Caspian Sunrise PLC - Kazakhstan-focused oil & gas exploration and production company - Following shareholder approval, will issue 139.7 million shares in order to convert USD6.2 million in debt.
From its shallow wells, in February Caspian has produced at the rate of 2,396 barrels of oil per day. To date, the company has not suffered by material effect from the sanction imposed in Russia.
"With oil prices at record levels and increasing production volumes we look forward to a period of cash generation. Accordingly, we intend to put resolutions to the annual general meeting planned for June 2022, which if passed and if approved by the UK Court, would allow the commencement of dividends with an initial dividend expected to be declared in July 2022 and with the main dividend for the year expected to be declared in December 2022," says Chair Clive Carver.
Current stock price: 4.25 pence, up 16%
12-month change: up 70%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Caspian Sunrise (CASP)