Member Info for somm

The 815 Shallow Wells planned TD is 1,900m.

Can you past the report/ link?

We should get a RNS this week confirming CASP have received the AR $12m advance payment, which should lift the share price a tad.

CASP no longer have any producing assets (shallow production will be handed over to AR in the coming months) due to none of their other blocks having a license. It obviously doesn't matter if they have reserves, funds, trading co, CE, drilling co etc. the market wants to see the BNG deep/ Block 8 licenses renewed first, removing all doubts of ownership and that they can crack on with the deeps.

This should be confirmed by a share price rise when the renewal license(s) RNS drops imo as it will lead to the immediate testing and reworking of the deep wells, further reserves being booked that they will own without doubt.

Also if they plan on spudding a shallow well on West Shalva this month they must be confident of the purchase going through anytime now, which should in turn give the share price a boot too with it potentially replacing the BNG shallows production to boot.

Mrcautious,

It wasn't veiled.

btw, instead of your repetitive sad one liners and negative posts why don't you post some thing worth reading for a change like some research backed up with some analysis instead of relying on everyone else.........I won't be holding my breath.

Mrcautious,

You're such a humourless chap, one with no understanding of humour whatsoever, I bet you've heard that before though..........

Reposted as an example from CASP RNS.

''Q3 2024

· Licence renewal at Block 8

· Caspian Explorer charter completed

· Confirmation of C1 style reserves for the Yelemes Deep structure at BNG

· Award of licence extension for BNG's Airshagyl & Yelemes Deep structures

· Production commences from Block 8 from existing wells

· Testing new well at Block 8

· First well drilled at West Shalva

· Acquisition of a G70 rig

The above events for this month should see a spike with the all important license renewals kicking and loads of money hitting the bank to boot.''

What should have happened over the past three years will be squeezed into the coming 6 months, proper value will come next year with a potential BNG sale in 2H imo, most think this duck will turn into a golden goose with so many irons in the fire, me included.

Best advice I can give you is only invest what you can afford to lose and have an exit price, I'll be penniless if this goes south. 🤣🤣🤣🤣

Roll on 42p............ ;-)

Q3 2024

· Licence renewal at Block 8

· Caspian Explorer charter completed

· Confirmation of C1 style reserves for the Yelemes Deep structure at BNG

· Award of licence extension for BNG's Airshagyl & Yelemes Deep structures

· Production commences from Block 8 from existing wells

· Testing new well at Block 8

· First well drilled at West Shalva

· Acquisition of a G70 rig

The above events for this month should see a spike with the all important license renewals kicking and loads of money hitting the bank to boot......

What's normal?

🤓🤪🤓🤪🤓🤪

If memory serves I think the Directors accepted a 70-75%? reduced salary when COVID 19 hit/ international-local oil sale prices dropped to $6-$18 pboo a few years ago.

The reduced portion of their salary will have gone into a 'get back dated' pot and I reckon this pot could now be paid back either in cash (which they will now have from the shallows $12m++) or in shares or a 50/50 split. If it's paid back in shares (average share price over the last X days) no doubt there would be a fair few million new shares added to the shares in issue pot, 20m+?- could this be another reason to keep the share price subdued at 4p?

Circ. 79m Airshagyl barrels booked

$88m sale confirmed

CE $10m due shortly

2,600 bopd shallow production

500 bopd deep production etc. etc.

And still no upward share price movement regardless of pending deep license renewals, very odd.

BM,

You were right about CASP getting the $12m within 5 days of yesterday's RNS, confirmation of the G70 rig purchase won't be far off.

BM,

CASP say ''The board is now pleased to announce it has entered into a conditional and binding term sheet (the "Heads of Terms") with Absolute Resources'' - note conditional term sheet.

Material terms of the Heads of Terms: US$12 million within 5 business days following the signing of the Heads of Terms - this is what you're referring to.

The sales criteria completion date is expected to be around 31 October. As I understand it no payments would be made to CASP until after all the sales conditions have been met on or before 31 October 2024 - and the parties intend to enter into the SPA on or before 30 September 2024. So I'm assuming CASP won't receive any payments until all the listed term sheet conditions have been met.

Besides they have to hold a shareholders meeting before 31 October to approve the shallows sale so how can CASP be paid $12m beforehand?

I'm assuming once CASP receives the $54.1m operatorship will be handed over to AR and revenue will stop being paid to CASP from the shallows. The 'completion' date is set at 31 October (which can be extended if need be) where funds should start to be paid out from thereafter, a shareholder approval meeting will have to take place this/ next month +regs, $12m will be the first tranche paid out (could go up another $800k+ by the time the sale goes through re quarterly BNG license fee payment added) followed by the $54.1m. The final $4m monthly payments (4) will likely run until Q1 2025, so first tranche $12m paid in November? all going well.

''Heads of Terms and/or the Sale and Purchase Agreement ("SPA") is expected by 30 September'' - where the $12m could be paid out anytime thereafter (first tranche).

CASP should continue to receive revenue from the shallows and from any 815 Shallow Well production until SPA 'completed'.

CASP revenue will continue from the 803 Deep Well -/+ 500 bopd plus they should have more production this year from either the A5/ A6 Deep Wells this year with the 802 Deep Well if they can get the stuck pipe removed, plus the 2 deep Block 8 wells that are ready to test and WS to boot (spud expected this month). Q1 2025 is looking pretty.

I would have liked to see the 815 Shallow Well results first before accepting the offer.

Anyway not happy with the deal but happy to see CASP were paid an additional $1m for the due diligence extension making a total sales price of $90.1m.

If CASP are expecting to spud a shallow well on West Shalva this month the sale/ regs must be very close to completing, the Block 8 license renewal can't be far behind.

With the $2m due diligence fee paid/ production hovering around 2,600 bopd you'd have thought the G70 rig purchased would have completed by now - I guess they're in no rush until the 12 month extension is done.

Roll on the 12 month BNG license extension, WS purchase, B8 license renewal, dosh followed by some booomage.

''The Board confirms that as part of the process to achieve separate 25 year production licences at the Airshagyl and Yelemes Deep structures it has agreed with the Kazakh authorities to extend the previous appraisal licence for up to a further 12 months.

This will allow time for the completion and review of the supporting licence upgrade applications, including the independent reserves assessment already completed for the Airshagyl structure and the equivalent assessment at the Yelemes Deep structure, which is awaiting the outcome of testing at Deep Well 803.

Deep Well 803, which was drilled on the Yelemes Deep structure and where oil was detected over a 60 meter interval between depths of 3,360 and 3,420 meters, has initially tested at around the 500 bopd level. Further testing will be conducted once the licence extensions referred to above are in place.''

So we're now waiting on a 12 month BNG license extension not 24 months and once CASP have the extension they can then complete testing the 803 Deep Well, which is flowing around 500 bopd - great news with not being a duster and taking the current production to over 3,000 bopd! however, can not book Yelemes Deep Reserves until testing has completed and the 12 month extension has been approved - hopefully later this month.

The 815 Shallow Well should hit TD soon so may be they're waiting on the test results before accepting the $88m offer which could be increased further on the back of new 815 oil reserves/ production, another 500 bopd from this well could increase production closer to the 4k bopd mark combined with the 803 Deep Well once testing has completed - which would give CASP a very healthy income for the next 6? months, before the shallow dosh is potentially banked, CE lump sum dosh is due month end to boot.

The share price should react very well once the license extension is in place, which sounds to be not too far off, the market does not like uncertainty's and so we wait.

Importantly we have a deep well flowing, which should enhance the Yelemes Deep Reserve count :-)

I have and you're alluding they now have the 2 year extension. You should read your post again.

BNG...typo, on my mobile.

Divermike,

There is no assumption, the BNG deep license expired 4 August, which was stated in the Airshagyl Reserves RNS, the BBG license is currently one license for both deep structures, if tbe BBG 2 year license extention had already been extended they would have released a RNS confirming so.

What are you talking about, hysteria?

More research really really really needed mate.

Gwm121,

The BNG deep license expired 4 August, see Airshagyl Reserves RNS. The license on Block 8 has also expired and work/ testing has had to stopped there too, both renewals are due Q3 so hopefully work/ testing can go ahead Q4.

Currently only the shallows are in play/ G70 rig-WS purchases/ CE.....

815 ;-)

Mid-end of next month re TD.

Just because there's a due diligence deadline date it doesn't mean CASP will announce an agreed sale it simply means AR exclusivity period has ended, what is does mean is another bidder can look at the data room ($1m) and enter the fray 😉.

Though I think CASP will want to see the 815 test results before accepting an offer, they were obviously renegotiating the original offer on the back of the 155 Shallow Well results and I don't see why they wouldn't do the same again, the well could hit TD a couple of weeks after the deadline, AR would have the 813 wells seismic data so a further extension may not be necessary.

I also think it's an absolute disgrace that CASP, after over a month since the last update, have not had the decency to confirm that the deep operations have had to stop due to the deep license expiring 4 August, along with the 803 Deep Wells 15m interval flow test being suspended until the 2 year extension has been signed off.

''Shareholders are advised that until a binding agreement has been entered into and its conditions been met there can be no certainty a sale will complete and that completion would in any event require shareholder approval and receipt of the customary regulatory and tax consents in Kazakhstan, the UAE and the UK.''

If the shallows sale goes ahead it will take months to complete. What's interesting though is we were notified on 18 July that the previous 8 August deadline had been extended three weeks ahead of the deadline, which (to me) means CASP were negotiating $83m offer especially after the 155 Shallow Wells successful commercial flow rates sooooo we could see another extension before month end, because if the 815 drill bit is turning at circ. 30m per day it could hit TD in around 20 days time 12 days after the 31 August deadline sooooo that's why we may see another extension to assess this wells impact on new flow rates and Reserves too leading to a better negotiated sales price. I think CASP will want to see the 815 Shallow Well results before accepting the current $88m offer. I wouldn't be surprised if AR/ CASP are double checking the 803 Deep Wells much shallower seismic data in case they've missed a shallower interval, cough 😉

We may get a sales thumbs up in the coming weeks but the actual completion of the shallows sale and receiving the dosh will take months so I'm not expecting a meaningful share price rise on the back of the sale going ahead - this will happen when regs have completed/ dosh paid out. imo. I think the next major news will be that the Block 8 license has been renewed - BNG Deeps, in a separate RNS, and until then the share price will remain in the doldrums.

CE could complete drilling around 12 September which is roughly two months after drilling started with circ. $10m dosh in the bank by months end.

Where's our Block 8 license renewal and BNG Deep extension - they say Q3?.........with two deep Block 8 wells to flow test straight away with the G20 rig and the 803 Deep Well to boot + the A/ Y wells to finish Q4 it's looking good for shareholders with a lump sum special dividend on the cards Q1.

There's loads of stuff coming up too much to mention, lol.

Once Block 8 has had it's license renewed and BNG has had it's 2 year deep license extension signed off the market will breathe a big sigh of relief, the share price will only then make significant rises regardless, having no licenses on the horizon for sometime is why the share price has been in the doldrums, no matter what operational success CASP could have beforehand the license renewal/ extension would still have been a major hurdle for the share price rise as it's proven to be, we've got an $88m shallows sale on the horizon, $10m lump sum CE dosh next months end, 79m Airshagyl reserve barrels booked with another 30m? booked next month from the Yelemes structure, we're now producing 2,600 bopd, West Shalva purchase nearly completed - spud next month and a mining purchase to boot year end - plus 815 Horizontal Shallow Well drilling (circ. 600m still to drill - TD next early month) and several deeps to complete/ test in Q3/Q4 - a massive amount of work/ dosh coming in which any one would drive another Company's share price much higher.

Like I said ages ago nothing is going to push the share price a lot higher until the licenses are sorted.

4p is cheap as chips, but when the licenses have been renewed/ extended you won't see single digits again there's way too much going on, the licenses signed off will lead the way to double digits very quickly. imo.

This is not a ramp it's a fact.