Caspian Sunrise has updated shareholders with news of improved terms on the proposed conditional disposal of the MJF and South Yelemes shallow structures at the BNG Contract Area, which was originally announced on 14 May 2024.
Background
The Group owns 99% of BNG Ltd LLP, the Kazakh entity which holds all the licences issued to develop the BNG Contract Area, which has four structures, being the two shallow structures MJF and South Yelemes and the two deep structures Airshagyl and Yelemes Deep.
On 14 May 2024 the Company announced the proposed disposal of the MJF and South Yelemes structures for an aggregate headline consideration of $83 million. It also announced that the proposed purchaser, Absolute Resources, had been granted a 90 day exclusivity period to conclude its due diligence.
Revised terms
The Board is pleased to update shareholders with news that the proposed disposal terms have been improved increasing the expected headline consideration to $88 million. In addition, the exclusivity period has been extended until 31 August 2024 to provide time to conclude a formal sale & purchase agreement.
Shareholders are advised that until a binding agreement has been entered into and its conditions been met there can be no certainty a sale will complete and that completion would in any event require shareholder approval and receipt of the customary regulatory and tax consents in Kazakhstan, the UAE and the UK.
BNG Contract Area
The BNG Contract Area is in the west of Kazakhstan 40 kms southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 sq kms of which 1,376 sq kms has 3D seismic coverage acquired in 2009 and 2010. Caspian became operators at BNG in 2011, since when it has identified and developed both shallow and deep structures. Click here for further info.
Source: Caspian Sunrise
