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Daisy

Much as I'd like to share your optimism, today's RNS isn't the first reviewed by Ms Danara Junussova. She did the 25th June RNS too.

And today's RNS isn't the first this year from a "new" Qualified Person. We're at 3 and counting so far in 2026.

RNS 23rd March 26 Meirkhan Jumashev - Chairman of the Kazakh Community of Independent Geoscientists (CIC) and a member of the Australian Institute of Geoscientists (AIG) has reviewed and approved the technical disclosures in this announcement. Mr Jumashev is a qualified geoscientist).

RNS 28th Jan 26 - Mr. Sunjin Chang, a member of the Society of Petroleum Engineers, has reviewed and approved the technical disclosures in these financial statements.

And before Mr Chang, on 18th June last year ....Mr. Assylbek Umbetov, a member of the Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.

I'm not sure if today's RNS means Clive walks off into the Caspian Sunrise on 31st Dec, or if he just leaves the board then. Could he stay on as CFO?

Agree he needs to go - but....who to get in, to replace him and Shin and how? These are key hires and I don't rate the interview panel's operational wisdom and judgement that much. I fear they'll use this as another opportunity to snatch defeat from the jaws of victory, appointing another two stooges, rather than a pair with the experience, talent and drive to deliver meaningful drill bit success without giving away 50% of BNG

P.p.s I "asked" Clive. That was a typo :-) GLA

P.s. I'm encouraged by the fact that this new programme, doesn't appear to be being funded by the ME investors.

I aksed Clive at the last meeting if they would up their offer in the drill success case. He said no. Has that deal become too unpalatable for Casp now, in light of what they're seeing at 803? Again...wouldn't that be nice?

Well then. You’ll no doubt be familiar with the lore that it took 3 days to get the well head under control, on GKP’s first drill, when they found even more oil, but much higher quality and at much higher pressures, in deeper reservoirs, they have not drilled since. Big fields get bigger.

How many holes have we drilled to date in a highly prospective area with nowt but bad luck on flow rates?

How many dusters have we drilled?

I’m an optimist. No…Casp haven’t announced 1k bopd from a 1m horizon…..yet.

Hoping that simple probability ensures we get one right after over a decade trying, even if it’s just a fluke.

If you’re right and it’s a typo – c’est la vie, apologies and I should know better than to expect Clive to get his numbers right.

But if I’m right and it’s not ….now wouldn’t that be nice?

Roll on 803 testing. GLA

Why "probably before your time"?

I met Kozel and his brother on the first day of the court case. I was invested before 1st oil at shaikan was announced. I've even got a paper weight. Very presumptious of you. And very wrong.

Somm

GKP have 1km oil column at Shaikan. Not a typo - 1,000 m

They have a 5m deep horizon in this 1km column that's a total banger! It's one of GKP's most productive and reliable producing horizons. And it stretches out over a very large area. Can a 1m deep horizon produce 1k bopd per day? Absolutley. Especially in an area where we have Tengiz and Kashagan size discos.

Somm – there wasn’t that much he could tell us, that wouldn’t also have to be released via RNS first.

Not what you want to read I know, after more than a passing moment spent invested, but hurry up and wait was very much the order of the day. We were told the wait won’t be too much longer i.e. weeks as opposed to months or quarters, for a series of updates on multiple fronts.

With work planned for 803 and 804 this year and the desire to convert Yelemese deeps to a production license in 2 years, I’d imagine they’re focussing on the relatively hassle free new shallow discovery, with long term flow testing on 803, and drilling 804 quickly to boost production. Remember that as long as they have production, they can trade it with minimal risk, so there’s added incentive to get access to quick barrels.

With 2 further deeps to drill at Airshagyl, and 804, have they got the time/rigs to go deeper at 803? They’ve got data already from 801and 802 on the sub salt horizons i.e. they don’t produce as easily as the 803 shallow disco “seems” to, so is it worth going after the deeper reservoirs now, if they don’t have to?

They’ve got enough deeper wells to fix as it is, including 802, without needing to put 803 at risk. IMO.

We shall see

Ukred on my left. In the group that went to the pub after. Sorry you had to rush off. Would have been good to compare notes :-)

BNG Future plans

Airshagyl

1 Work underway at A6

2 Work planned for 2026 at A5 & A7

3 Obligation to drill 2 further deeps

4 Convert to Production license within 3 years

Yelemese deeps

1 Work planned on 803 and new deep well 804 in 2026

2 Convert to Production license within 2 years

Future exploration on remaining shallow prospects

On buybacks - intent is to hold any shares bought in treasury, and sell at a profit later down the line

Somm- re G70 perhaps he said it was c8years old? But he did say it was still onsite at the last 8XX well, yes

Sorry Somm, one more :-)

I asked if they could update the next IP with well locations. They showed a map of Kaz with the blocks, but no drill sites. The oil's in the west, the minerals are central and to the east.

In the success case we'd truck oil to the nearest pipeline feed, and would need to lay a 63km gravel track to shore up the route . Therafter, if the economics are right, we would lay a pipeline spur. There are disused pipelines in country that we could re-use.

Give it a few weeks and we'll hear more details on the plans for A6.

Last slide - expected news

Block 8 completion

WS drilling/testing

Block 8 drilling/testing (they haven't hit the sweet spot yet, need to perf & test other levels)

BNG Drilling/testing

CE charters

Tau cen completion

"The tip of the iceberg" apparently

Good weekend all

Somm

re g70, I think he said it hasn't been used in c8 years and is still sitting wherever that was. It takes some pretty serious trucks to move it, it's old Chinese equipment and replacement parts take 6 months to arrive from China - hence the lack of any rush to acquire it.

Yes BM, you're right, they're looking at bigger brokers.

Also, Tim Thompson from flagstaffcomms.com was there and is leading the strategic comms plan. He gave some cards out and said he'd be happy to take questions from PIs

Yeah fair enough. Thx for your notes

Some notes...

The tax concessions given are worth about $30m. They will be applying for them at Block 8 too. Given the lack of investment from the majors at Kashagan due to ongoing court cases, there's nobody producing much oil and CC believes that the Kaz authorities are using tax breaks to attract foregn investment.

Too much heat down hole at A6 for the chemicals to work as hoped. More "traditional" methods will need to be used and yep, a possible sidetrack was mentioned.

WS did indeed reach TD and I have "looking hopeful" as my take away there. They're testing above the salt layer and we can expect an announcement within a couple of weeks.

A7 was atopped to allow them to work on other drill commitments before losing the license.

Oil trading seen as a key driver to closing the gap between realised domestic prices and exports, but we need to produce oil to minimise the risk and make it profitable. $5 per barrel was metioned as easily doable with little risk

They reckon they can get $50m+ for the CE but don't want to sell, preferring to go for charters or using it as a vehicle to particiapte in other larger projects with majors, without needing to shell out capital. Looking at 2 charters this year.

They plan to have end of year finacials ready by May to avoid another suspension this year.

On the minerals side, they're looking at existing family run operations, where an additional $3-4m investment in equipment can significantly increase output. at Cen tau we'll start with Titanium and we're looking at a Managanese prospect, with details to come in the near future

CC said we can expect several announcemts in q1 (up to 10) and better marketing in future, with the use of additional tools like Investor Meet presentations a revamped website.

Expect announcemts on new board composition and NEDs, with some younger blood.

Only $3.5 m of the $5m was actually loaned.

There is no G70 rig

Block 8 has been shut in, in between tests. We have not been selling the test production for months.

Promising test results are unlikely to mean a better offer from our ME deep partners. There are other 3rd parties in the wings offering to fund projetcs with new cash.

Ukred, Smarty and the other gents - good to meet you and let's hope that it really will be a different picture at the next AGM

Evenin all

Been a while, but with so little progress on the drill bit, for so long, I've had nothing to add.

I was intrigued after doing some further digging on the AFSA link that JoeSoap posted back on 27th (thx JS).

Interested to get people's thoughts on the registration of Caspian Minerals Ltd, on 25th Oct 25, by Lars Iggland, with 1 ordinary share valued at 1000 KZT held by Caspian Sunrise PLC.

Lars Iggland has connections to Nepers AG who own MIdiel AG, who own c110m Caspian shares. Fomr their website...

"Nepers AG is a Swiss-based consulting and trading organisation which was founded in 2000.

Nepers AG is family owned. Our main focus is to assist sister companies, belonging to the same group of companies as we belong to. We however also offer consultancy to non-group companies in areas of our expertise (acquisitions, company restructuring, market analysis, negotiation support, new product development).

Nepers AG, in addition to its support role for group companies, also carry out trade in its own name."

Sorry if already discussed ad nauseam before, but I don't remeber seeing anything recently, or on 25th Oct.

@Adrianz, I'm still laughing at your 4th Dec gag. Hilarious. My sister is top prosti..... ;-)

.... and spideymonkey, the familyman, mraeverageone and of course Hub and Sandunes

Lots of characters over the years.

And Alltold's legendary one worder - "Watch!"

Ah them days hey? Long time ago now. Still a few hurdles yet, but this is a future for GKP unlike one I've ever seen before. And I like it. It's been a long time coming. ATB LTH

Thx Morbox - those are far better soundbites. That's my fears put nicely to bed.

This bodes well. Vey well.

..he KRG