21st Jun 2019 12:14
(Alliance News) - Caspian Sunrise PLC on Friday said it has received the signed protocol from the Ministry of Energy for the MJF licence in Kazakhstan.
Shares in Caspian Sunrise were up 5.1% at 11.70 pence in mid day trading.
This protocol is the last major hurdle before the oil and gas explorer achieved full export status status for its MJF structure. The protocol includes "confirmation of all the significant commercial terms requested" by Caspian.
The remaining step for Caspian is to obtain the signed licence upgrade contract for the licence, after which most oil from the MJF structure can be sold at international prices rather than domestic prices. MJF contains Caspian's flagship BNG contract area.
Caspian Executive Chair Clive Carver said: "As Caspian Sunrise followers know we have been waiting some considerable time for the MJF licence upgrade. The impact of its ultimate award on the economics on the group, with the ability to fund new wells and to workover others, is expected to make a significant difference to the profitability of the group and the pace at which our assets can be further developed.
"We look forward to confirming the formal licence award in the near future."
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