CASPIAN SUNRISE PLC

Regulatory Filings • Jun 21, 2019

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 9522C

Caspian Sunrise plc

21 June 2019

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

MJF licence update

The Board of Caspian Sunrise is pleased to provide the following operational update at its flagship BNG asset.

The board of Caspian Sunrise are pleased to confirm that the signed protocol from the Ministry of Energy has been received.  The protocol is the final major hurdle in achieving full export status for the MJF structure and contains confirmation of all the significant commercial terms requested.

The final regulatory step is to receive the signed licence upgrade contract itself, following which the majority of the oil produced from the MJF structure will be able to be sold by reference to international rather than domestic prices.

Clive Carver, Executive Chairman commented:

"As Caspian Sunrise followers know we have been waiting some considerable time for the MJF licence upgrade.  The impact of its ultimate award on the economics on the Group, with the ability to fund new wells and to workover others, is expected to make a significant difference to the profitability of the Group and the pace at which our assets can be further developed.

We look forward to confirming the formal licence award in the near future."

Caspian Sunrise PLC
Clive Carver Executive Chairman	+7 727 375 0202
WH Ireland, Nominated Adviser & Broker
James Joyce Jessica Cave James Sinclair-Ford	+44 (0) 207 220 1666
Yellow Jersey PR Tim Thompson Henry Wilkinson	+44 (0) 203 735 8825

Qualified Person

Mr. Nurlybek Ospanov, Caspian Sunrise PLC's Chief Geologist / Technical Director who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.

This announcement has been posted to:

www.caspiansunrise.com/investors

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

UPDPGUGGQUPBGQU