Business
Disposal of the shallow MJF & Notice of GM
Disposal of the shallow MJF & Notice of GM.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n \n \n \nCaspian Sunrise PLC\n(\"Caspian Sunrise\" or the \"Company\" and together with its subsidiaries, the \"Group\")\n \nDisposal of the shallow MJF & South Yelemes structures\n \nand\n \nNotice of General Meeting\n \nHighlights\n \n· On 3 September 2024 the board of the Company (the \"Board\") announced it had entered into a conditional and binding term sheet (the \"Heads of Terms\") with Absolute Resources LLP (\"Absolute Resources\") for the disposal of the shallow MJF and South Yelemes structures (the\"MJF and South Yelemes Structures\") on the BNG contract area, which is located in the west of Kazakhstan, 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres, and the oil and gas assets and operations carried out therein (the \"BNG Contract Area\") for a headline cash consideration of the Kazakh Tenge equivalent of approximately US$88 million and that a further advance payment of approximately US$12 million is due to be received in the next few days taking the upfront consideration then received to approximately US$14 million (the \"Disposal\"). The Disposal will be effected by way of the sale to Absolute Resources of the entire issued share capital of a Group entity to be established in the Astana International Finance Centre (the \"NewCo\").\n \n· The deep structures on the BNG Contract Area, namely the Airshagyl and Yelemes Deep structures, are not part of the proposed Disposal.\n \n· Under the AIM Rules the proposed Disposal is of a sufficient size relative to the Group to require shareholder approval. A shareholder circular including a notice convening a General Meeting to be held at 11.00 a.m. on Thursday 26 September 2024, to seek shareholder approval of, among other things, the Disposal will today be posted to shareholders (the \"Circular\") and will also be uploaded to the company's website at\nhttps://caspiansunrise.com/investors/circulars-documents .\n \nExtracts from the Circular are included below.\n \nContacts:\nCaspian Sunrise PLC\n\n\n\n\nClive Carver, Chairman \n\n\n+7 727 375 0202\n\n\n\n\n \nZeus Capital Limited\n\n\n\n\nJames Joyce\nJames Bavister\nAndrew de Andrade\n\n\n ...