Business
Preliminary Unaudited Results year end 31 Dec 2023
Preliminary Unaudited Results year end 31 Dec 2023.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n\nCaspian Sunrise PLC\n(\"Caspian Sunrise\", \"the \"Company\" or the \"Group\" as appropriate)\nPreliminary Unaudited Revenue Statement for the\nyear ended 31 December 2023\n \nIntroduction\nThe Board of Caspian Sunrise is pleased to present its review of 2023 including key revenue numbers derived from the unaudited results for the year ended 31 December 2023.\nAs completion of the Group's audit will not be finalised before the end of June 2024, and in accordance with AIM Rules, the Company's shares will be suspended from trading at 7.30am on Monday 1 July 2024.\nThe Board does not expect the trading suspension to be lengthy and that it will be lifted on the publication of the full audited financial statements for the year ended 31 December 2023, by when we expect further information on the well tests at BNG wells 155 and 803 and details of the Caspian Explorer charter will be available.\nHIGHLIGHTS\n2023 Financial highlights\n· Total revenues $36.7 million (Restated 2022: $40.9 million)\no Oil sales revenues $21.6 million (Restated 2022: $39.2 million)\no Oil trading revenues $10.3 million (2022: nil)\no Oil services revenues $4.1 million. (Restated 2022: $1.6 million)\n \n2023 Operational highlights\n· Production volumes 665,114 barrels (bbls) (2022: 792,284 bbls) \n· Commencement of oil trading\n· Continuing workover programme at MJF structure\n· Horizontal drilling approach at Soviet era South Yelemes wells\n· Deep Well 803 spudded - the third deep well on the Yelemes Deep structure\n· Two new deep wells completed at Block 8\n· First commercial drilling contract signed for the Caspian Explorer\n· BNG shallow structure reserves at 31 December 2023:\no P1 13.6 million barrels (mmbls); (2022 14.3 mmbls)\no P2 24.8 mmbls (2022: 25.5 mmbls)\n2024 Highlights to date\n· Independent shareholder approval of the acquisition of the West Shalva Contract Area\n· Shallow Well 155 spudded in February 2024 and drilled to 2,400 meters now testing a 16 m...