Caspian Sunrise plc UK Oil Company Windfall Tax & Dividend Update (1597N)

TIDMCASP

RNS Number : 1597N

Caspian Sunrise plc

30 May 2022

Caspian Sunrise PLC

UK Oil Company Windfall Tax & Dividend Update

UK Oil Company Windfall Tax

For the avoidance of doubt the Board is pleased to confirm that the UK's new windfall tax on oil companies applies only to companies operating in the North Sea or the Continental Shelf and therefore does not apply to Caspian Sunrise.

Dividends

On 27 May 2022 the High Court of England and Wales approved the draft order to effect the Company's cancellation of its share premium account and its deferred shares. A final hearing is expected to be held before the end of June 2022, where the Company expects the High Court will confirm the cancellation can proceed, clearing the way for Caspian Sunrise to make dividend distributions to shareholders.

It is the Company's intention that such dividend distributions commence on a quarterly basis starting in July 2022.

Caspian Sunrise PLC

Clive Carver

   Executive Chairman                                                                [phone] 

WH Ireland, Nominated Adviser & Broker

James Joyce [phone]

Andrew de Andrade

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFFFELIAFIF

(END) Dow Jones Newswires

May 30, 2022 02:01 ET (06:01 GMT)