Business
Interim results for six months ended 30 June 2023
Interim results for six months ended 30 June 2023.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\n \nCaspian Sunrise PLC (\"Caspian Sunrise,\" \" the Group\" or the \"Company\")\nInterim results for the six months ended 30 June 2023\n \nHighlights\n \nOperational\n· Aggregate production in the period 351,620 bbls (2022: 414,048 bbls)\n· Post period end production 1,953 bopd (2022: 2,264 bopd)**\n· First commercial drilling contract for the Caspian Explorer signed\n \nFinancial\n· Total revenue $17.3 million (2022: $25.6 million)\n· Revenue from oil production $12.5 million (2022: $24.4 million)\n· Revenue from sales trading $3.8 million (2022: $ nil)\n· Revenue from drilling activities $1.0 million (2022: $1.2 million)\n· Gross Profit $12.4 million (2022: $18.9 million)\n· Operating profit $8.1 million (2022: $10.3 million)\n· Profit before tax $7.9 million (2022: $10.0 million)\n· Profit after tax $7.5 million (2022: $7.3 million)\n· Net current liabilities $24.6 million (2022: $13.1 million)\n· Cash $0.5 million (2022: $5.0 million)\n· Total assets $130.7 million (2022: $112.5 million)\n· Dividends paid in the period $3.0 million (2022: nil)\n \n \n** based on production at end August 2023 & and end August 2022\n\n\n \nIntroduction\nI am pleased to present the unaudited interim results for the six months ended 30 June 2023.\n \nOverview\nThe Group's principal activities are the exploration, production and sale of oil from oilfields in the Mangistau Oblast in Kazakhstan, which borders the north-east shore of the Caspian Sea. Additionally, the Group provides onshore and offshore drilling services to third parties.\n \nThe board believes the geological conditions present at Kashagan and Tengiz oil fields, which are both world class discoveries and valued in the billions of dollars, may extend to the Group's flagship BNG contract area and further to the Block 8 contract area, which the Group is in the process of acquiring.\n \nIf so, and in particular if the Group can achieve commercial flow rates from the deep structures at these contract areas, there should be very significant value in the Company's shares.\n \nOperating in Kazakhst...