Update regarding the sale of MJF & South Yelemes
Further $7m received on MJF and South Yelemes disposal, bringing total to $69.1m of $88m consideration.
- Further cash received $7 million
- Total received to date $69.1 million
- Total consideration $88 million
- Remaining due $18.9 million
- Due over 12 months from 6 months post-completion $5.1 million
- Due quarterly over 5 years $13.8 million
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The Board of Caspian Sunrise is pleased to announce that a further approximately $7 million has been received in connection with the disposal BNG Contract Area's shallow MJF and South Yelemes structures (the "Disposal") bringing the total received to date to approximately $69.1 million of the $88 million total consideration.
Formal completion of the Disposal is expected before the end of August 2025, following the transfer of various operational consents and licences.
Of the remaining approximately $18.9 million due, approximately $5.1 million is due to be received over a 12 month period commencing 6 months after formal completion and a further $13.8 million is due to be received quarterly over the next 5 years to match the obligations relating to the remainder of the original $32 million MJF Historic Costs assessment.
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