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")
BNG Contract Area deep
structures conditional funding
Introduction
The Board of Caspian Sunrise is
pleased to provide the following update regarding the future
funding of the development of the BNG Contract Area's deep
structures.
Conditional funding to develop the BNG Contract Area's deep
structures
The Board is pleased to announce
that it's 99% subsidiary, BNG Ltd LLP ("BNG"), has entered into
conditional and non-binding heads of Terms ("Heads of Terms") with
a prominent middle east financial institution for that institution
to invest $72.5 million for a 50% stake in BNG Ltd LLP, following
the disposal of the BNG shallow structures, the process for which
is ongoing and has a long stop date of 28 February 2025.
Under the Heads of Terms a total of
$85 million would then be available to further develop the BNG deep
structures, of which the Caspian Sunrise Group would contribute net
new funds of $12.5 million.
A formal investment agreement would
be required before any such new funding is available, which in turn
would be dependent on the completion of the current $88 million
sale of the shallow structures at the BNG Contract Area; the
receipt of the new 25 year production licences for the two deep
structures at the BNG Contract Area; and the associated formal
Kazakh Geological Committee confirmations of the submitted deep
structure reserve estimates.
Further announcements in respect of
the progress of the conditional investment in the BNG Contract
Area's deep structures and the progress of the Group's various
ongoing other corporate transactions and licence upgrade
applications, including the sale of the MJF and South Yelemes
structures, will be made in due course.
Comment
Clive Carver, Chairman said
"Although there is clearly some way to go before the current
interest in further developing BNG's deep structures provides the
funding for the next stage in the development of these potentially
world class assets, it is encouraging to note the indicated terms
on which such new funding might be available."
Contacts:
|
Zeus
James Joyce
|
+44 (0) 203 829 5000
|
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
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
