Caspian Sunrise: Interim Results for the Six Months Ended 30 June 2021

Financial highlights

During the period

·    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

·    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

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