(Alliance News) - Caspian Sunrise PLC on Monday said that the UK's new windfall tax on oil companies does not apply to its operations and announced its plans to pay a dividend to shareholders in July.
Shares in the Kazakhstan-focused oil & gas exploration and production company were up 5.8% to 4.13 pence each on Monday midday in London.
Caspian Sunrise confirmed that the new windfall tax only applies to companies operating in the North Sea or the continental shelf and therefore does not effect its operations.
Further, Caspian Sunrise said that on Friday the High Court of England and Wales approved a draft order to effect the company's cancellation of its share premium account and its deferred shares. A final hearing is expected to be held before the end of June, where the company expects the High Court to confirm that the cancellation can proceed.
The company said that it intends to make dividend distributions on a quarterly basis starting in July.
By Sophie Rose; sophierose@alliancenews.com
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Caspian Sunrise (CASP)