Exemption from future Historic Costs at the BNG
Caspian Sunrise PLC has received notification from the Investment Committee of the Government of the Republic of Kazakhstan that the BNG deep structures will transition to typical contract terms, leading to an expected reduction in certain tax obligations, including Historical Costs payments. This development is considered a major positive, as it is anticipated to accelerate the development of this highly prospective asset for the benefit of all stakeholders.
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The Board of Caspian Sunrise is pleased to announce that the Investment Committee of the Government of the Republic of Kazakhstan has notified the Group that the BNG deep structures will be transitioned to the terms of a typical contract, as a result of which the Group expects a reduction in certain tax obligations, including Historical Costs payments, related to the BNG deep structures.
The expected reduction of certain tax obligations, including Historical Costs payments, related to the BNG Contract Area's deep structures is therefore a major positive development for which the Investment Committee should be congratulated. It should help enable a potentially world class asset to be developed for the benefit of all stakeholders including the Kazakh state.
Comment
Clive Carver, Chairman said
"The expected reduction in Historic Costs at the BNG Contract Area deep structures will speed up the development of this highly prospective asset."
- Sunjin Chang, a member of the Association of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.
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