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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Caspian Sunrise Plc | CASP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 2.95 | 07:49:43 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.95 | 2.95 | 2.95 | 2.95 |
| Industry Sector |
|---|
| OIL & GAS PRODUCERS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 20/02/2023 | Interim | GBP | 0.000444 | 02/03/2023 | 03/03/2023 | 23/03/2023 |
| 12/01/2023 | Interim | GBP | 0.000444 | 19/01/2023 | 20/01/2023 | 16/02/2023 |
| 05/12/2022 | Interim | GBP | 0.000444 | 15/12/2022 | 16/12/2022 | 16/01/2023 |
| 04/11/2022 | Interim | GBP | 0.000444 | 17/11/2022 | 18/11/2022 | 16/12/2022 |
| Top Posts |
|---|
Posted at 08/4/2024 09:58 by penrith Fairly typical Casp. £84K shares sold, Mkt cap £84 million and a drop of 6%.Seriously that is almost like me selling my complete holding and causing a 6% drop. The share price is completely irrelevant at the moment. My technical knowledge of Casp is minimal compared to some on here even though I have been invested for a number of years. My commonsense however I value highly LOL and it tells me that whats seen as good for the concert party in the longer term is good for us. There plan is to increase their fortune and we are hanging on to their tails.Enjoy the (at times very bumpy) ride. ATB. |
Posted at 31/3/2024 13:05 by xclusive2 BM,A divi suits the short term investor as they're getting a payout and will probably sell during the hype phase. MJF/SY has a NAV albeit the reserves calculation is subjective as the last CPR was a long time ago. If that NAV is replaced by cash equal to or in excess of the great but if 25% say was extracted as a divi then yep, cash into investor pockets but NAV reduced immediately. Then there's the utilisation of cash v a producing oil asset that could see appreciation from volume and reserves especially if SY new horizons are productive. Obviously there's a chance of volume reduction but any purchaser obviously doesn't believe that's the case. Peeps can hype the likely sale value of any deal and I'll be very happy to see a silly price but I don't believe it's going to be huge numbers but that's my shout. If it is then they'll have cash to spend on developing new assets, infrastructure etc and enough spare for a windfall divi then great. if it's cash inflow only then that is a concern for me so hopefully B8 is one of the focus assets. Our big rewards come from the deeps and even without a cash injection from a sale, the CE cash (hopefully) lands and ensures that we can continue to fund the deep program. Upside intact and I'm looking forward to the results from 803 and A5. This stock hasn't seen any real hype or blue sky since the divi announcement and initial 802 announcement and as many know, this can move like a rocket with the right news. IF they were lucky enough to finally sort the blockage problems and convert A5/802, the hype here will be off the scale and this would be trading 20-30p, possible more when the real hot money lands. It'll make the UKOG hype look insignificant, difference here, it's real ;) |
Posted at 30/3/2024 14:56 by bluemango "As one investor I know well said, it was good in the case of Caspian Sunrise (CASP) to see a stock go up and stay up. This was and still is something of a rarity in current stock market conditions. Here the trigger for the Sunrise rise was considering selling all or part of the BNG contract area’s shallow structures. As is often the case these days, we have a company sitting on an asset whose value has not been factored into the market cap. Indeed, many small caps have this sum of parts being great than the whole problem currently" |
Posted at 29/3/2024 12:03 by bluemango 'coffeecups' has put a series of posts over on LSE this morning, I'm sure he won't mind me copying his conclusion on here:ConclusionToday 11:51 MJF and South Yelemes - valuable and over book value will be paid - what is book value? When CASP put themselves on the market in their 2022 accounts saying all of part of any Group asset was up for sale they handily reminded everyone about Galaz. MJF is already on a full production licence and unusually also has approval to drill another 10 wells of which 155 is the first. MJF has a fantastic drill to production success ratio, 10 drills is 7 - 8 production wells, this can more than double the resource and using the new horizontal side track method a tree branch drilling programme can be classed as a 'workover drill' so 10 drills becomes 40 etc. Galaz was sold for $100m, it gave them a $15m profit and left them with $33m to reinvest into BNG. MJF and South Yelemes are far superior assets to Galaz, both MJF and S.Y require an updated valuation and probable resource. The whole of BNG has a historic cost of $100m as at 2022, that is all of the deeps and the shallows. This is what is meant in the 25/03/24 RNS when they say they are after assets suited to them, it means anything underdeveloped that they can add value to and sell on to enable them to move up the food chain. They have stated in RNS 0546l 25/03/24 that they are going to apply for: Licence upgrade. The technical information to be collected from Deep Well 803 is expected to be sufficient together with the information already gathered at the other BNG deep wells drilled to support an application to upgrade the BNG deep structures licence to a full production licence. This is a full production licence on SIX deep wells. That is Baby Tengiz on its own. Then add in the four wells on Block 8 and you have 10 DEEP wells. Plus the only drill barge in the North Caspian Sea They are selling the smaller assets as they feel they are now ready to move into a mid sized oil company! Happy Easter! |
Posted at 29/3/2024 11:46 by konil smarty, 22775, good post.lots of unknowns of course but direction of travel, stated and implied, seems promising. re. divi, i reckon a big driver for the sale is that they (ko and chums) want to offshore a wodge of cash away from kaz tax. so with sale proceeds they will take some divi and keep rest for development. another driver may be that they do not have the expertise or maybe desire to deal with the shallows, given the multi-year history of stagnant/decreasing production. perhaps they want to switch all attention to the deeps. you mention replacement production (i.e. to make up for the 1700bopd from shallow wells which they intend to sell) with reference to their ambitions to start oil exports which requires at least 70k bopd per month - i agree that implies they have some drilling success in the wings...perhaps under test currently. if they dont, it will be a huge gamble to sell the shallows cash cow. it will re-risk casp into a hopeful rather than proven producer. i hope they know what they are doing. |
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 19/2/2024 09:39 by xclusive2 Understandably, investors are hacked off, anyone would be with zippo return on their investment, especially those invested for years. The only winners maybe those who have successfully traded this but they are in the minority. Communication is poor and obfuscation is continuing as is the inconsistency from one RNS to the next but we can't change this as we are the minority players in this game but we do have a major role to play as we dictate the share price. Regardless of positive or negative news, the share price is dictated by supply and demand and the share price rarely equal real value, it's a representation of PI sentiment. Current m/cap is c £55m, when only a year ago the share price reached 8.6p and £195m. How do you justify that ? The rise to 8.6p was fuelled by 802 flowing, 142 result increasing shallowing production and the introduction of Divis which were not affordable. What is the correct valuation ? simple answer neither as it's down to good old sentiment and resulting supply and demand. Current sentiment is poor but why are PIs still here ? Many will probably be trapped and can't afford or don't want to realise a loss, many are still invested and they still believe that this is still a huge multi-bagging opportunity and are seeing that the assets are worth investing in. Could Caspian go to market and buy their current asset base for £55m ? The deep assets ie A block, NY & B8 , the shallows at MJF/SY and the Caspian Explorer. I don't believe they could but if the share price continues to stay down at these levels, maybe Penrith's concern of being taken Private will become a reality. Current PIs only represent 15% of this company, probably less now so it would only take £8m to wipe us out at this level. I don't subscribe to this outcome as I believe that KO would lose control of his little empire as there are predators that probably would clean him out and the real money will be made on share price appreciation not a private sake of asset base, I only see that in the disaster situation. KO knows that his best exit is via share price appreciation and he needs PIs to do that work but they need to get their finger out and start delivering !I stay invested to see them succeed with the deep conquest. They may never do it but currently they are funded by current production to continue the journey without dilution especially if CE cash lands and could be a continued source of considerable profit. They have made little progress over the last few months and that's down to current cash restraint, that's obvious. They took the divi cash which put them under cashier pressure, the sanctions have affected income inflow and they've gone through a busy period of drilling to meet licence commitments ie 802 and B8. They've made no progress on 803, 802 and A7 because they're managing cash and speed of progress will be dictated by prod income and CE cash so hopefully we see things progress at a faster pace. As stated, I'm staying invested to see them realise value from the deep assets and I'm hoping that it happens this year. 802 was meant to be highest COS, they got it to flow but the same old blockage ensued and now looking for a partner to assist. 803, will it be the same story ? A5, our best deep to date from prod flow rates but yet again the blockage issues. Will B8 be any different ? I don't know but 2 wells drilled and ready for testing so we'll know soon enough. 7 deeps to see conclusion this year providing they have the cash to facilitate the drilling. I'm sticking around to see if this leopard can change its spots. |
Posted at 31/7/2023 13:12 by togglebrush Question & answers for the Shareholder General Meeting on 31 July 20231. 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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