Member Info for somm

daisydo,

at circ. 29m pd from the last op's update the ws well should hit the jurassic target by mid-december at current drill speed and the triassic target by nearer ye unless they can increase the drilling speed to 44m-50m-ish pd into the 2,300m sandstone and 2,600m limestone zones on the way to td at 3,000m, do the numbers.

the ws well depth should be around 1,500m today by my calc's so a few weeks yet to drill into the first target.

they won't want to ****-up the casing mix/ rush the bonding as with the block 8 p1 well they're currently having to sidetrack due to cracks in the casing so they'll be taking it easy. imo.

why do you say the accounts will be out double quick if the west shalva well has oil at 2,300m???

Jup4it,

24p today would have CASP knocking on the £600m MC door.

Since 2015 the shares in issue pot has doubled (=12p today?) however this could be off-set with new licenses B8/ WS etc. and a ton of dosh to hand, 26m Airshagyl reserves booked with more reserves to be booked in 2025 from NY, B8, WS and Airshagyl reserves upgrade. plus pending new assets drilled.

I can see CASP's MC on it's way to £300m next year with the above and a heavy lift in bopd to boost sentiment.

Sold out in 2019 started buying back in in 2021 and now sitting on a significant amount of shares that may not have a value by year end.....or a million+ quid ;-)

JoSoap,

I have said/ covered all of that over the past 12 months ad nauseum which normal accounting, but as I've said imo it's down to the KAZ EM/ KAA regs inked to get the suspension lifted and the AR dosh fully accessible, they say they have now 'received the full $69.1m' from Q3 2024 up to 1H 2025 - the 20% corporates tax won't be paid on the first $14m (and the $55m received before June 2025) as it was held in ESCROW pending the shallows sale and the following $55m received in 1H until YE 2025 with the corporate taxes paid in January 2026 imo (unless as SmartyP1's mates say Carver has 'intimated' they've dipped into the initial $14m in 2024 - that dosh that's possibly been spent in 2024 will be taxed YE 2024 - that taxable sum could be holding up the auditors as with any AR dosh spent in 1H 2025). The auditors could be waiting for the KAZ EM/ KAA to formally sign off on the shallows deal and that info is what the auditors could be waiting as well in order to book the dosh and any taxes/ legalities due on it/ other.

Let's see what 3025 rings in.......... ;- )

Hmm, Carver says they had record 2024 oil trading revenue (2023 was $10 million) combine that with oil sales and CE dosh $6m? and some revenue from the 802-3 oil testing sales plus reduced OPEX, and $700k in the bank YE - should have been enough to pay off brokers and keep the lights on etc.? IF they've been spending the $14m then why haven't they used it to pull the 802 stuck pipe out (it's been 2 years now) and test it while the license was in place and drill Airshgyl to boot ($1m? to acid wash the A6 Deep Well).?

Did Carver definitely say they were digging into the $14m or is that just guessing?

If that's the case and they've been able to dip into the first $14m then why haven't they been spending the other $55 million recieved on drilling through the year?

Hopefully the accounts will show how much, if any, of the AR dosh has been spent and what on.

SmartyP1,

I think you are wrong, IF they've been spending the AR dosh as you say (first tranch in Sept 2024 $14 million) then why would they have had rigs in storage since last year and not have drilled, acid washed the Airshagyl wells, if they could spend a % then they would have already spent millions on Op's this year instead of having to wait until next year.

I still think the auditors are waiting for the KAZ EM to sign off on the BNG shallows ownership transfer to AR before finalising their accounts re dosh having to be no longer ringfenced.

The WS well should overing around 1,500m another 3 weeks to the first target, will they test the interval if it's flowing before drilling down to the 2,600m Triassic interval?

I don't think we'll see the NY licence signed off this year, but there's a good chance the KAA Ministry will sign off on Block 8 before Xmas and WS ownership formally transferred over to CASP.

Imo.

Sorry DaidsyDo you've lost me, your original post was about the CP buying WS with share so they could 'purely' get over the 50% threshold, which is absolute bollux. imo.

Regs state they HAD too inform shareholders of the increase CP % due to buying WS with shares, simply.

BTW.

Now they have a ton of dosh (and their own drilling company) they don't need to sell a 50% WI in any license as proven by kicking the middle eastern financer 50% $72m WI offer into touch.

Soon be Xmas............

DaisyDo,

I very very much doubt that as 1) the CP would need 70% to accept a take over etc. (so the 50% threshold would be no different to having 49%) without shareholders approval and 2) they didn't have the needed $10m in the bank (2 * $5m = 200m shares) to buy West Shalva outright at the time, plus the $5m thereafter on WS production commencing - which could be paid out early next year if WS flows commercial quantities of oil - from the AR dosh.

West Shalva could only have been bought with shares tranches and had nothing to do with getting the CP over the 50% line as you say. imo.

The Galaz/mining prospect(s) could prove to be a similar deal as WS/B8 though this time around they'll have circ. $69.1m + $4m AR dosh to spend + B8 loan repayment ($3m), and no BNG yearly $3.2m license fees to fork out for the next 3 years, so an all cash offer could now be made on any purchases.

CASP will be cash rich for the next few years, and beyond especially with oil revenue coming from 5 structures. imo.

Note:

IF any 'new' mining license(s) were bought by the CP (who owns the Galaz sized prospect they've being the DD on for the past 8 months?) that saw their shares in issue % over the 70% line and they were able to sell the lot for anywhere near 20p I'd be happy enough to accept that.

Carver 'a few more weeks' 2.0 is up and next week will see the suspension lifted RNS or we'll have to wait for the KAZ EM to get a few dollars more.........

DaisyDo,

No problem and you too.

I've asked myself why haven't they spent any of the first $14m AR dosh received last September to buy specialist equipment to pull out the 802 Deep Wells 400m stuck pipe, which their drilling company could use/ benefit from, or the A5's stuck pipe - which will need a few million in 2026 to sidetrack it, why haven't they been able to redrill the Airshagyl wells with this $14m or the $46?m received earlier this year, why are they having to announce buying a mining company after the suspension has been lifted and not before if they can spend the dosh now?

Why are they having to wait to redrill the A7/ A5 Deep Wells until next year?

Why didn't they pay for West Shalva in $5m tranches with the AR dosh received instead of diluting the shares in issue pot with another 200m shares?

I think if any of the $69.1 million received wasn't ringfenced then they would have already spent some of it on Op's etc..

Like I've said several times if the AR deal wasn't formally signed off by the KAZ EM for whatever reason CASP would have to pay the $69.1m back to AR and so that's why I think the AR dosh is ringfenced pending KAZ EM ink, and the auditors won't sign off on the 2024 annual accounts because CASP received  $14m of the AR dosh in 2024 and the $46m? was likely received in June this year (RNS'd in July) and that's also why they won't release the 2025 mid term accounts.

So yes imo the dosh is definitely ringfenced and It looks like the suspension could go to the wire.

DaisyDo,

Can you explain why they haven't spent any of the $69.1m paid out in several tranches since last year?

And why they can't redrill any of the Airshagyl deep wells until 2026 having planned to do so for over 12 months?

Looking forward to your reasoning why the AR dosh isn't ringfenced until AR formally own the shallows.

Jup4it,

Yes they are drilling in case you didn't notice i.e. 4 wells on Block 8 and 1 well on West Shalva thus far.

They have received $69.1m which is ringfenced until the audit has completed, next week/ early December. So stop making shiite up re they're syphoning off this money and get real, you're sounding like those two clowns Mr. C..untious and Grimster.

No they haven't sold any licenses accept for the BNG shallows, if they had they would have to tell us as they did with the middle east $72m deeps offer.

They can not remain suspended for another 8 months or they'll be delisted - by Xmas.

The A5 Deep Well flowed commercially for weeks before becoming blocked as have the YN wells to boot.

CASP have never been in a better financial position - the suspension will be lifted and they'll crack on with their operational plan - that they have already RNS'd.

2026 will be transformational. imo.

Mr. C...untious,

Don't tell me you've filtered me again?

You won't have to worry about being enlightened by me any more as you'll no doubt be out next week like a scalded rat or is that a rabbit?

What an inbred plonker this scumba.g really is.....

Carver's just guessing again re timing (third time lucky?) as it's up to KAZ EM regs to be signed off first imo so could be December for the suspension lifted RNS?

IF the accounts are published the 1st/ 2nd week of December the sellers could be caught out as the West Shalva well will be at around the 2,300m Jurassic target mid December by my calcs, CASP may test this interval and update the market before moving onto the 2,600m Triassic target, if it's a serious gusher, which I'm pretty sure they would do as with the 803 Deep Well before drilling ahead to TD (I can't see CASP leaving testing until January if these intervals have live oil flowing).

The opposite West Shalva license across the road flowed 200 bopd so there's a good chance of commercial oil flowing from this larger Prospect. imo.

As I've said many times imo CASP have been unable to touch the AR dosh tranches and are waiting for the ownership of the BGN shallows to be formally transferred to AR, the entity has been signed off between CASP/ AR that holds the shallow licenses, but the KAZ EM as far as I understand have not yet signed off on the license transfer/ ownership to AR, hence the delay in the audit(s).

By September 2024 CASP had received $14 million, this should show on the 2024 bank balance sheet (less 20% corporate tax).

In July 2025 a further $46.4 million was received - CASP said to date $61.7 million had been received (a bit of a discrepancy)  and more recently another $7 million (totalling $67.4 million). CASP recently said they had received a total of $69.1 million.

The 2024 AA 'could?' show a bank balance of $14 million (CE dosh etc.), BUT the AR shallows deal hadn't completed so are they waiting for the deal to formally complete before they can include the $14 million that is still likely ring fenced? Do they have wait for the AR deal to be formally signed off by the KAZ EM (I think they do) before the auditors can release the 2024 annual accounts?

The same goes for the 2025 mid term accounts imo IF IF some/ all of the $46.4 million was received before 30 June 2025 (not all in July 2025).

All in all the various AR tranches from 2024/ 2025 are still in untouchable pending the formal transfer of the shallows to AR and that's why the auditors haven't released the 2024 accounts/ mid term 2025 accounts.

To add:

If this is the case the Corporate tax for 2024 (20%) on the $14 million AR dosh would leave CASP with circ. $11.2 million from the AR deal in 2024 (once the deal has been formally signed off this/ next month, hence a few more weeks for the KAZ EM ink?) plus oil revenue and CE charter dosh. CASP could have a 2024 YE bank balance of around $11.2 million (net AR dosh) with nothing left over from having possibly spent all the CE dosh and oil revenue on Op's/ paying back the advanced oil payments to their brokers.

Rinse and repeat for the 2025 mid term accounts with a 'post mid term' current bank balance today of circ. $69.1 million AR dosh less the $2.8 million AR 2024 dosh corporate tax/ lawyer fees/ Op's dosh/ keeping the lights on etc. and then add the Block 8 loan repayment to CASP from the current Block 8 864 bopd oil revenue and CASP could have circ. $65-70 million in the bank. The $55.1 million of the AR dosh received this year would be taxed 20% circ. $11 million in next years accounts (showing in the 2025 AA).  I think CASP will be able to make this up in costs and losses.

Anyway that's my take on the 2024/ 2025 accounting delays.

SmartyP1,

See my 6 Nov post on Block 8.

CASP will carry the can for Akkaduk license renewal.

Amend the first line to......

......the Block 8 'Consent' has been received with the KAA approval pending, not the other way around.

Just imagine today CASP have got 5 large structures with reserves likely being booked on each structure next year and at least 9 wells to drill/ test within the next 6 months or so/ charters and acquisitions - production and revenue highs are no doubt on the way.

I plan on remaining fully invested until all of the above are water under the bridge. AIM Companies with this many irons in the fire are very far and few between and rarely come around, with a huge chunk of dosh to hand I see no reason why the above milestones can't be accomplished especially with having their own drill company. It's been a rough ride for shareholders/ CASP with the oil price crash, COVID 19, operational disappointments and running on fumes etc..

Not a ramp but an exit plan..................

The Kazakh Antimonopoly Authority have given the final nod for the Block 8 ownership, hooray! The Block 8 P1 sidetrack is expected to start (already?) this month so we could see a new P1 flow test by Xmas, the Akkaduk license can't be far behind re Consent and the two Akkaduk wells to then start testing in December/ January to boot. January is looking pretty good for Block 8.

The West Shalva shallow well should hit TD by Xmas with testing to recommence soon after in January.

The share suspension should be lifted by month end with a number of acquisitions announced thereafter in December/ January. The Galaz sized block could be one acquisition after 7 months of DD.

After the share suspension has been lifted we could hear of a CE charter being signed off in December too...................or three ;-)

There's a lot to look forward to in the short term operationally and CASP are on the move according Companies House.

The New Norm/ Bluemango,

All good thanks, just waiting for the kettle to boil for the below rabbit, whose expecting a significant share price spike so he can hop it - you couldn't make it up 🤫

''Airshagyl

In May 2025 the production licence at the Airshagyl structure was issued for an initial three year term. This allowed operations to resume and provides the opportunity in the initial three year period to add to the state certified reserves, which are currently C1 26 mmbls. To date four deep wells have been drilled on the Airshagyl structure of which we believe wells A5, A6 and A7 are capable of commercial production. Subject to rig availability, the first well to be re-worked in 2026 is planned to be Deep Well A7, which has a planned Total Depth of 5,300 meters targeting an interval at 4,000 meters but at which drilling was paused at a depth of 2,150 meters to allow other wells to be drilled in compliance with previous work programme obligations. Additionally, at Deep Well A5 a new sidetrack is planned and at Deep Well A6 a chemical treatment is planned to bring the wells into commercial production. ''

''Subject to rig availability, the first well to be re-worked in 2026 is planned to be Deep Well A7'' Is Carver having a laugh re subject to availability? And no timelines for the A6 Deep Well acid wash or A5 Deep Well sidetrack? Will these be worked on before the A7 Deep Well?

CASP have had various tranches of the AR dosh over many months with many RNS's stating planning is planned for the Airshagyl wells and now we're having to waiting another few more months to redrill the A7 Deep Well which will no doubt take 4/5 months to hit TD so mid 2026 for testing to start, probably around the same time as the A5 Deep Well, hopefully we see the acid wash/ testing of the A6 Deep Well early January? 

Again with no immediate action 'planned' on these wells it still looks to me that they can not touch the AR dosh until the audit(s) have both been done and suspension lifted in another few weeks time, cough!

Yelemes Deep

We cannot resume work at the Yelemes Deep structure until a new licence has been issued. At that time we plan to continue work at Deep Well 803, which has a planned Total Depth of 4,500 meters but encountered oil between depths of 3,360 and 3,420 meters. Although no development work has been possible since the upgrade licence application was submitted in Q4 2024 the oil pressure has increased with oil of good quality seeping to the surface.

The jury is still out re whether or not they will continue drilling to the main target below the salt layer after testing the shallower 'unexpected' 15m net pay interval, bodes well for higher flow rates than the touted current 500 bopd flow rate with pressures building higher. No mention of a Specialist onboard to pull the 400m stuck pipe out after two years of 'we're in talks'.

All in all damp squib RNS with 2026 outlook looking extremely good.

''West Shalva

The West Shalva Contract Area was acquired in April 2025 for an initial $5 million consideration and with a maximum consideration of $15 million in the event of successful oil production. The Contract Area is approximately 600 kilometers further south than the BNG and Block 8 Contract Areas and is expected to be easier to work than either.  It is without previous drilling activity. However, at the adjacent Shalva Contract Area, with which we believe there to be shared geology, there have been reports of testing at the rate of approximately 200 bopd from the Jurassic. A well with a planned Total Depth of 3,000 meters with targets at depths of 2,300 and 2,600 meters was spudded in early October 2025. Drilling has reached a depth of 827 meters without incident with casing set to a depth of 180 meters.

 

The well is expected to reach its Total Depth in December with testing planned for January 2026.''

Carver initially said the well would take 2 months to drill (A stretch of anyone's imagination circ. 50m per day including casings would be a record for a CASP drill speed) and now he's saying January to test the well, which means end of December to TD, great if so.

The first target is at 2,300m in the Jurassic sandstone and I would think CASP would RNS shareholders at this point re testing the wells depth/ interval thickness/ live oil flow rates etc. in January then move on to test the 2,600m Triassic limestone target 10 days or so later, rinse and repeat RNS then drill another 400m to TD taking TD possibly into February. The well is drilling at circ. 30m per day and is currently at around the 1,000m depth, so another 43-ish days of drilling plus casings to the first/ second target/ TD, I could be wrong and they drill the latter half of the well much quicker with drilling through the sandstone/ limestone like butter to TD testing the well in early January after TD like Carver says (I always add a month on to whatever he says).

''Block 8

We are in the process of acquiring the Block 8 Contract Area, which is located approximately 160 kilometers east of the BNG Contract Area and which we believe shares much of the same geology. The required consent from the Kazakh Ministry of Energy has been received with completion now dependent on the approval of the Kazakh Antimonopoly Authority. The acquisition is being completed on the basis of the Sholkara licence alone, which was renewed in Q4 2024  and at which testing of deep wells P1 and P2 continues. At Deep Well P1, which was drilled to a depth of 4,203 meters, oil has flowed on a test basis at the rate of up to 270 bopd. However, a high water content believed to be the result of issues with the cementing of the well has resulted in a decision to drill a new sidetrack commencing in November.

 

At Deep Well P2, which was drilled to a depth of 3,449 meters oil has flowed on a test basis at the rate of up to 846 bopd.

 

We continue to seek the addition of the Akkaduk structure to the Block 8 package. Two deep wells have been drilled on the Akkaduk structure but cannot be tested until the licence there is renewed.'' 

The required consent from the Kazakh Ministry of Energy has been received with completion now dependent on the approval of the Kazakh Antimonopoly Authority (KAA), this is for the whole of Block 8 which is great news, at last, and I reckon the KAA will sign off on the block next month. CASP will then carry the can to get the Akkaduk license through - I doubt the KAA approval will be needed as CASP will already own Block 8 so Q1 for the Akkaduk license sign off?

The casing cement on the P1 Well was either a bad mix or wasn't left to bond properly hence the ingress of water from cracks in the casing, depending on how deep they plan on sidetracking the well from (2-3k meters?) it may only take them a month or two to retest the well - they will know the depth and thickness of the net pay interval that's flowing oil so hopefully a bit of horizontal drilling can be done to increase the flow rate, sounds like most of the 270 bopd was mostly water/ drilling fluid. The good news is the interval has oil and once redrilled combined with the P2 well we should see 1k+ bopd from both wells on this structure, surprisingly they have drilled 2 wells on the Akkaduk structure so another two wells to test once the Akkaduk license has been signed off - So two Block 8 structures with live commercial quantities of oil would mean Reserves could be possibly booked next year along with Yelemes North and an Airshagyl reserves upgrade after the A5-6-7 Deep Wells have all been tested with West Shalva reserves to boot (If WS has commercial oil I can see another well or two drilled before year end 2026)? The P2 Well bopd flow rate dropped a bit (30 bopd) but the good news is it's had no blockage problems and is still flowing way over 800 bopd.

2026 will be a big year for Block 8. imo.