General Update

The board of Caspian Sunrise is pleased to update shareholders with news on its ongoing corporate transactions and on the expectations for the publication of the audited accounts for the year ended 31 December 2024.

MJF / South Yelemes disposal

Completion of the $88 million disposal of the BNG Contract Area's shallow MJF and South Yelemes structures, which was overwhelmingly approved by shareholders in September 2024, ("Disposal") continues to be dependent on the receipt of certain regulatory approvals.

To date $15.7 million of the purchase price has been received and the work between the parties relating to the operational change of control has been completed.

The financial impact of the Disposal is expected to be transformative on the Group's financial position and future prospects. In particular, the content of the 2024 financial statements would be very different with or without the Disposal.

Accordingly, the board of Caspian Sunrise, in consultation with the Group's auditors, has decided to delay publication of the 2024 financial statements until after completion of the Disposal, or should the regulatory consents be significantly delayed or withheld, until after it is clear the Disposal will not take place in the foreseeable future, or not take place at all.

Impact of a delay in the publication of the 2024 Financial Statements

In the event the required regulatory consents are not provided in time for the Disposal to complete and for the Financial Statements for the year ended 31 December 2024 to be published on or before 30 June 2025 there would be a suspension in the trading of the Company's shares from 1 July 2025 until the Financial Statements are published.

Block 8 acquisition

The acquisition of the UAE registered Procyon Investments Limited, which owns the Kazakh registered EPC Munai LLP which in turn holds the licences for the Block 8 structure moves forward, albeit slowly.

As previously announced the licence for the Sholkara structure, one of the three structures at the Block 8 Contract Area, has been renewed. We are no longer interested in the Toresay structure and the renewal of the licence for the Akkaduk structure continues to be held up following the decision by one Kazakh regulatory body that the time taken by another Kazakh regulatory body means the licence renewal application is now out of time.

While the Kazakh court has confirmed this is essentially a matter between the two ministries they have yet to order the renewal of the licence.

With work now permitted at the Sholkara structure we are moving ahead with the acquisition of Block 8 based on the original terms of £100 for the shares in Procyon Investments Limited and a $5 per barrel royalty on oil produced at the Block 8 Contract Area once owned by the Caspian Sunrise Group.

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