Member Info for SmartyP1

Morning Somm,

Is that new info or taken from the 31/10 RNS ? Currently The KEM have given consent for B8 acquisition ie Sholkara only at this juncture. The Akkaduk saga continues ie licence renewal or have I missed something ? Our Clive was bullish re Akkaduk testing expectations but that’s still in limbo between the 2 ministries who haven’t approved yet even after legal action:appeals from Caspian. Have there been new developments from this position ?

Republic Day in Kaz today Diver.

Diver,

Let’s hope that it’s a positive ops update first ! with some goodies to follow post accounts publication and restoration of trading 🙏

Awax,

Agree. Need a detailed operational update without the obfuscation. Had enough of Carverspeak, let’s hope we’re about to turn a corner and not into another dark alley !! 🤞

I still can't get my head around the time taken to deliver the accounts. Acquisitions/disposals are part of business life and I just don't get it. I appreciate they have to deal with IFRS/IAS accounting regs but everyone has to, it's just incompetence from the management. The deal itself was protracted and then the disposal accounting process the same ! Is there anything else going on ? I don't believe so, as stated, I believe it's poor management of the accounting process, not planning ahead etc. We're all getting fed up with the delays and quite rightly so, let's hope the wait has been worth it.

Moving away from the time delays, if I was looking at this opportunity as of now with no history of previous investment, I would go in again! On paper, this is a good investment opportunity that could multi-bag in the near term. The asset base itself is worth far more than the current m/cap.

They have 2 deep blocks (6 deeps drilled) that have produced oil albeit for short periods and have a production license on 1, awaiting the regulatory approval on the other that has one well under test, last update at 500bopd .

They have the Caspian Explorer that was built at a cost of $200m in 2012 and allegedly the only vessel that can drill in the N Caspian.

They have Block 8, an asset that has produced oil at c 800 bopd. They have drilled 2 new wells in 2025 with a recent update that one was flowing at 876bood on a 4mm choke, the other being tested initially over the first 3m zone. In addition they have drilled a well on the Akkaduk block and waiting licence approval before testing, expecting 1000bood + from this new structure.

They have acquired a new shallow block at West Shalva and have spudded new well that'll take 2 months to complete. Expectations are that this could replace the MJF/SY field that they sold for $88m this year.

They have their oil services business, rigs, equipment and lucrative .oil trading arm

In addition, the crude oil price has retraced from c $75 a year afo to $65 today but this has little affect on Caspian currently as they've sold their producing asset at MJF. They were receiving domestic pricing from sales to the finest if market and mini refineries which was proving more profitable than the export market plus they were making additional margin from trading their own oil.

Another positive, the Tenge has devalued c 20% against the $ and the $88m shallows deal would be worth 20% more as most of Opex/Capex is in Tenge.

Current m/cap c 45m ? They have cash in excess of that so what is the true NAV, certainly not zero for all their assets as reflected by current price ?? They can break this business up into its constituent parts and deliver 5 bags plus from here. The multi-bagging opp is still there and I remain invested to see if they can finally deliver that long awaited value creation :)

Nice close, our Tim’s monthly £150 purchase has obviously tipped the balance.

I was hoping that our Greg would’ve added a few more pre the closed period but sadly not. Is that a sign that they miss in Q3 ? He had the chance to signal a miss with H1 numbers but didn’t. If the share price falls back on a missed forecast, I’ll be adding in volume, rude not to 😉 but I don’t believe we get that chance.

Accounts targeted for the second half of October. W/c 20 or 27th ? H1 interims to be included so probably that will push it to w/c 27th. Regardless, we will receive an Ops update pre accounts so hopefully it’s comprehensive and positive. No more Carverspeak, clear and concise please Clive !!

Nice to see a string close at 6.40. Will it continue to move north as we approach next TU on 6/11.

https://www.barkinganddagenhampost.co.uk/news/25526225.beam-park-development-homes-build-milestone-reached/

https://www.aroundealing.com/homes/affordable-homes-acton-2/

https://www.housingtoday.co.uk/news/vistry-and-kier-secure-approval-for-343-homes-in-berkshire/5138404.article

Hopefully now investors will see that there's nothing sinister going on. The disposal is obviously a complex matter and they'll probably have to go back x years to satisfy IFRS/IAS . The important news now is the Ops update. They have gone to release a detailed summary or to release positive news in separate RNSs to achieve mac effect pre return to market. Obviously I'm hoping but there should be plenty to update on :)

Sorry Diver, forgot to give it the strong sell rec 🙄

F#ck me, this bb has turned into a world of joy !

The accounts will be published and I expect to see a detailed operational update pre their release. The MJF/SY disposal has caused the delay and I suspect that there will be considerable detail in the accounts to sift through. They also have the (unaudited) interims to publish so we'll get an 18 month pack or the interims will follow in shortly after. We'll stay inspection until both released and Casper will obviously be communicating with Companies House as to delay and the reasons.

The ops update is key and I believe we'll get one pre the accounts release, hopefully progress being made and it reads positively. Any positive news on B8 or other assets will accompany the good news on the asset sale and may change some of the negativity from some investors. The quality of the news is key as always and hopefully no Carverspeak to decipher !

I probably know you as I was in the in the game from the 80s, not anymore thankfully. GA production was a small part of the business but a lucrative one. Too many players not transitioning to digital. All the B1 boys hanging on as run lengths collapsed, B3 boys never going to survive and the B2 digital/inkjet strategy the way forward. The packaging community are probably the most profitable but I can remember there being 20,000 print businesses back in the day and 3,000 when exited. Great for the second hand traders moving on the kit 😉

I appreciate that late accounts publication isn’t good but this is the 3rd time in a row. They’ll publish accounts this week unless there’s a reason not to but that’ll have to be communicated too. I’m not concerned re accounts publication timing, I want to see a very clear operational summary together with a detail plan going forward.

Wayzgoose,

I’ve been in the Print Industry all my life, on the digital side but dealing with the entire print market from creation to finishing. As you know, the litho market has been decimated and printers going under is a daily event, not quite the same as our Caspian !

What is the real problem with accounts publication ? They say it’s because of the shallows sale and maybe the regulatory bodies have been playing their part in the delayed publication. I see no reason not to believe them but we have to know this week as the H1 interims are due out by month end so are we going to see 18 months in one serving ? 3 suspensions on the bounce is irritating but they’ve returned to market and this time should be no different.

Caspian have been running low on cash not long after their IPO in 2007. They’ve weathered the storms, financial crash, COVID, Kaz riots etc and they’re still here. On paper, the prospects still look very good for all invested and hopefully we get a comprehensive operational update pre accounts publication but that looks unlikely now. Have to release accounts this week and Sep 25 is favourite as history has shown us.

Or the 25ps of 2014 or the 75p post IPO in 2007 !

I spoke to James Joyce at length this am and he confirmed that private investors inc myself are getting confused with Index rules and AIM rules. We are not de-listing, we are not being removed from AIM and will return to market following accounts publication in next few weeks. Hopefully some more good news to be released pre reentry 🤞

Not how I read it and have written to Clive to ensure that they check the rules to avoid a catastrophic error !!! Clive believes we return to market but why have the deletion process and its notification if it’s not legitimate. I’d urge all of you to contact the company NONAD to ensure that their not misunderstanding the Russel-FTSE rules !!

Https://www.lseg.com/content/dam/ftse-russell/en_us/documents/policy-documents/suspended-companies-rule.pdf

It’s pretty clear as Somm pointed out and this states the rules. They have to give us 2 days notice and we have to come up with a valid reasons a to why we should remain.

Somm,

Russle are the caretakers of the index and we are being removed as of tomorrow and will need good reason to satisfy the regulator. As stated, they advised that they expected accounts to be filed this month so they’ll need to demonstrate that they’re a going concern. 3 years of suspension does not help ! but hopefully we’ll have clarity tomorrow. I’m sure Russell must have been in contact with Caspian so I can’t understand why they’d not adhere to the 40 day rule ?

Exactly. No delisting

Https://www.lseg.com/en/ftse-russell