30 June 2025 there would be a
suspension in the trading of the Company's shares from 1 July 2025 until the
Financial Statements are published.

 

Block 8 acquisition

The acquisition of the UAE registered Procyon Investments Limited, which owns
the Kazakh registered EPC Munai LLP which in turn holds the licences for the
Block 8 structure moves forward, albeit slowly.

 

As previously announced the licence for the Sholkara structure, one of the
three structures at the Block 8 Contract Area, has been renewed.  We are no
longer interested in the Toresay structure and the renewal of the licence for
the Akkaduk structure continues to be held up following the decision by one
Kazakh regulatory body that the time taken by another Kazakh regulatory body
means the licence renewal application is now out of time.

 

While the Kazakh court has confirmed this is essentially a matter between the
two ministries they have yet to order the renewal of the licence.

 

With work now permitted at the Sholkara structure we are moving ahead with the
acquisition of Block 8 based on the original terms of £100 for the shares in
Procyon Investments Limited and a $5 per barrel royalty on oil produced at the
Block 8 Contract Area once owned by the Caspian Sunrise Group.

 

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)

 

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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