REG - Caspian Sunrise plc - Update regarding sale of MJF and South Yelemes

Caspian SunriseAnnouncement

Wed 07:00

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RNS Number : 2487Q  Caspian Sunrise plc  09 July 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 regarding the sale of the MJF and South Yelemes structures

 

Introduction

The Board of Caspian Sunrise is pleased to announce that the required
regulatory consent for the $88 million disposal of the BNG Contract Area's
shallow MJF and South Yelemes structures (the "Disposal") has been received
and that a further $46.4 million of the disposal proceeds has been received.

 

Background

In September 2024 shareholders overwhelmingly approved the Disposal. Since
that date the MJF and South Yelemes structures have been extracted from BNG
Ltd LLP and placed in a new Kazakh corporate entity ready to be transferred to
the purchasers with the vast majority of the detailed steps required to
transfer operational control now in place.

 

The receipt of the regulatory consent was the final substantive step outside
the control of the parties in the disposal process.

 

Disposal proceeds

To date a total of approximately $61.7 million has been received. A further
approximately $7.0 million is due to be paid following the transfer of
operational control at the MJF and South Yelemes structures, which is expected
to take place later this month at which point formal completion of the
Disposal is expected.

 

A further approximately $5.2 million is then due to be received in equal
monthly instalments over a 12 month period commencing 6 months after formal
completion. Additionally, a further $13.8 million is due to be received over
the remaining life of the Historic Costs obligation, which was initially
assessed at $32 million in 2019 and has been paid down to the current $13.8
million level.

 

Use of proceeds

The net sale proceeds will be used to further develop existing projects,
including further work at the BNG deep structures, the West Shalva Contract
Area acquired in April 2025 and at Block 8, where the acquisition is ongoing;
to fund new projects; and for general working capital.

 

Audited accounts for the year ended 31 December 2024

With the receipt of the regulatory approval and the bulk of the sale proceeds
now received work can recommence on the  audit of the financial statements
for the 12 months ended 31 December 2024, which when published is expected to
lift the suspension in the trading of the Company's shares.

 

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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