Business
Exemption from future Historic Costs at the BNG
Caspian Sunrise PLC has received notification from the Investment Committee of the Government of the Republic of Kazakhstan that the BNG deep structures will transition to typical contract terms, leading to an expected reduction in certain tax obligations, including Historical Costs payments. This development is considered a major positive, as it is anticipated to accelerate the development of this highly prospective asset for the benefit of all stakeholders. Disclaimer*
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n\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\")\nExemption from future Historic Costs at the BNG Contract Area\n \nThe Board of Caspian Sunrise is pleased to announce that the Investment Committee of the Government of the Republic of Kazakhstan has notified the Group that the BNG deep structures will be transitioned to the terms of a typical contract, as a result of which the Group expects a reduction in certain tax obligations, including Historical Costs payments, related to the BNG deep structures.\n \nThe expected reduction of certain tax obligations, including Historical Costs payments, related to the BNG Contract Area's deep structures is therefore a major positive development for which the Investment Committee should be congratulated. It should help enable a potentially world class asset to be developed for the benefit of all stakeholders including the Kazakh state.\n \nComment\n \nClive Carver, Chairman said\n \n\"The expected reduction in Historic Costs at the BNG Contract Area deep structures will speed up the development of this highly prospective asset.\"\n \nContacts:\n \n\n\n\n\nZeus\nJames Joyce\nJames Bavister\nAndre de Andrade\n\n\n+44 (0) 203 829 5000\n\n\n\n\n \n \nThis announcement has been posted to:\nwww.caspiansunrise.com/investors\nMr. Sunjin Chang, a member of the Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.\n \nThe person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.\n \nThis announcement has been posted to:\nwww.caspiansunrise.com/investors\n \n \n \n \n \n \n \n \n \n \n \n \n\n","length":5111,"tagName":"di...