21st Feb 2025 11:22
(Alliance News) - Caspian Sunrise PLC on Friday said it received the final approval needed to start work on the West Shalva contract area in western Kazakhstan.
The Kazakhstan-focused oil and gas exploration and production company said it received consent under the Kazakh anti-monopoly legislation, the final substantive approval.
The company is now proceeding with the re-registration of CS Energy LLP, which is required to take up to a further two months to finalise. Following the acquisition, Caspian will issue 99.2 million shares due under the first tranche of the consideration.
The West Shalva contract area is rectangular in shape and extends over about 25 square kilometres. It is located in the oil-producing Zhetybay Steppe area in the Mangyshlak region of western Kazakhstan.
Chair Clive Carver said: "We are pleased to have cleared the final substantive regulatory hurdle in the acquisition of the West Shalva contract area. Drilling the first well is set to commence soon and we look forward to updating shareholders with the outcome in due course."
Caspian shares rose 1.6% to 3.20 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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