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Highlights
- Total revenues reached USD 52.3 million, with continuing operations contributing USD 31.5 million.
- Pre-tax profit increased to USD 17.1 million, with USD 5.3 million derived from continuing operations.
- Corporate transactions include an USD 88 million disposal of BNG shallow structures and acquisition of the West Shalva Contract Area.
Caspian Sunrise PLC (LSE:CASP) has released its annual financial statements for the year ended 31 December 2024, showing increased revenues and profitability despite regulatory delays and declining production volumes. The company continues to advance its oil exploration, production, trading, and mineral projects, with recent corporate transactions positioning it for further operational development in Kazakhstan.
Financial Performance Overview
In 2024, Caspian Sunrise achieved total revenues of USD 52.3 million, up from USD 36.7 million in 2023. Revenue from continuing operations rose to USD 31.5 million, supported by oil trading revenues of USD 15.9 million and oil services revenues of USD 15.6 million. Operating profit for the year reached USD 17.4 million, with continuing operations contributing USD 5.1 million. Profit before tax increased to USD 17.1 million, while profit after tax reached USD 16.8 million, including USD 7.4 million from continuing operations. Gross assets were valued at USD 135.2 million.
Operational Developments
Production volumes totaled 623,312 barrels in 2024, slightly down from 665,114 barrels in 2023. The Caspian Explorer completed its first drilling charter under company ownership. The Sholkara licence in the Block 8 Contract Area was renewed, enabling further development and testing. Meanwhile, the BNG Contract Area shallow structures, including MJF and South Yelemes, were sold post-year-end for USD 88 million.
Corporate Transactions and Asset Expansion
Caspian Sunrise completed the acquisition of the West Shalva Contract Area, with a maximum consideration of USD 15 million, structured through share issuance and cash payments tied to production milestones. The Block 8 Contract Area acquisition is underway, with the Sholkara licence enabling continued testing while regulatory approvals for other structures remain pending. The company also advanced several mineral projects, including a profitable manganese venture, alongside evaluations of gold, copper, zinc, and titanium assets.
Strategic Positioning and Outlook
The company’s sale of the BNG shallow structures provided funding to pursue new projects and reduce financial pressure from previous work programmes. The Airshagyl structure received a 25-year production licence for an initial three-year period, with reserves of 26 million barrels of C1 oil confirmed. Test production at Sholkara showed 270 and 846 barrels per day from Deep Wells P1 and P2, respectively. Caspian Sunrise is also engaging with partners for additional charters of the Caspian Explorer.
Looking ahead, the company plans further licence awards, continued testing at the Block 8 and West Shalva Contract Areas, and potential mineral acquisitions. These developments aim to create additional revenue streams while leveraging the Group’s operational knowledge in Kazakhstan.
