Member Info for Kheldar

There is no legal requirement for the company to publish the FY accounts prior to the AGM.

The documents that must be presented at the AGM are:

The Company’s Annual Financial Report

The Director’s Report

Auditor’s Report

https://meetingpulse.net/blog/requirements-of-an-annual-general-meeting/#:~:text=The%20documents%20that%20must%20be,Auditor's%20Report

As the Financial Accounts can impact the share price they need to make sure they are available publicly at same time as they are available at the AGM so they have until 11am on Friday for the rns.

IMO they are trying to get the CE sale pushed through so that they can appease the restless natives by paying a special dividend.

Then again this is Casp and maybe Clive has forgotten about the AGM altogether.

@Somm - You say they decided to drill the 803 Deep Well as the COS is much better with the 802 Deep Well flowing commercial quantities of oil from a stones throw away.

All we know is that 802 well was flowing commercial quantities of oil for a few days as per the January RNS when current production was 'in excess of 3k'. The latest rns says current oil production is 2000 and they are waiting for some parts to complete 802 well. Surely this kind of decision can't be made just based on the fact that 'oil flowed' from an open hole. It goes completely against what they told us in FY2022.

I think it is the most pertinent question as they changed course from increasing production to 5k bopd and dividends back to throwing everything at 802 and now 803.

I think what Casp board say on this will determine a lot on what happens to the share price.

This is a snippet from the last rns:

"Preparatory work has begun at Deep Well 803 which is to be drilled on the Yelemes Deep structure. The Company plans to spud the well in Q3 and complete it before the end of the year in accordance with this year's work programme commitments."

Could someone ask Clive when they decided to include 803 in this year's work programme? This has not been mentioned in any previous RNS and us PIs only found out when we saw the tender on Bico. In the last FY2022 statement Clive stated we will not be drilling any new deep wells unless they manage to successfully flow one of the existing wells. So what has changed for them to include 803 in this years work programme as far as we know none of the existing deep wells are flowing.

IMO any positive news on 802 or 142 will sustain current share price. I'm still holding as I think we may be thrown some crumbs about how close they are to getting these operational.

ATB and as usual DYOR.

Looks like the chancers from yesterday selling up. I hate these chancers lol - only kidding.

Clive needs to pull a rabbit out of the bag at the AGM otherwise the share price will stay down until 802 news in a couple of months.

The pump tender stated north west yelemes so must be for the Deep structure unless even Casp don’t their N from S.

Adding 2 and 2 together :

LLP " BNG LTD " (BNG Ltd) announces a tender: Purchase of a demulsifier for the "Elemes North-West" field

Demulsifier - separates from oil and water

Elemes north west = deeps (correct me if im wrong)

Officially we have been told 2 more months ‘work’ on 802.

Now imo the glass half full answer is there’s oil oil oil in structure and we going to find out in 2 months the production rate

But this is caspian where Carver can make 2 plus 2 equal 7 so as usual dyor and come up with your own wacky answer.

@daisydo - lol

Some crazy shenanigans going on bid and ask showing as 4.3 and 4.4 and someone has paid 4.45p and 4.5p. Earlier someone paid 4.2p when it was 4.07p. Someone new at trading getting skinned?

@smartyp1 - I hope the chancer feckers have to buy their shares at a higher price haha. The 4.2p buy was bizarre as you said could have bought it cheaper. I hope it wasn't the 1m dumper from yesterday as I'm hoping they are having a case of fomo.

Clive knows he will have unhappy investors if they've agreed to share the $15m isatay contract so I very much doubt that will happen .

There is no getting away from the fact they have fecked up the last 6 months and spent the money and hence the reason for the 50% sale of CE. They will pay a special dividend to placate the investors. Personally I think they should keep the money for operations.

As I have said previously there won't be Operations news for a couple of months. The only thing that will drive this short term is what they tell us about 802. Don't forget on the RNS they said they moving back to 802 so that must mean the equipment has arrived (guessing here but maybe the equipment is the pump tender as it does say for north yelemes). Depends on the story they spin but if it is believable then share price will rise otherwise even if they give us a dividend I think we will languish around this price until we get concrete Ops news on 802 or 142.

Hence my no buy and no sell policy. lol

ATB and as usual DYOR.

As usual silly trading going on which doesn't even reflect the enterprise value of the company. For instance the 50% of CE is valued at $22.5m it stands to reason the asset is currently worth $45m (I personally think its more but that's another story altogether). On top of this we have $15m income coming in. All that adds to $60m or £48m.

Current Map is £90m so basically all our infrastructure, equipment and the oil structures are valued at £42m. Seriously ? haha

The share price does not reflect the value of the company and as long as we have a small number of investors and low liquidity this will continue.

Somm is right there is no ay they will pay the quarterly dividend - see my previous messages. However, I think they will pay a special dividend form the 50% sale of CE. My guess is they will pay $3m.

A small number of chancers are trying to pick up shares as cheaply as possible. Like I said before don't buy and don't sell the price will look after itself.

ATB and glass still half full

@badgernator - The board did spell out the conditions for paying the dividend and I for one didn’t read it until yesterday. Have a look at FY2021 accounts posted in June 2022 page 19.

"At current international prices with current levels of production the income from export of sales is sufficient to cover day to day costs, GA costs , cost of two new deep wells A7 & 802 and to fund planned dividend payments" .

The current levels of production was based on 4000 bopd. When they started paying the dividend it was 2400 bopd. It’s my opinion they must have been under pressure from WCP and started paying the dividend and hoping for success in Q1 either on 802 well or bringing 142 well online. It looks like they hit the perfect storm - suspension on 802 well, remedial work failed on 142, falling oil price and falling oil production.

This doesn’t mean that they won’t pay a dividend. They are getting $22.5m from 50% sale of CE and if bico is to be believed we have tenders for 142,150, 155 and 803 which have a total cost of $13m. That leaves them $9.5m out of which they could pay $3m and maybe use the rest for A7 and 802?

I didn’t sign on for a one off dividend so I’d rather they used the money to fix whatever has caused the 400 bopd reduction or keep in case more funds are needed. Imo only two things will underpin the share price in the short and long term, increase in production on shallow wells and /or a successful deep well. They should get on with it and get the the work done on 142 and 802.

Clive has already told us 2 more months before we hear about 802 and we know they are going to sidetrack 142. @Somm or anyone else have any idea on how long it will take to sidetrack?

Imo there isn’t going to be any operational news for next couple of months (maybe longer as CC’s estimates are usually out lol) so the only play is the dividend. We may get a price spike but once dividend is paid then we will be back here. One thing I've learned this year is that Casp is not a leaky ship so until they tell us of any successful work it's all guess work.

For me this is a hold. With no news for next couple of months or more there will be chancers who will try to push the price down because of the low liquidity and small free float. Let them play but reason I say not to buy is then it forces them to buy back their shares at a lower price. I am a bit of a conspiracy nut so this may all be delusion on my part.

As usual all the above nonsense is my opinion based on what I think I know today but be smart and DYOR.

The only constant is I am still glass half full.

Sorry bull letting off a bit of steam.

I was hoping the company will announce an increase in production and regular dividends. The price would then reflect the company.

Now we are not going to know for another couple of months which means these lows and highs will continue.

Company has lost 400 bopd and CC doesn’t thing we deserve to know the reason.

The company has not declared the quarterly dividends so those have stopped.

They have sold 50% CE and may use that to pay the dividend but it’s not dividend from production but more a special dividend.

All I see are large holders buying via their trading accounts and are trying to create a spike so they can dump these shares.

Look at the shares being traded they are minute in comparison to share issue. The low liquidity is causing these large spikes.

Hold and wait for news from company.

Don’t sell and don’t buy , stop feeding this false market.

Rant over.

Unfortunately you won’t ever find out who the directors are because of the jurisdiction where the company is registered.

The journalist who uncovered the Panama leaks have put the information online for anyone to see.

I checked stepping stones but the only company I found was dissolved years ago. My guess is an SpV has been setup for this transaction so we won’t find any information on it. This is how it is normally done so don’t read anything untoward an into it.

If anyone is interested google offshore leaks database if anyone is interested in looking at how other companies are linked

The wording of the rns and then seeing the bicotender for well 142 seems to imply that the remedial work failed and they are having to sidetrack. If that is the case then I would guess we won’t have much operational news for next couple of months.

Fair play you did call out they may have CF constraints but I stupidly decided to believe Carver. The normal dividend is not getting paid but they may pay a special dividend if they get the money for CE.

Problem here is low liquidity and small number of investors. Yesterday we had 2.05m shares sold and 1.9m bought and we ended up 5% down when there are 2.2 billion shares in circulation! It doesn’t take much to bring this share down and the main cause is the poor comms from the company.

A large holder can and have gamed this share as I have said previously. My advice is ignore the daily fluctuation in share price and wait for 142 and 802 results. Let the large PI shareholders play pass the parcel with their shares.

@thetrotsky - sorry to see you sell out mate but can’t argue with your reasoning. Good luck.

I think the speeding ticket was needed to bring the price down so their friends can join. Amazing stuff.

With what they have announced they may get bought out before any dilution can kick in lol

@smartyp1 - The accounts from last year will not be of much use because the price of oil was up. It's the 6 month financial update that I want to see. It will show what the average production has been last 6 months and also what have they actually done as I'm in the dark.

The comms here are so bad it borders on reckless. Lets just say if CC had released an rns saying sorry guys we've had to suspend 802 and we have since been doing remedial work on 142 to get it back online. Unfortunately this hasn't worked so we need to drill it again. The good news is we have managed to sell 50% of CE for $23m and we intend to use that money to drill more shallow wells (see bico 150,155) and also because of the positive results we have seen on 802 we are drilling 803 as well. The company has made the decision not to pay the dividend but instead concentrate on the next 6 months to get shallow structure production to 5k bopd and wells 802 and 803.

If he had said that I would have understood sheite happens and I would be happy to buy more.

At the moment I am holding because the landscape will look different around September and October. If they want more investors then they need to communicate better.

Bull - I don’t understand the fascination with seeing the accounts as that only covers the twelve months in 2022. We need to know what they have been doing the last 6 months.

Today is just frustration from investors and it will likely continue until company at leat promises the dividend.

As Somm said yesterday things will look a lot brighter in final quarter of this year with the work planned so need to switch off and come back for that.

If someone needs the money they can sell up and I’m sure Smartyp1 will pick up the shares and sell them back to them when it’s 6p :-)

Hi Somm

Carver is right. The actual sale of CE didn’t complete until October 2020 at which point the share price had fallen.

See this rns: https://www.lse.co.uk/rns/CASP/completion-acquisition-of-the-caspian-explorer-ao5rws0xvoty5r7.html

@Somm - how confident are you that the contract we already have for the CE would not mean giving 50% to this Seychelles company? Fair enough they get 50% profit from any new contracts but not that one.

@Smartyp1 - of course CE is worth more than $45m. Just 2 contracts next years alone will bring in $30m - let that sink in.

My annoyance is we have been lumbered with the CE when it was non productive but at the moment it has become our biggest earner the BOD decide to sell 50%. Funny isn't it Seychelles rules mean you don't get to know who the directors are and all overseas income is not taxed. Wonder who is the beneficiary?

A while back there was a trawl of data that got leaked about these offshore vehicles. I'll have a look tonight to see if there is any information on this company.

One question that needs to be asked of the BOD is from what point does this new company start getting the profit from CE. If it is starting now then that means they have actually only paid $7m lol. You're right great pension if you know how to get it.

I'm holding and really don't understand why peeps are selling unless you need the money in which case fine. When we get taken out it will be for more than current price because the 2k bopd and 50% of the CE underpins the market cap here.

IF the BOD were more truthful with what has been going on I would put in more money. The news doesn't even need to good as long as it shows some progress irrespective of setbacks. I'm an investor not a day trader and so not fussed about daily movements. If it was good news I still wouldn't have sold so doesn't really make a difference to me. I'm here for the end game whether that is bods pushing the PIs out for pittance or we get a proper rating for our assets.