Business
Award of licence at the BNG Contract Area
Caspian Sunrise plc has been awarded an extension to its Yelemes Deep licence at the BNG Contract Area, allowing development work to resume at Deep Well 803 where oil was previously detected. This follows the award of a 25-year production licence for the Airshagyl structure in May 2025, which confirmed reserves of 26 mmbls. The company previously sold two shallow structures in July 2025 for $88 million and has invested over $100 million in the BNG Contract Area since 2008. Disclaimer*
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \nCaspian Sunrise PLC (\"Caspian Sunrise\" or the \"Group\")\n \nAward of licence at the BNG Contract Area\n \nIntroduction\nThe Board of Caspian Sunrise is pleased to update shareholders with news of the award of an extension to the previous Yelemes Deep licence at the BNG Contract Area.\n \nBackground\nThe BNG Contract Area is located 40 km southeast of the world class Tengiz oilfield and comprises both shallow and deep structures.\n \nShallow structures\nIn July 2025 two of the shallow structures were sold for a headline cash consideration of $88 million.\n \nThe BNG Contract Area contains other potential shallow structures, which the Group may seek to develop in the future.\n \nDeep structures\nThe two deep structures developed to date are the Airshagyl and Yelemes Deep structures at which since 2008 the Group has invested in excess of $100 million.\n \nThe joint estimation licence for the Airshagyl and Yelemes Deep structures expired in August 2024 following which applications for two separate 25 year production licences were submitted.\n \nAirshagyl structure licence\nIn May 2025 a 25 year production licence was issued for the Airshagyl structure for an initial three year period.\n \nWhen issuing the Airshagyl production licence the Kazakh State Geology Committee confirmed reserves of 26 mmbls under the former Soviet C1 classification system. These reserves may be increased during the initial three year period based on further drilling.\n \nFollowing the licence upgrade at the Airshagyl structure work is once again permitted and we are currently seeking to bring Deep Well A6 into commercial production.\n \nYelemes Deep structure licence\nThe Kazakh authorities have now extended the previous estimation licence covering the Yelemes Deep structure...