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
Contacts:
Caspian Sunrise PLC
Clive Carver
Chairman +7 727 375 0202
