S&P 500 may face selling pressure as systematic funds reach full exposure
LONDON - Caspian Sunrise PLC announced Wednesday it has received approximately $7 million in additional proceeds from the sale of its BNG Contract Area’s shallow MJF and South Yelemes structures, bringing total receipts to $69.1 million of the $88 million total consideration.
The oil and gas company expects formal completion of the disposal to occur before the end of August 2025, following the transfer of various operational consents and licenses, according to a company press release.
The remaining balance of approximately $18.9 million will be paid in installments, with $5.1 million due over a 12-month period beginning six months after formal completion. The final $13.8 million will be received quarterly over the next five years, structured to match obligations related to the remainder of the original $32 million MJF Historic Costs assessment.
The transaction involves the sale of shallow structures while Caspian Sunrise retains its deep drilling operations in the BNG Contract Area.
The announcement was made in accordance with the UK Market Abuse Regulation requirements, with Chairman Clive Carver responsible for arranging the release of the statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.