CASPIAN SUNRISE PLC

M&A Activity • May 12, 2017

National Storage Mechanism | Additional information

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RNS Number : 0255F

Caspian Sunrise plc

12 May 2017

Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")

formerly Roxi Petroleum Plc

Final approval received for the Baverstock merger

Introduction

Further to the RNS dated 27 February 2017, Caspian Sunrise plc (formerly Roxi Petroleum plc) ("Caspian Sunrise"), the Central Asian oil and gas company, with a focus on Kazakhstan, is pleased to update the market with news of receipt of the final material consent required to implement the Baverstock Merger.

Background

Caspian Sunrise has a 58.41% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,702 square kilometres. The block has both shallow and deep structures of interest. Following completion of the Baverstock Merger The Company's interest in BNG will be 99%.

Baverstock Merger update

On 24 March 2017 the independent shareholders of the Company approved the merger between Roxi Petroleum and Baverstock GmbH ("Baverstock"), to form Caspian Sunrise. Under the terms of the merger up to 651,436,544 new Caspian Sunrise shares, representing 41.59% of the then enlarged share capital, will be issued fully paid to the Baverstock Quotaholders on completion.

Additionally, on 24 March 2017 independent shareholders also approved the capitalisation of the $10.1 million Vertom International NV ("Vertom") loan. This will result on completion in the issue of a further 80,804,200 new Caspian Sunrise shares to Vertom, a company controlled by Kuat Oraziman the Caspian Sunrise CEO.

The Company is pleased to report that the formal consent of the Kazakh authorities to the merger has now been received. This is the final material consent to allow the merger and the associated capitalisation of the Vertom loan to proceed.

Accordingly the Company now expects formal completion of the merger and the capitalization of the Vertom loan to take place without delay. A further announcement will be made in due course.

Ends

Comments:

"The merger with Baverstock was a complicated but essential part of the longer term progression for the Company and the development of our principal asset BNG.  Now the final material consent has been received and completion of the merger is imminent we can focus exclusively on the development of the BNG Contract Area at a pace to suit our shareholders.

Caspian Sunrise plc                                                                                   +7 727 375 0202

Clive Carver

Executive Chairman

WH Ireland, Nominated Adviser & Broker                                 +44 (0) 207 220 1666

James Joyce / James Bavister

Abchurch                                                                                                          +44 (0) 2017 398 7700

Tim Thompson / Rebecca Clube

This announcement has been posted to:

www.caspiansunrise.com/roxi/en/investors.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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