Caspian Sunrise delays drilling for 12 months to bolster financing following virus impact StockMarketWire.com - Oil explorer Caspian Sunrise said it would delay drilling for 12 months to improve its financial performance and could also seek a larger partner to continue deep well exploration within the BNG contract area in Kazakhstan.
The company said its focus was now on making the most of the wells already drilled.
The company also provided an update on half-yearly performance.
For the six months ended June, pre-tax losses narrowed to $1.4m from $1.5m on-year and revenue increased to $5m, from $4.4m.
Production climbed to 273K barrels (bbls) from 259K bbls.
'The extensive lockdowns in Kazakhstan led to serious disruption to our production and exploration activities. Crew changeovers were limited, vital supplies unable to reach the oilfield and there were long delays getting the required acid and engineers to the field for the long planned acid treatments to our existing deep wells,' the company said.
'The shutdown also impacted the renewal of licences and our appeal against what we are firmly advised are excessive state assessed historic costs at BNG. It also delayed the completion of the acquisition of the Caspian Explorer.'
At 10:04am: [ LON:CASP] Caspian Sunrise Plc Ord 1p share price was -0.73p at 2.1p