Business
Update regarding the sale of MJF & South Yelemes
Update regarding the sale of MJF & South Yelemes.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\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\n(\"Caspian Sunrise\" or the \"Company\" and together with its subsidiaries, the \"Group\")\n \n \nUpdate regarding the sale of the MJF and South Yelemes structures\n \nThe Board of Caspian Sunrise is pleased to announce that a further approximately $7 million has been received in connection with the disposal BNG Contract Area's shallow MJF and South Yelemes structures (the \"Disposal\") bringing the total received to date to approximately $69.1 million of the $88 million total consideration.\n \nFormal completion of the Disposal is expected before the end of August 2025, following the transfer of various operational consents and licences.\n \nOf the remaining approximately $18.9 million due, approximately $5.1 million is due to be received over a 12 month period commencing 6 months after formal completion and a further $13.8 million is due to be received quarterly over the next 5 years to match the obligations relating to the remainder of the original $32 million MJF Historic Costs assessment.\n \nContacts:\n \n\n\n\n\nZeus\n \n James Joyce\n\n\n+44 (0) 203 829 5000\n\n\n\n\n James Bavister\n Andrew de Andrade\n \nThis announcement has been posted to:\nwww.caspiansunrise.com/investors\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","length":4349,"tagName":"div"}]