REG - Caspian Sunrise plc - Update on Proposed Sale

Caspian SunriseAnnouncement

18/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240718:nRSR9103Wa&default-theme=true

RNS Number : 9103W  Caspian Sunrise plc  18 July 2024

Caspian Sunrise PLC

("Caspian Sunrise" the "Company" or the "Group")

 

Improved terms for the proposed sale of the BNG shallow structures

Introduction

The Board of Caspian Sunrise is pleased to update shareholders with news of
improved terms on the proposed conditional disposal of the MJF and South
Yelemes shallow structures at the BNG Contract Area, which was originally
announced on 14 May 2024.

 

Background

The Group owns 99% of BNG Ltd LLP, the Kazakh entity which holds all the
licences issued to develop the BNG Contract Area, which has four structures,
being the two shallow structures MJF and South Yelemes and the two deep
structures Airshagyl and Yelemes Deep.

 

On 14 May 2024 the Company announced the proposed disposal of the MJF and
South Yelemes structures for an aggregate headline consideration of $83
million. It also announced  that the proposed purchaser, Absolute Resources
LLP, had been granted a 90 day exclusivity period to conclude its due
diligence.

 

Revised terms

The Board is pleased to update shareholders with news that the proposed
disposal terms have been improved increasing the expected headline
consideration to $88 million. In addition, the exclusivity period has been
extended until 31 August 2024 to provide time to conclude a formal sale &
purchase agreement.

 

Shareholders are advised that until a binding agreement has been entered into
and its conditions been met there can be no certainty a sale will complete and
that completion would in any event require shareholder approval and receipt of
the customary regulatory and tax consents in Kazakhstan, the UAE and
the UK.

 

Contacts:

Caspian Sunrise PLC

 Clive Carver, Chairman              +7 727 375 0202

 

WH Ireland, Nominated Adviser & Broker

 James Joyce         +44 (0) 207 220 1666

 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 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.

 

 

 

 

 

 

.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISSFWSIAELSEEW