REG - Caspian Sunrise plc - Update on the disposal of MJF & South Yelemes

Caspian SunriseAnnouncement

02/01/2025 07:00

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RNS Number : 8323R  Caspian Sunrise plc  02 January 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")

 

Update on the disposal of the BNG shallow MJF & South Yelemes structures

 

 

On 20 November 2024 BNG Ltd LLP, the Group's wholly owned subsidiary, entered
into a Sale & Purchase Agreement ("Agreement") with Absolute Resources LLP
to sell the MJF and South Yelemes structures at the BNG Contract Area for a
headline cash consideration of $88 million of which $14 million has already
been received (the Disposal").

 

BNG Ltd LLP and Absolute Resources LLP continue to work towards completing the
Disposal and have agreed to extend the 31 December 2024 Long Stop Date in the
Agreement to 28 February 2025.

 

Further announcements in respect of the Disposal will be made in due course.

 

Contacts:

 

   Zeus           +44 (0) 203 829 5000

   James Joyce

  James Bavister

  Andrew de Andrade

 

 

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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