Caspian Sunrise (CASP) up 26% after operational update
By Jenni Reid
14:09, 23 December 2021
Stock in oil and gas exploration and production firm Caspian Sunrise (CASP) rose to a 21-month high as it issued a short but upbeat operational update.
CASP stock was up 21.27% to 5.34p ($0.07) in early afternoon trading on London’s junior AIM market.
The firm, which operates in Central Asia, said it had received a 25-year production licence for its shallow South Yelemes structure in Kazakhstan. It said this would allow it to re-open existing wells and sell at international instead of domestic prices.
It also said production had increased at one of its wells, with output from its BNG area now at 3,000 barrels per day.
Yesterday, Caspian said relatively higher oil prices in 2021 had transformed its financial position.
The company reported revenue up 18% to $14.3m but a pre-tax loss of $1.7m in 2020, which it called its toughest year to date, amid plunging oil prices and supply challenges, with limited progress made on its medium to long-term objectives.
Its stock is up 137.22% in the year to date.