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
James Bavister
Andrew de Andrade
|
+44 (0) 207 220 1666
|
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
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.
.