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CASP Caspian Sunrise Plc

3.25
-0.05 (-1.52%)
12 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Caspian Sunrise Plc CASP London Ordinary Share
  Price Change Price Change % Share Price Last Trade
-0.05 -1.52% 3.25 10:35:36
Open Price Low Price High Price Close Price Previous Close
3.30 3.25 3.30 3.25 3.30
more quote information »
Industry Sector
OIL & GAS PRODUCERS

Caspian Sunrise CASP Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
20/02/2023InterimGBP0.00044402/03/202303/03/202323/03/2023
12/01/2023InterimGBP0.00044419/01/202320/01/202316/02/2023
05/12/2022InterimGBP0.00044415/12/202216/12/202216/01/2023
04/11/2022InterimGBP0.00044417/11/202218/11/202216/12/2022

Top Dividend Posts

Top Posts
Posted at 11/6/2024 18:24 by the new norm
Looking back I see the last time CASP managed to have their AAs signed off prior to the date of the AGM was for the year end 2017 accounts

I accept the period over lockdown and covid may have helped to delay admin however the statement in the recent circular saying the company will not comply with the production of year end accounts and the AGM date, so the accounts for year end 2023 will need to be signed off at a subsequent GM meeting

on the basis the company has 9 months from year end to file accounts to comply with tax rules I'm curious why Clive insists on having the AGM in June when it is clear that the companies admin and accountants are unable to produce and sign off accounts to meet the AGM date notification requirements

last year in the run up to the AGM we were waiting to see if the 50% sale of CE was going to go through, this year we are waiting to see if the drilling barge will sail to the abay block and start the first drill

is it just Clive being Clive or are there reasons for the delay in the sign off of the 2023 AAs which Clive wants to include in accounts as post year end notes?
Posted at 10/6/2024 20:37 by the new norm
Hi X/Smarty

I've just read your excellent summary of the current pre AA position of CASP posted on the LSE BB and think it should also be posted here too, I've taken the liberty of cutting and pasting it, hope you don't mind.

I agree with everything you say although I have a slightly different read on the liabilities situation and I don't think they will be as bad as you may fear

BNG Historic costs liability will have reduced by $3.2m(annual payment)

$5m B8 loan liability should be offset with a corresponding asset entry probably under accounts receivable

If as you say profits have increased for y/e 31/12/23 then this should have a positive impact on the closing figure for Total Equity & Liabilities

post year end the cash flow might now be getting a little tight with the up front funding of the CE drilling contract together with the various wells they are currently working on in H1

But as you say all to play for in H2, Exciting Times ;-)



Yep, I managed to get to the strategic stuff and Abay block definitely in the plan :)

News this week ? or do we wait til last knockings pre AGM ? Getting them out without a suspension would be an improvement on last year !

What can we expect ? The knockers will be focussing on increased liabilities adding to the BNG shallow prod licence. C $17m left from initial $32m ($3.2m pa) but that would obviously be cleared out if shallows sold. Other debts, oil trader, B8 loan so liabilities increasing and highlights the need for a cash injection. They're managing to maintain their drilling commitments whilst paying off debt albeit slowly.

Turnover will be down as a result of the war and sanctions but profitability up as a result of healthy MR/Domestic prices and their oil trading.

Production for the year will be c 700k barrels and an increase YOY but as we know, current volumes are declining at c 1600bopd hence the poss sale to Absolute.

Positives ? there will be plenty in the post accounting period to date that could generate a large cash injection

CE charter

Shallows sale

B8 licence approval, loan repayment, existing prod rev plus 2 deeps to test

803 progress update

802 partner update

155

NY horizontals on 8 series wells

A5 position

West Shalva spud date

Other

Always a waiting game but a lot planned and H2 should be very busy indeed and I believe we will get lucky on a deep whether that be 803, B8 or both :)

Many PIs have offloaded over last few weeks but share is the bottom and the gamble of being out or having a reduced holding come the release of very material news .
Posted at 06/6/2024 16:39 by georgereallysorearse
Been continually shafted by Clive and Casp it's getting soooo uncomfortable. No way I'm going to the AGM after what happened last time so sore.
Posted at 16/5/2024 12:36 by the new norm
quiet day in the office so got some time to speculate on what the future holds for CASP over next 12 months

following the $83m sale RNS I think we can bin the idea that the family is looking to sell whole Group and exit with bags of cash, I think this proposed sale of BNG shallows also quashes the speculation that the Family is planning to shaft the PIs and take the Group private on the cheap

$83m is a good price for the BNG asset but do you really want to lose the production just as you are beginning to create new profit streams from oil trading and drilling?

I think the answer lies in Block 8

Subject to block 8 licence renewal and sign off by the authorities CASP will initially have 4 deep wells with 1600 bopd production...speculation on my part...we have been told that the existing 2 deeps have produced up to 800 bopd but are currently only producing 110 bopd because of licence renewal requirements. I am assuming that the recently drilled and soon to be tested wells(2 wells) also produce at 400 bopd per well

CASP achieving $35 a barrel in local markets less $5 per barrel royalty payment

1600x$30x365 = $17.5m gross profit

Oil trading 1600x$10x365 = $6m gross profit

Block 8 production at these levels would replace current BNG shallow production

Add in CE profit of $15m and something for drilling services and you get annual gross profit north of $40m pa

Sale of BNG shallows brings in $83m less $15m historic costs less $5m block 8 loan less oil trading finance and they will be sitting on $60m cash on balance sheet

Ignores any production from BNG/SY deeps and WS and 3ABest

All potentially happening in the current financial year ending Dec 2024

Looks good for a penny a share dividend and possibly a special dividend of 1p within next 12 months

The Family get $25m+ in dividends and CASP share price hits 20p+

Very scalable business model with lots of potential for dividend growth from increased oil production and future profitable asset sales

Market cap quickly increases above KO/CC big bonus hurdles and they get their big pay days too

Exciting times ;-)
Posted at 09/5/2024 13:54 by the new norm
did the 'Family' subtly put the 'for sale' sign up on 31st October 2023 and we all missed it?

why else did the company go to the not insignificant expense of preparing a glossy 24 page Investor Presentation document? the half year results were medicore, they had stopped the dividend earlier in the year, all negative stuff which drove share price back to the 2s from 8....

who was the Presentation for? Family and Concert Party? PIs?

Family don't need a glossy document to tell them what they are doing and why would it be prepared for the benefit of PIs who are constantly kept in the dark?

For sale sign on whole Group business makes much more sense

Reading the March 24 RNS in this context also begins to shed light on what the Family is trying to achieve...all positive stuff covering wide range of Groups business activities and multiple profit income streams in current financial year

In addition this RNS confirms they have a few interested parties in the shallows, will this interest develop into an interest in the whole Group?

Interesting that the RNS even covered 3A Best which is fully impaired and has been in limbo for years, but the RNS is keen to stress that if licence is renewed and the directors chose to sell asset it will be all profit from that transaction. If you were discussing sale of whole of CASP this comment makes sense to extract the best possible takeover price

Adding WS shortly after the March 24 RNS also suggests that something is brewing behind the scenes. The Family sell asset to Group for 4p a share knowing that xxp is coming once takeover is sealed. This acquisition and the subsequent issue of additional shares to the Family ensures they now have controlling interest of CASP with their total Family shareholding going above 50%....perfect timing???

The Family went to incredible lengths to have all their shareholdings held through QAE tax free vehicles...if it bags 5x or more then not wasted effort bearing mind the Kaz tax they would have avoided paying

I've probably been sniffing too much of the fumes from the paint drying here but then again a potential buyer of CASP will be insisting on radio silence while they fine tune their negotiations with the Family!
Posted at 07/5/2024 11:37 by xclusive2
Back from a nice little break in CA. Can't believe how expensive it is now !! Need our Casper to start delivering the 'shareholder value' they've been promising for 18 years! As has been stated MANY times, there's a lot on the go that could finally improve the NAV considerably and create that shareholder value that is long overdue.23 Financials will be out in June and we're going to see profitability BUT liabilities increasing due to increasing loans. Now is the time to turn that tide and reverse the dilutive process by generating cash. The next few months should see inflows from various sources. Firstly the B8 contract. The licence approval could be imminent and if so, we can expect to see loan repaid and the first revenues from existing production, to be followed by the testing on the 2 new deeps and hopefully some success at long last.Next to the CE. A couple of links below show that Abay well is going to happen and hopefully that means the CE is still the preferred drilling solution. If so there's $10m+ coming our way and probably more as the drilling time allocated is probably too optimistic so I'd be expecting more than the 10m profit. https://emea01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fqazmonitor.com%2Fnews%2F2916%2Fhow-kazakhstan-revamps-its-subsurface-management-in-2024%3Famp%3D1&data=05%7C02%7C%7C15e84f1eb9ac4fdedf9208dc6d86acfe%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C638505672400548442%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=t57PmwrWRXu625JRAQn7%2FV%2FiSnmHt0oFIehSwyeFibg%3D&reserved=0https://interfax.com/newsroom/top-stories/101875/Both recent publications and stating that Abay exploration still planned. Will success at Abay mean more work for CE or will Casper trade cash for a small % of the bigger projects ? Next the shallows sale ? They've announced the possible interest in the shallows yet they're completing 803 before applying for a production licence on an acreage ie the BNG deeps that has produced zero to date. Yes, all wells bar A8 have flowed but could any future sale include the deeps ? Either way, there could be a significant injection of cash, my concern would be whether it's more than the NAV. The big question, are Casper capable of delivering deep success ? I'm not convinced and maybe their success will come from buying and flipping assets for a considerable profit ?Other sources of cash ? increased production of course and who knows, 803, Block 8 or any other deep like A5 would obviously transform the landscape but that's not immediate. Our new Camel acreage at WS. The oil is allegedly seeping to the surface and it will take little time to drill a well and if successful, cash inflows could happen far sooner than at MJF. Infrastructure far better too and less transportation costs improving profitability.If they do generate cash then it gives them the opportunity to grant a special divi or who knows, they may go into share buy back mode. Next few months will be defining for Caspian. We're getting to the conclusion stage on many assets and plenty of news in the coming days, weeks and months. Time to start generating cash to reduce those liabilities and if they do sell BNG shallows or even the deeps, what do they do with the cash ? I suspect that they buy more assets, easier targets (allegedly) like WS where hopefully their skills snd capabilities are a match for the asset to be drilled. SP @ 3.4p ? regardless of success, the share price will run again as peeps talk it up as news nears. Hopefully this time the hype will be met with positive news that finally strengthens the foundations. If they do deliver success, you can expect to see ridiculous hype here, long overdue for those invested for years :)
Posted at 28/3/2024 19:45 by xclusive2
Primary message, if they sell the shallows, their direction is that monies will be spent on NEW development assets where their expertise is greatest. Not sure where their expertise is greatest so what is that ? More shallows that need development ? Don't see that as why sell existing that need development ? doesn't make sense. More acreage with deep opportunity or deep and shallow ? a possibility . As posted, it could be Block 8. It makes sense to me as it's a producing field albeit minor currently but has 4 deep structures and soon to have a new licence. Why do this deal if the new drilling is unsuccessful ? They've drilled the wells and they'll know whether they've encountered oil on the way down to TD and why continue to acquire it if it's a failure. Don't believe they've tested yet as it would change the negotiation so hopefully we don't wait too long for licence approval. One thing I don't want to see is a windfall divi and cash extraction exercise, they have to replace with production.The licence upgrade on the BNG deeps is also interesting as they believe 803 completes requirements. The change in oil trading regulations is good news for Casper providing they can convert the deeps. I agree 100% on them focussing on 803 and A5. 802 flowing @ 700-900bopd before blockage and 803 1250m into a 3900m TD, maybe 4200m if first target uncommercial. Then there's A5, our best well that flowed at 3800 bopd for 25 days allegedly but now a new sidetrack could be completed this qtr and any success here is a company maker.They also state that they could start exporting oil which will give another boost to share price but need to see production above 70k on a monthly basis. If they do sell the shallows then this is a strange thing to say unless they have production to replace it with ? This leads back to B8 wells and maybe they're expecting a result on 803/A5. If they do succeed then it's onto 801/802/A7 and 6 remedial work as part of the appraisal process to book reserves.Then we have CE cash to hit the coffers in Q3 so hopefully no hiccups there especially as they've spent money readying the barge. Hopefully any signed contract would cover any costs incurred in the event of cancellation or delay but not so sure with Caspian.The multi-bagging upside is still in play and 24 looks to be a defining year for shareholders. No guarantees but you've got to be in it to win it or lose it !
Posted at 20/2/2024 15:44 by konil
thanks for the link to that article.

question now is whether 805 is producong 160bopd stated in rns or 375bopd stated in article?

in general that article seems to ignore the realties on the ground;

- casp's progress over the years since finding deeps with oil has been non-existent, with current deep production at zero

- the shallow ops performance is dire, bopd has gone backwards with lower bopd now than previously as the wells deplete or whatever other technicalities cause reduced production

- cash for ops has been limited and at times casp has been running on fumes (i had assumed this was resolved when the divi was started, but no, it was management being foolish and depleting cash to unsafe levels)

- casp do not have a good record with the authorities

- to say 142 has 'roared' back to life with 160bopd whilst also pointing out it had previously produced 1000bopd kind of discredits anything else he has to say.


back to the reality of bopd;

prior to latest rns, production was at 2000bopd.

latest rns states production at 1900bopd.

if 142 now produces 160 and 805 produces 160 i.e. 320 additional then that means production from other producing wells has dropped by 420bopd since previous rns.

if production at 805 is 375 then additional production since previous rns is 535, which means other producing wells have dropped 635bopd since previous rns.
Posted at 31/7/2023 13:12 by togglebrush
Question & answers for the Shareholder General Meeting on 31 July 2023

1. What is the current operational position at 802? You advised that the well was flowing at 700-900bopd and that you were stabilising the well. You also stated that total production exceeded 3000bopd so many investors assumed that the well was in production and not just for 3 days as communicated in FY accounts. We are now waiting for a part so please can you advise what that part is, what the issues are and what the exact plan is going forward including timeline.

The issue at Deep Well 802 was the issue encountered at most of the deep wells drilled to date at the BNG Contract Area, in that the high temperature and pressure prevented the well being completed as planned. Additionally, a pipe became stuck at the bottom of the well.

The initial well encountered significant oil shows at depths higher than expected, necessitating the drilling of a side track starting above the salt layer and running to the depth at which the oil shows were encountered. The drilling fluids (mud) used to control the well during drilling have set in the well and need to be cleared.

The plan is now to use coil tubing equipment to clean the tubing. Once the tubing is cleared we then plan to pull out the stuck pipe before completing the well ready for well testing.

Coil tubing equipment is on-site and operational. The planned coil tubing work programme is underway and is planned to be complete by the end of September.

2. Are you planning to drill onto the original TD on 802 after the completion of current work on the shallower zone?

Yes.

3. Why are you drilling 803 ahead of the A5 side-track and the A7 well? You state it was planned but that has never been communicated to investors.

The decision to first drill Deep Well 803 is led by the requirements of this year’s work programme.

Set out below is the planned work at the BNG Contract Area for the remainder of the year:

Deep Well 802
The coil tubing work programme at Deep Well 802 is underway and is planned to be complete by end September 2023.

Shallow Well 142
The well workover is planned to start at the end of August 2023.

Shallow Well 155
This new shallow well is planned to spud in mid-September 2023.

Deep Well A5
We expect a rig to become available in September with which we plan to drill a new 400-meter side-track from a depth of approximately 4,500 meters.

Deep Well A6
A workover to perforate a 6-meter interval at a depth of 4,300 meters is planned to commence in mid-August. This may however be delayed to allow the shallow horizontal well planned to be drilled on the South Yelemes structure to be drilled first using the rig and crew currently intended for Deep Well A6.

Deep Well 803
Deep Well 803 is planned to spud in mid-October 2023.

Deep Well A5
A 300 meter side-track is planned to commence in October 2023.

Shallow Well 141
The new side-track is planned to commence in November 2023.

Deep Well A7
Timing of the work to continue drilling at Deep Well A7 depends on the results from Deep Well A5.

The above is based on rig and crew availability and operational considerations and is accordingly subject to change and re-ordering without notice.

Other work planned for 2024 includes:

Shallow Well 153
Workover

4. What is the exact position at 141/142 and 145? Investors are in the dark as to what the true position is. We understand that there’s water ingress but it’s been almost a year since remedial work commenced and no progress. What is the current position and the next steps including timeline?

Well 141
Well 141 flowed successfully from 2016 to 2019 without any pause for a material workover.

As the result of an increasing water cut a rod pump was installed in 2020 with production continuing.

Following the success with horizontal drilling at wells 153 and 154, a horizontal side-track was drilled with the intention of boosting production to around 350 bopd.

During the horizontal side-track drilling we experienced a stuck pipe. The majority of which has now been retrieved but the final 27 meters remain in the side-track.

Our plan is now to drill a further side-track from a slightly higher level with the work planned towards the end of the year.

Well 142

Similarly, at Well 142 after a lengthy period of conventional production in 2022 a horizontal side-track was drilled. This initially resulted in production from the well increasing to approximately 950 bopd.

However, we encountered an issue with increasing water levels, which lead to an exercise to remove the well’s liner. The first 250 meters were successfully removed but the remaining 150 meters were lost in the well.

The plan is now to drill a new horizontal side track with work due to commence in Q3 2023.

Well 145

Well 145 is not currently producing. The issue is increasing water levels. Work is underway with external consultants to decide how best to isolate the water and return the well to production.

5. The conditional sale of the Caspian Explorer has been agreed in June and you were expecting to see the cash. Is there a problem, has the deal fallen through? If so, are there other parties you’re talking to that are interested in buying the CE?

Yes there is a problem. The deadline for payment has passed and despite repeated assurances no payment has been received.

We have therefore begun discussions with alternative purchasers, who are more likely to be interested in 100% of the Caspian Explorer and would therefore be expected to offer more than the $22.5 million previously agreed for 50% of the Caspian Explorer.

6. There was no mention of the oil sales split between domestic and mini refineries. It was 50:50, is that still the case?

For the year ended 31 December 2022 we produced 792,284 barrels of oil (48% more than in the previous year). In the period up to around the end of April 2022, when it was still economic to sell on the international markets, 237,144 barrels were sold on the international market.

Since we stopped selling on the international market the approximate split between sales to the domestic market and to domestic mini refineries has been 53% domestic and 47% domestic mini refineries.

7. You stated that you were going to improve oil sales income by doing the trading yourselves, is that the case?

#Yes. We have started sales trading and estimate the benefit to be approximately an additional $2-3 per barrel.

8. Discounted Urals price has increased to c $62 recently. What price does it need to be before you can consider exports again? You stated that taxes were based on the Brent price, is that still the case and is that likely to change going forward?

We are achieving net prices of approximately $25 per barrel for domestic sales and approximately $38 per barrel for sales to domestic mini refineries.

To make international sales worthwhile, bearing in mind the additional storage, transportation and tax involved and the additional 1-2 months to get paid, the net price for international sales would need to be better.

Our estimate of a breakeven point for international sales (i.e. before any “Urals” discount) is in the region of $95-100 per barrel.

In the event we do return to selling our oil on the international market tax would be levied based on the Brent price rather than the price achieved.

Although we can see no logic in this we are not aware of any intention by the authorities to change. However, should there be a change to base tax on the amount actually received, the level at which sales to international buyers would be economic should be significantly lower than the $95-$100 indicated above.

9. You state that you believe there’s untapped resources in the shallower horizons at SY that can be explored via horizontal drilling. When are you planning to drill the first well?

We are waiting on proposals from expert international drilling consultants before deciding exactly how to drill the well. The start date for drilling depends on rig and crew availability and is currently not expected to commence this year. However, there is the possibility of drilling this well ahead of the planned workover of Deep Well A6.

10. In the 21 FY accounts, you mentioned an interest in Wind Farms. In the 22 accounts it’s now minerals, can you supply more information on this possible venture inc any timings? Is the recent Midiel Engineering shareholding as a result of future mineral projects ie would they be involved?

We believe we have a competitive advantage in identifying and evaluating natural resource projects in Kazakhstan, which is not limited solely to oil & gas projects.

More than a decade ago, we considered a wind farm project and in the 2021 financial statements we noted that we may again look at such projects, provided we believe them to be commercial. However, we have not yet made any significant progress on this and do not have any specific wind farm projects under consideration.

Similarly, we are aware of potentially attractive and earnings-enhancing mineral projects, which we may look to develop. There are projects under consideration although no final decision has been taken on whether to progress any.

Any such development would be undertaken in the first instance by the Company. In the event any such project developed into a self-supporting stand-alone business we would consider spinning the entity off into a separate corporate vehicle.

11. The dividend has been suspended until you increase production from shallows/ deeps or receive the proceeds from the 50% sale of CE. If the production increases from 141/142 or 802, will you resume quarterly dividends and the likely quantum on reintroduction? If you receive the CE cash, what is the plan there? to pay a special dividend or to continue quarterly dividends and likely quantum or both.

Paying dividends continues to be a priority provided the company has the funds to do so without detracting from progressing the development of BNG, and also Block 8 in the event as expected that is acquired.

Exactly when dividends resume and the level of dividends and whether there might be a special dividend will depend on the financial position at the time and the then near-term financial outlook.




End of Question & answers for the Shareholder General Meeting on 31 July 2023

New writing style ... New Company Secretary ???
Posted at 17/6/2023 09:40 by xclusive2
From last divi update in March. It's pretty clear as to expected plans and maybe declaration with FY accounts and payment in July so a slippage of a month and maybe CE cash makes that call a lot easier ! If so, you could see buying between now and declaration as peeps get back involved, who knows ? All I know is that this is oversold and all the assets are still on play although progress is painfully slow or many round argue, going backwards ! Not without risk but I'm hoping for a chunky quarterly dividend and an active Q3/H1, helped by CE cash ;)DividendsThe Company has now declared four monthly dividends each of £1 million, demonstrating the Company's clear commitment to make and maintain dividend payments. We are now moving to quarterly rather than monthly dividend payments. This change is related to the practical considerations of making dividend declarations and payments and is not intended as a signal of a change in the overall dividend pay-out rate. It will also bring us closer into line with other dividend paying companies and allow the better management of significant receipts and payments, which do not always follow a regular monthly pattern. The next dividend announcement therefore is expected to be made with the publication of the 2022 audited accounts in May 2023, with payment expected in June 2023. For the avoidance of doubt the dividend declared on 20 February 2023 remains due to be paid on 23 March 2023.

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