14th May 2018 10:54
LONDON (Alliance News) - Caspian Sunrise PLC on Monday reported a sharp rise in revenue and a narrower loss as financials were boosted by increased production and higher oil prices.
Kazakhstan-focused Caspian, which holds the BNG and Munaily projects in the country, reported revenue for 2017 of USD7.6 million compared to just USD1.6 million in the year before.
The company's pretax loss was USD3.3 million from the year before's USD3.7 million.
Caspian, which changed its name from Roxi Petroleum during 2017, said the major non-operational success of the last few years came last June when it merged with Swiss firm Baverstock GmbH, giving it a 99% stake in both of its main assets having previously held 58%.
Caspian said with most of its drilling costs payable in the Kazakh tenge, and a still depressed climate for rigs, the outlook for continued exploration remains "positive".
However, 2018 has so far been a disappointed. Weather delays, and repeated equipment failures, means Caspian has been unable to get its three deep wells into consistent production so far this year.
Shares were down 1.6% on Monday at a price of 9.59 pence each.
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