Caspian Sunrise: Interim Results for the Six Months Ended 30 June 2021
Financial highlights
During the period
Six months ended 30 June | 2021 | 2020 | |
$’m | $’m | ||
Revenue | 10.1 | 5.0 | |
Gross Profit | 7.7 | 2.4 | |
Operating profit / (loss) | 3.9 | (0.9) | |
Profit / (loss) before tax | 3.4 | (1.4) | |
Total assets | 124.9 | 121.9 | |
Cash & cash equivalents | 0.3 | 0.2 | |
Inventories & other current assets | 5.6 | 4.7 | |
Current liabilities | 28.4 | 28.4 |
· International oil price recovers from approximately $16 per barrel to approximately $75 per barrel
· Revenue doubles
· Gross profit triples
· Mix of export / domestic sales for the period 66% : 34% (2020; 58% : 42%%)
· Cash at the period end $0.3 million
Subsequently
· International oil prices remain strong
· Domestic oil price recovers from approximately $6 per barrel to approximately $20 per barrel
· Proposed $6.2 million debt conversion @ 3.2p per share, subject to regulatory and independent shareholder approval.
· Commitment to clear the path to pay first dividends
Operational highlights
During the period
Six months ended 30 June | Units | 2021 | 2020 |
Total production | bbls | 228,387 | 272,707 |
Production for export sales | bbls | 150,735 | 115,233 |
Production for domestic sales | bbls | 77,652 | 157,474 |
Average daily production in the period | bopd | 1,262 | 1,494 |
Daily production at the period end | bopd | 1,124 | 1,268 |
Current daily production | bopd | 1,689 | N/A |
· 16 % decrease in production
· First horizontal well drilled
· Conditional 3A Best farm out completed
· First charter completed for the Caspian Explorer
· Reserves at 30 June 2021, P1 15.4 mbbls, P 26.6 mbbls
· Appointment of Seekwoo Shin as Chief Operating Officer
Subsequently
· First horizontal well flowed with initial production of 629 bopd reaching a maximum rate of 730 bopd before dropping to current rate of 600 bopd
· Current production 1,689 bopd
· Negotiations for a second charter for the Caspian Explorer at an advanced stage
