(Alliance News) - Caspian Sunrise on Monday said it sold 50% of the Caspian Explorer to Stepping Stone Investments Ltd.
The Kazakhstan-focused oil and gas exploration and production company said it sold 50% of the shares in the United Arab Emirates-registered Prosperity Petroleum FZE, a holding company in the Kazakh-registered KC Caspian Explorer LLP, which owns the Caspian Explorer drilling vessel.
The sale was for USD22.5 million.
Meanwhile, the company said that work at its deep well 802 on the Yelemes Deep structure in Kazakhstan was suspended due to sanctions on Russia and now needs to be sourced via China "with much longer lead times".
It added that deep well 803, also on the Yelemes Deep structure, is planned to spud in the third quarter of 2023.
Caspian Sunrise shares fell 6.9% to 5.12 pence each on Monday morning in London.
By Tom Budszus, Alliance News reporter
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Caspian Sunrise (CASP)