Member Info for somm

Thanks KK, much appreciated.

Did they mention anything on new Dutch acid i.e. being used on the 802/ A5 Deep Wells?

So just to confirm they are currently drilling one shallow horizontal well atm (141 well) and will spud another shallow well 2H? As we thought....

They are getting $25 pb for domestic as we thought.....could get another $10 bucks?

They are getting $42 pb net for exported oil - soon to increase when sold as KAZ oil etc..

Dividend possibly paid in July - TBC.

Regarding the share price multi bagging this will all depend on 802 Deep Well being commercial even though they may not be able to produce from it/ other deep wells due to lack of storage capacity, however this isn't so important what is important is confirming there's large amounts of live moveable light oil stretching for km's - the initial amount of 2C/ P2-P1 they will be able to state from the deeps should be in the billions of barrels with a 58 km2 (VAST) reservoir - throw in a successful A5 Deep Well sidetrack/ A7 Deep Well to boot and next year could be the year.

WH Ireland's £1.02 per share could be on the cards year end.

Worse case a bag or two for dividends and 5K bopd by year end?

So still no clarity on whether or not there will definitely be a dividend paid in July.

Or how many shallow wells are currently being drilled and which ones?

Let's hope KK's feedback will be more specific.....

Did Clive say which shallow wells are currently being drilled?

Could those going to the AGM please do a running commentary for those of us who are unable to attend. Thanks

I can't make the AGM therefore could someone please ask Shin/ Clive:

A5 Deep Well.

Will they be attempting to drill the interval that flowed 3,800 bopd horizontally - was this interval below the salt layer - if not then why not drill a spur 50m-100m/ horizontally.

At what depth did the A8 Deep Well flow - 3 oil bearing interval depths.

Why pay a dividend now - why not finish drilling the A7/A5 Deep Wells first?

How many shallow horizontal wells are planned to spud this year?

What shallow wells a currently being drilled?

Will a dividend be paid in July?

Un,

My maths don't lie ;-)

Knowing they had $1 million in the bank 1 June and still stating 27 May the dividend will be paid out in July and not doing so will make Clive/ BoD look very very very stupid indeed not only to us, but the wider market.....

KK,

You may be pleasantly surprised.

5 April they were stating dividend to be paid in July and they were still stating on 27 May they would be paying out a dividend in July knowing they only had $1 million in the bank.

Think about that and my calcs.

Re the 152 Well I don't think this has spud yet? One for the AGM.

Stu,

It's not spare dosh, but one for the AGM too confirm.

''The financial position of the Group and the Company has improved in the past year and as at 1 June 2022 the Group had cash of $1 million.''

SO AT SAY 750 BARRELS SOLD LOCALLY @ $25 = $1.125M FOR JUNE AND JULY AND 3,000 BOPD EXPORTED @ $77 = $13.86M = APPROX $15,000,000 GROSS REVENUE FOR JUNE/ JULY – IF THEY'RE ABLE TO PAY OUT A $5M DIVIDEND FROM THAT THAT SHOULD WORK OUT AT ABOUT £0.0016 PER SHARE FOR THE INITIAL DIVIDEND PAYOUT - INCREASING IN THE COMING MONTHS. IMO
.
To further explain why they could payout a dividend:

CASP could pay out a dividend in July (August) as they have said several times – though a question for the AGM to confirm.

CASP had $1 million in the bank at 1 June after paying off debt/ impairments etc.

My calculations for June/ July revenue should be at least $15 million gross as above.

They would have been waiting for cash in the bank from May sales -$7.5 million (possibly some April payments too) and will likely still be receiving forward payments for oil sales for June/ July/ August.

So with pending payments (from MAY-AUGUST) there’s a good chance they will deliver a dividend end of July. IMO.

‘’New wells

New Deep Well A7 was spudded in December 2021, with a planned Total Depth of 5,300 meters but primarily targeting an interval at a depth of 5,300 meters. In March 2022 drilling at A7 was paused at a depth of 2,150 meters to allow the rig to be used to drill a horizontal well on the shallow South Yelemes structure.’’

TARGETING AN INTERVAL AT 5,300M? – INTERESTING – WAS THAT THE DEPTH ONE OF THE INTERVALS ON THE A8 DEEP WELL THAT FLOWED 120 BOPD AT?

‘’Deep well drilling issues New

Sub-surface conditions at the two discovered deep structures at BNG present significant technical challenges in drilling and completing the wells. These are the extremely high temperature and extreme pressure that exist below the salt layer. At the Airshagyl structure the salt layer is typically found at depths between 3,700 and 4,000 meters where at the Yelemes Deep structure the salt layer is typically found at depths between 3,000 and 3,500 meters.’’

MAY BE THEY CAN NOT DRILL HORIZONTALLY DUE TO THE PRESSURE/ HEAT BELOW THE SALT LAYER? IF ONLY.............

‘’The final deep well required under the BNG Work Programme commitment is Deep Well 802, which spudded in June 2022, with a Total Depth of 5,300 meters and will target oil in the Carboniferous and the Devonian and an initial target at a depth of 4,300 meters. At the date of this report drilling had reached 650 meters without incident.’’

THE 802 DEEP WELL IS AVERAGING APPROX. 31M PER DAY - MID-OCTOBER TO THE 4,300M INITIAL TARGET AND END OF NOVEMBER TO TD - IF NO PROBLEMS.

I LIKE THIS BIT THE BEST – THE REASON WE’RE ALL HERE.

‘’We continue to BELIEVE that the geological conditions at the super giant fields of Kashagan and Tengiz EXTEND to the BNG Contract Area. If this is the case the potential volume of oil in these deep structures is VAST and the implications on the Company's fortunes of ONE or more commercial deep wells would be transformational. We remain committed to bring as many as possible of these six deep wells into production. However, until we are successful in bringing at least one of these six deep wells into production, it is unlikely we will drill any further deep wells at BNG.’’

‘’Deep structures
We have identified two deep structures at the BNG Contract Area. The first is the Airshagyl structure, which extends to 58 km2. The second is the Yelemes Deep structure which extends over an area of 36 km2.’’

WOW! WHAT IF..... WHAT’S THE NET PAY OF THE 105+ GROSS METERS – HOW MANY INTERVALS?

‘’A5
Well A5 was spudded in July 2013 and drilled to a total depth of 4,442 meters with casing set to a depth of 4,077 meters to allow open-hole testing. Core sampling revealed the existence of a gross oil-bearing interval of at least 105 meters from 4,332 meters to at least 4,437 meters. For 15 days the well produced at the rate of approximately 3,000 bopd before production fell to approximately 1,000 bopd, leading to the well being shut in for remedial treatment. Limited rig availability resulted in little work on this well in 2021 or subsequently. We remain believers in the well and intend to drill a new side-track from a depth of 4,500 meters when a rig becomes available.’’

WHY ARE THEY DRILLING DEEPER FROM 4,500M TO 5,300M? WHY NOT RE-DRILL THE THICKEST INTERVAL(S) THAT PRODUCED 3,000 BOPD FOR 15 DAYS - HORIZONTALLY? WHAT’S BELOW 4,500M? – WELL THE A8 DEEP WELL HAS FOUND 3 OIL BEARING INTERVALS NONE OF WHICH WERE COMMERCIAL – MAY BE THESE INTERVALS WIL BE BETTER FRACTURED BELOW THE A5 DEEP WELL?

WHAT IF...........?

''The financial position of the Group and the Company has improved in the past year and as at 1 June 2022 the Group had cash of $1 million.''

SO AT SAY 750 BARRELS SOLD LOCALLY @ $25 = $1.125M FOR JUNE AND JULY AND 3,000 BOPD EXPORTED @ $77 = $13.86M = APPROX $15,000,000 GROSS REVENUE FOR JUNE/ JULY – IF THEY'RE ABLE TO PAY OUT A $5M DIVIDEND FROM THAT THAT SHOULD WORK OUT AT ABOUT £0.0016 PER SHARE FOR THE INITIAL DIVIDEND PAYOUT - INCREASING IN THE COMING MONTHS. IMO

Stu,
As KK says it's just a paper exercise and the dividend will come from cash in the bank as I thought. Thanks for confirming the PSA amount.

Hi Stu,

Could you post where they have held £200 million in cash. I don't remember seeing they had that much ringfenced.

Which RNS stated this amount?

He sure has lol.

Twitter's being renamed to Squawking!

OilTrader,

''The AGM is to be held at the offices of Link Group, 6th Floor, 65 Gresham Street, London EC2V 7NQ on 27 June 2022 at noon.

The Company will be publishing its annual results for the financial year ended 31 December 2021 by 30 June 2022.

Whilst the AGM will handle the routine resolutions for Director re-appointment and share authorities, the Company has decided, following Covid-19 induced delays to the local Joint Venture audit process, to defer the presentation of the report and accounts, auditor appointment and auditors' remuneration resolutions to a separate general meeting which will be held prior to 30 September 2022 to, inter alia, provide shareholders with sufficient time to consider the report and accounts prior to their adoption.

The Company has therefore obtained an extension from Companies House to the filing deadline of the 2021 Report and Accounts to 30 September 2022.''

2021 Report and Accounts won't be out for a few months yet.

Weren't the FY result/ presentation deferred to 30 September?

KK.

See below RNS.

''Mon, 30th May 2022 07:00

RNS Number : 1597N
Caspian Sunrise plc
30 May 2022

Caspian Sunrise PLC

UK Oil Company Windfall Tax & Dividend Update

UK Oil Company Windfall Tax

For the avoidance of doubt the Board is pleased to confirm that the UK's new windfall tax on oil companies applies only to companies operating in the North Sea or the Continental Shelf and therefore does not apply to Caspian Sunrise.

Dividends

On 27 May 2022 the High Court of England and Wales approved the draft order to effect the Company's cancellation of its share premium account and its deferred shares. A final hearing is expected to be held before the end of June 2022, where the Company expects the High Court will confirm the cancellation can proceed, clearing the way for Caspian Sunrise to make dividend distributions to shareholders.

It is the Company's intention that such dividend distributions commence on a quarterly basis starting in July 2022.

Caspian Sunrise PLC

Clive Carver

Executive Chairman +7 727 375 0202''

So July dividend it is Rodders.............

KK,

''It is the Company's intention that such dividend distributions commence on a quarterly basis starting in July 2022.''

Look like they dividend distributions will be paid out in July.

If that's the case then we should get to know how much in the coming weeks.

I reckon £3m-5m in the dividend pot for July.

KK,

No doubt they'll do a cash in the bank projection for August/Sept when dividend is paid out, hopefully with a couple of more shallow wells flowing by then.

$20m net in the bank is what I'd guess at, next month, from there they can decide on how much your new DB9 will set them back. '-)