Caspian Sunrise plc (CASP.L) Interim results for the six months ended 30 June 2021

Financial highlights

During the period

Six months ended 30 June

2021

2020

$’m

$’m

Revenue

10.1

5.0

Gross Profit

7.7

2.4

Operating profit / (loss)

3.9

(0.9)

Profit / (loss) before tax

3.4

(1.4)

Total assets

124.9

121.9

Cash & cash equivalents

0.3

0.2

Inventories & other current assets

5.6

4.7

Current liabilities

28.4

28.4

· International oil price recovers from approximately $16 per barrel to approximately $75 per barrel

· Revenue doubles

· Gross profit triples

· Mix of export / domestic sales for the period 66% : 34% (2020; 58% : 42%%)

· Cash at the period end $0.3 million

Subsequently

· International oil prices remain strong

· Domestic oil price recovers from approximately $6 per barrel to approximately $20 per barrel

· Proposed $6.2 million debt conversion @ 3.2p per share, subject to regulatory and independent shareholder approval.

· Commitment to clear the path to pay first dividends

Operational highlights

During the period

Six months ended 30 June

Units

2021

2020

Total production

bbls

228,387

272,707

Production for export sales

bbls

150,735

115,233

Production for domestic sales

bbls

77,652

157,474

Average daily production in the period

bopd

1,262

1,494

Daily production at the period end

bopd

1,124

1,268

Current daily production

bopd

1,689

N/A

· 16 % decrease in production

· First horizontal well drilled

· Conditional 3A Best farm out completed

· First charter completed for the Caspian Explorer

· Reserves at 30 June 2021, P1 15.4 mbbls, P 26.6 mbbls

· Appointment of Seekwoo Shin as Chief Operating Officer

Subsequently

· First horizontal well flowed with initial production of 629 bopd reaching a maximum rate of 730 bopd before dropping to current rate of 600 bopd

· Current production 1,689 bopd

· Negotiations for a second charter for the Caspian Explorer at an advanced stage

Read More

Contacts:

Caspian Sunrise PLC

Clive Carver

Chairman  +7 727 375 0202


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