Caspian Sunrise (CASP)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

2.55p
   
  • Change Today:
      0.15p
  • 52 Week High: 8.40
  • 52 Week Low: 2.30
  • Currency: UK Pounds
  • Shares Issued: 2,250.50m
  • Volume: 1,745,232
  • Market Cap: £57.39m

Caspian Sunrise agrees sale of 50pc of Explorer vessel

By Josh White

Date: Monday 12 Jun 2023

LONDON (ShareCast) - (Sharecast News) - Gas and oil explorer Caspian Sunrise announced the conditional sale of a 50% stake in the Caspian Explorer drilling vessel for cash consideration of $22.5m on Monday.
The AIM-traded firm said the sale remained subject to the receipt of payment, and the re-registration of the sale shares in the United Arab Emirates.

It said the buyer of the stake was Stepping Stone Investments , a Seychelles-based company.

The Caspian Explorer is a specialised drilling vessel designed for use in the shallow northern Caspian Sea, where traditional deep-water rigs are not suitable.

Caspian Sunrise acquired the vessel in 2020 for $3.7m and has since used it for a safety-related contract with the North Caspian Operating Company.

In March, Caspian Sunrise announced its first drilling contract, scheduled for the summer of 2024.

The contract involves drilling a well to a planned depth of 2,500 metres for the Isatay Operating Company - a Kazakh registered explorer in which Italy's ENI is a prominent participant.

Caspian Sunrise said the conditional sale of the 50% stake pertained to Prosperity Petroleum FZE, a UAE-registered holding company of KC Caspian Explorer, which in turn owns the Caspian Explorer drilling vessel.

"The carrying value in the group's 2021 financial statements of 100% of the Caspian Explorer was $3.6m," the board said in its statement.

"The disposal would therefore be expected to result in a gross accounting profit of approximately $20m."

In the year ended 31 December, the Caspian Explorer had no revenue and costs of approximately $0.85m.

"The proceeds from the sale would be used in the further development of the group's assets."

At 1248 BST, shares in Caspian Sunrise were down 4.58% at 5.25p.

Reporting by Josh White for Sharecast.com.

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CASP Market Data

Currency UK Pounds
Share Price 2.55p
Change Today 0.15p
% Change 6.25 %
52 Week High 8.40
52 Week Low 2.30
Volume 1,745,232
Shares Issued 2,250.50m
Market Cap £57.39m

CASP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
4.98% below the market average4.98% below the market average4.98% below the market average4.98% below the market average4.98% below the market average
5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average5.26% above the sector average
Price Trend
68.16% below the market average68.16% below the market average68.16% below the market average68.16% below the market average68.16% below the market average
25.93% below the sector average25.93% below the sector average25.93% below the sector average25.93% below the sector average25.93% below the sector average
Income Not Available
Growth
47.23% above the market average47.23% above the market average47.23% above the market average47.23% above the market average47.23% above the market average
16.98% above the sector average16.98% above the sector average16.98% above the sector average16.98% above the sector average16.98% above the sector average

CASP Dividends

  Latest Previous
  4th Interim 3rd Interim
Ex-Div 02-Mar-23 19-Jan-23
Paid 23-Mar-23 16-Feb-23
Amount 0.044p 0.044p

Trades for 01-Mar-2024

Time Volume / Share Price
10:34 7,000 @ 2.51p
10:31 100,000 @ 2.63p
10:30 200,000 @ 2.64p
10:29 300,000 @ 2.46p
08:45 3,850 @ 2.45p

CASP Key Personnel

CEO Kuat Rafikuly Oraziman

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