Caspian Sunrise shares gain as it secures production licence

(Alliance News) - Caspian Sunrise PLC on Friday said it has secured a production licence for the BNG contract area, which allows it to sell the majority of produced oil to the international market.

The Kazakhstan-focused oil and gas exploration and production company said the licence is for the Airshagyl structure, which it said forms part of the two deep structures at the BNG contract area.

The previous appraisal licence expired in the third quarter of last year, and so the awarding of the new production licence permits the resumption of work. Caspian Sunrise said it also means that most of the oil produced from the structure can be sold to the international market.

Its shares were flat at 2.70 pence on Friday afternoon in London.

Caspian said the licence approval has been granted on an initial three-year basis, with it having submitted an application for a 25-year licence to the Kazakh authorities following the previous expiration.

The firm added that it has made a similar application for a 25-year production licence regarding the Yelemes Deep structure.

By Christopher Ward, Alliance News reporter

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