MJF Licence Update
Caspian Sunrise PLC
("Caspian Sunrise" or the "Company")
MJF licence update
The Board of Caspian Sunrise is pleased to provide the following operational update at its flagship BNG asset.
The board of Caspian Sunrise are pleased to confirm that the signed protocol from the Ministry of Energy has been received. The protocol is the final major hurdle in achieving full export status for the MJF structure and contains confirmation of all the significant commercial terms requested.
The final regulatory step is to receive the signed licence upgrade contract itself, following which the majority of the oil produced from the MJF structure will be able to be sold by reference to international rather than domestic prices.
Clive Carver, Executive Chairman commented:
"As Caspian Sunrise followers know we have been waiting some considerable time for the MJF licence upgrade. The impact of its ultimate award on the economics on the Group, with the ability to fund new wells and to workover others, is expected to make a significant difference to the profitability of the Group and the pace at which our assets can be further developed.
We look forward to confirming the formal licence award in the near future."
Caspian Sunrise PLC
+7 727 375 0202
WH Ireland, Nominated Adviser & Broker
+44 (0) 207 220 1666
Yellow Jersey PR
+44 (0) 203 735 8825
Mr. Nurlybek Ospanov, Caspian Sunrise PLC's Chief Geologist / Technical Director who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.
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