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")
Introduction
The Board of Caspian Sunrise PLC is pleased to update shareholders with news of production and testing from the Block 8 Contract Area.
Background
As previously announced the Group is nearing the end of the process to acquire the Block 8 Contract Area, which extends over 2,823 sq km and is approximately 160 km from the BNG Contract Area. The licence for the Sholkara structure on the Block 8 Contract Area was renewed in Q4 2024 which has allowed the resumption of drilling and testing.
Production
At Deep Well P2 production has commenced at the rate of approximately 250 bopd.
Testing
At Deep Well P1, the well has been perforated across an interval of 3 meters at a depth of 3,400 meters to allow testing to commence.
Following the completion of the acquisition of the Block 8 Contract Area any proceeds from the sale of oil produced there, less a $5 per barrel royalty capped in aggregate at $60 million, will be for the Group. In the meantime the income from the production at the Block 8 Contract Area will be used to start to pay down the loan advanced as part of the Block 8 acquisition arrangements.
Oil trading
Production from the Block 8 Contract Area will allow the continuation of the Group's oil trading activities after the expected completion of the disposal of the BNG's MJF and South Yelemes shallow structures.
Contacts:
| Zeus
James Joyce | +44 (0) 203 829 5000 |
James Bavister
Andrew de Andrade
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
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
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