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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 | -1.47% | 3.35 | 3.30 | 3.40 | 3.40 | 3.35 | 3.40 | 615,523 | 13:32:43 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Oil And Gas Field Expl Svcs | 42.95M | 9.76M | 0.0043 | 7.79 | 75.39M |
From May 2019 to May 2024
TIDMCASP
RNS Number : 2173F
Caspian Sunrise plc
11 July 2019
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
MJF licence upgrade signed
The Board is delighted to announce receipt of the much anticipated MJF licence upgrade. Accordingly, the majority of oil produced from the MJF structure on the BNG Contract Area may now be sold by reference to international rather than domestic prices.
Background
Under the licencing system in Kazakhstan, oil produced under an appraisal licence must be sold at domestic prices. Over the last couple of years the domestic price has been in the range of $18-20.
Once a Contract Area, or in this case a structure within a larger Contract Area, has moved to a production licence, the majority of the oil produced from that structure may be sold by reference to international prices.
Under the terms of the new MJF production contract the proportion of export sales to domestic sales is set at the ratio 70:30.
The Company has appointed an agent experienced in marketing oil to the international market and the first sales of such oil are expected in Q3 2019.
Comments:
Clive Carver, Executive Chairman said:
"The arrival of the much heralded MJF licence upgrade, with its near doubling of the price we can expect for the oil produced from that structure, will allow the Company to move forward at faster pace with both our development plans for MJF structure and in bringing our deep wells into production."
Caspian Sunrise PLC Clive Carver Executive Chairman +7 727 375 0202 WH Ireland, Nominated Adviser & Broker James Joyce Jessica Cave James Sinclair-Ford +44 (0) 207 220 1666 Yellow Jersey PR Tim Thompson Henry Wilkinson +44 (0) 203 735 8825
This announcement has been posted to:
www.caspiansunrise.com/investors
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
July 11, 2019 03:58 ET (07:58 GMT)
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