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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Caspian Sunrise Plc | LSE:CASP | London | Ordinary Share | GB00B1W0VW36 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 1.72% | 2.95 | 2.80 | 3.10 | 2.95 | 2.90 | 2.90 | 672,655 | 13:43:51 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 36.65M | 10.59M | 0.0047 | 6.28 | 65.39M |
From Jan 2022 to Jan 2025
By Jaime Llinares Taboada
Caspian Sunrise PLC said Monday that the main impact on its business from sanctions against Russia remains the discount at which its oil is traded.
The company operates in Kazakhstan, though its production is referenced to Russia's Urals oil benchmark, which has recently traded at a $30-$35 a barrel discount to Brent, representing a significant loss in revenue.
However, Caspian said this discount is likely to decrease as natural market arbitrage takes effect and some Asian countries are expected to take advantage and switch their purchases to Urals oil.
In addition, the company said it expects the Kazakh government to rename national production to differentiate it from oil produced in Russia.
"Our oil is Kazakh oil not Russian oil, even though at present they are both termed Urals oil. It is only an accident of geography that the current delivery mechanism takes it through Russia," Caspian said.
Shares at 0717 GMT were down 2.9% at 17.00 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
June 06, 2022 04:01 ET (08:01 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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