21st Sep 2021 14:16
Caspian Sunrise PLC - Central Asian oil & gas exploration and production company - Revenue for six months to June 30 doubles to USD10.1 million from USD5.0 million a year ago, leading to a pretax profit of USD3.4 million for the period, swinging from a loss of USD1.4 million.
"The principal catalyst for the recovery in the group's fortunes has been the dramatic improvement in both the world oil price and the price at which domestic production has to be sold in Kazakhstan," it says.
Notes that international oil price recovered to USD75 per barrel from pandemic lows of USD16, staying above USD50 per barrel for the majority of the recent half-year period.
"The sharp improvement in oil prices together with increased production and the first contributions from the Caspian Explorer and the conditional 3A Best farm-out have resulted in a much improved financial position. This in turn has allowed a more expansive approach to the development of BNG, which is has already led to increased production," it says.
Current stock price: 3.13 pence, up 4.3% on Tuesday
Year-to-date change: up 39%
By Lucy Heming;Â [email protected]
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