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Caspian Sunrise PLC - Kazakhstan-focused oil and gas exploration and production company - Says it is mulling the sale of all or part of the BNG contract area’s shallow structures at ‘indicative prices potentially significantly greater than its current carrying value’. Says any deal would likely require shareholder approval due to its size of the transaction value relative to the group. ‘We believe this heightened level of corporate interest in BNG’s producing shallow structures is in part the result of the changes last year to the Kazakh oil trading regulations, which now require the production of oil to obtain a trading licence, and the relative scarcity of producing fields with full production licences. The sharp reduction in the discount for international sales referred to below may also have had an effect,’ the company says. Caspian Sunrise says no binding agreements have been entered into and there is no certainty that discussions will lead to a firm offer or that the board would put an offer before shareholders.
Current stock price: 3.13 pence, up 20% on late Monday morning in London
12-month change: down 52%
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