23rd Jul 2025 14:43
(Alliance News) - Caspian Sunrise PLC on Wednesday said it has received a further USD7 million payment relating to asset disposals worth a total of USD88 million.
The London-based mining company focused on Kazakhstan's oil and gas sector is in the process of selling two structures at its BNG mine, known as MJF and South Yelemes.
So far, Caspian Sunrise has received USD69.1 million of the USD88 million consideration. Of the USD18.9 million outstanding, around USD5.1 million is due over a 12-month period, which starts six months after the sale completes.
A further USD13.8 million will be received quarterly over the next five years to match historical cost obligations.
The disposal is expected to complete before the end of August, following consent and license transfers.
Back in June, Caspian Sunrise delayed the release of its 2024 results due to the "transformative" impact of the disposals at BNG, its primary contract area. The firm was suspended from AIM trading on July 1 after missing the reporting deadline. Later in July, regulators granted approval for the BNG disposals.
Caspian Sunrise is currently pursuing the acquisition of the Block 8 contract area, also in Kazakhstan, and said in June it was nearing the end of this process.
The firm's shares remain suspended in London as of Wednesday.
By Holly Munks, Alliance News reporter
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