16th Jun 2025 12:58
(Alliance News) - Caspian Sunrise PLC on Monday delayed the publication of 2024 results due to the "transformative" impact of a USD88 million asset disposal, for which approval is still pending.
The London-based mining company focused on Kazakhstan's oil and gas is in the process of selling two structures at its BNG mine, known as MJF and South Yelemes.
The operational handover process is complete, the firm said, but Caspian Sunrise has only received USD15.7 million of the USD88 million purchase price. The deal cannot close until regulatory approval is confirmed.
Caspian Sunrise will not release its annual report until the disposal is complete, or until the approval process is "significantly delayed or withheld", such that it becomes clear a sale will not occur in the near future, or at all.
The report deadline is June 30. Caspian Sunrise will be suspended from AIM trading if it has not released 2024 results by then.
Its shares fell 17% to 2.16 pence on Monday afternoon in London.
Also on Monday, the company noted that its acquisition of the Block 8 prospect in Kazakhstan was proceeding "slowly". Caspian Sunrise is trying to take over UAE-registered firm Procyon Investments Ltd, owner of Kazakh firm EPC Munai LLP, which holds Block 8's mining licenses.
The site includes a structure called Sholkara, whose license had been renewed. Caspian Sunrise said its takeover is going ahead under the original terms, which proposed GBP100 for Procyon shares and a USD5 per barrel royalty on oil produced at Block 8, after Caspian Sunrise begins operations at the site.
The renewal application for another Block 8 structure, Akkaduk, has run out of time, and Caspian Sunrise said it is "no longer interested" in a third structure, known as Toresay.
The company noted: "While the Kazakh court has confirmed this is essentially a matter between the two ministries they have yet to order the renewal of the licence."
By Holly Munks, Alliance News reporter
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