Increase in price for oil sold to domestic market

RNS Number : 6484V

Caspian Sunrise plc

16 April 2021

 

Caspian Sunrise PLC

("Caspian Sunrise" or the "Company")

Increase in the price for oil sold to the domestic market

The Board of Caspian Sunrise are pleased to announce that it has been informed that the price for oil sold to the domestic market from its flagship BNG Contract Area has been increased to approximately $12.4 per barrel.

While this still lags far behind the international price it is approximately double the price received for most of the past 12 months and as such will be a significant boost for the Company's finances.

Comment

Clive Carver, non-executive chairman commented.

"This news is very welcome and we hope it marks the beginning of the closing of the gap between international and domestic prices to levels seen before Covid-19."

Contacts:

Caspian Sunrise PLC

Clive Carver

Chairman  [phone]

WH Ireland, Nominated Adviser & Broker

James Joyce  [phone]

James Sinclair-Ford

Qualified person

Mr. Asslybek Umbetov, a member Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.

This announcement has been posted to:

www.caspiansunrise.com/investors

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 

END

 

 

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