Caspian Sunrise delays full-year accounts, reports corporate progress

(Sharecast News) - Caspian Sunrise confirmed progress on two key corporate developments on Monday, as it awaited regulatory approvals for the $88m disposal of its shallow assets at the BNG Contract Area and advanced the acquisition of Block 8 in Kazakhstan.

The AIM-traded company said $15.7m of the disposal proceeds has been received to date, while operational control had been transferred.

However, full completion of the transaction, covering the MJF and South Yelemes structures, remained contingent on final regulatory clearances.

The transaction, overwhelmingly approved by shareholders last September, was expected to significantly improve the group's financial position.

Due to the material impact of the deal, the company said it had opted to delay publication of its audited 2024 financial statements until the outcome of the disposal was determined.

If the transaction was not finalised in time, and financial results were not published by 30 June, trading in Caspian Sunrise shares would be suspended from 1 July until the release of the accounts.

Separately, Caspian Sunrise said it was continuing with the acquisition of Procyon Investments, which owns Block 8 through its Kazakh subsidiary EPC Munai.

While the licence for the Sholkara structure within Block 8 had been renewed, the Akkaduk licence remained delayed due to inter-agency issues within Kazakh regulatory bodies.

The company said it no longer intended to pursue the Toresay structure.

It said the Block 8 acquisition would proceed under the original terms of £100 for the Procyon shares and a $5 per barrel royalty on oil produced from the block once it was integrated into the Caspian Sunrise portfolio.

At 1224 BST, shares in Caspian Sunrise were down 15.38% at 2.2p.

Reporting by Josh White for Sharecast.com.