Caspian Sunrise PLC (LSE:CASP) has secured regulatory approval for the $88 million divestment of its MJF and South Yelemes fields, marking a major milestone in its asset disposal strategy. The transaction is set to strengthen the company’s financial position, with proceeds earmarked for advancing existing operations, launching new projects, and bolstering working capital.
Completion of the sale is also expected to aid in the company’s efforts to resume share trading, currently suspended pending the finalization of financial audits. The move is part of Caspian Sunrise’s broader plan to streamline its portfolio and refocus on high-impact exploration and development assets.
About Caspian Sunrise PLC
Caspian Sunrise is an oil and gas exploration and production company with operations primarily in Kazakhstan. The company is actively involved in developing several energy projects, including the BNG deep structures and the West Shalva Contract Area. With a focus on expanding its resource base and enhancing operational efficiency, Caspian Sunrise aims to position itself for long-term growth in the regional energy sector.
Leave a Reply