Update

Caspian Sunrise plc

18 May 2026

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Caspian Sunrise PLC ("Caspian Sunrise" or the "Group")

Update

Introduction

The Board of Caspian Sunrise is pleased to provide the following update on operations and corporate transactions.

Oil & gas operations

BNG

Under the terms of the BNG appraisal licences issued in December 2025 at Yelemes Deep we have an obligation to complete three deep wells by the end of 2027 to be eligible to upgrade to a full production licence, while at the Airshagyl structure the requirement to complete two new wells by the end of 2028 can be satisfied after the issue of a full production licence. Our priority therefore in recent months has been at the Yelemes Deep structure.

Regulatory approval to drill new wells

We are therefore pleased to report that the Kazakh authorities have granted permission for four new wells on the BNG Contract Area in addition to the wells already drilled or started.

These are two new deep wells at the Yelemes Deep structure targeting Permian limestone, a new shallower well at the Yelemes Deep structure targeting Triassic sandstone and a new shallow well on a potential new shallow structure LK6 targeting Cretaceous Point Bar Sandstone.

At the Yelemes Deep structure the deep wells will be drilled to depths of approximately 5,000 meters, and the shallower well to a depth of approximately 3,500 meters. At the potential new shallow structure, the well will be drilled to a depth of approximately 2,500 meters. The work on all these wells will be carried out by the Group's in house drilling company CTS and for the most part using rigs owned by the Group.

While the ultimate prize at BNG is to bring the deep structures into commercial production, shareholders are reminded that the shallow MJF and South Yelemes structures produced more than 4.5 million barrels between 2019 and 2025 before being sold for a headline cash consideration of $88 million.

Yelemes Deep

Important to the future of the Yelemes Deep structure is the outcome of the work underway at Deep Well 803.

This well had an original planned total depth of 4,500 meters with a primary target at a depth of 3,905 meters and a secondary target at a depth of 4,200 meters. It was drilled to a depth of 3,420 meters before work paused towards the end of 2024 for the renewal of the licence.

At that time the well had produced briefly at rates of up to 500 bopd from a 10 meter perforated interval within a wider 60 meter interval showing indications of oil between depths of 3,360 and 3,420 meters.

The well has now been deepened to a depth of 3,906 meters on the way to targeting potentially much larger oil bearing intervals at depths between 3,920 and 3,980 meters. The new potential intervals are expected to be reached later this month following which the plan is to perforate and if appropriate commence flow testing.

Subject to a successful outcome with Deep Well 803 we plan next to drill a new deep well with the designation of Deep Well 701 near the site of Deep Well 801, which was drilled to a depth of 5,050 meters but later abandoned. This is one of the new wells for which regulatory consent referred to above has been granted.

A G70 rig is being sourced to drill the well, which will have a planned total depth of 5,000 meters targeting Permian dolomite/anhydrite, and carboniferous limestone.  The well is expected to be spudded in Q3 2026 and reach its planned total depth by the end of Q4 2026.

Airshagyl

At Deep Well A6, which has been drilled to a depth of 4,528 meters, the plan in due course is to drill a 600 meter side track from a depth of 3,800 meters targeting Permian fractured dolomite and anhydrite.

Block 8

On completion of work at Deep Well 803 at the BNG Contract Area the drilling pipes used will move to Deep Well P2 to drill a 400 meter side track from a depth of 3,100 meters targeting oil in the Permian dolomite.

We then plan to re-perforate Deep Well P1.

West Shalva

In March 2026 we reported oil flows in the Jurassic at an interval of 2,250 meters. Since then we have been working to maximise oil production from this interval including re-perforations, heat treatment and the installation of mechanical pumps.

Unless the flow rates improve from the 300 bopd rate previously reported our plan is now to deepen the well to its original planned depth of 3,200 meters targeting oil in the Triassic limestone at a depth of approximately 3,000 meters.

This is instead of drilling the second well to that depth as previously intended as the casing partly already in place at the first well was designed for a deeper drill. The second well at the West Shalva Contract Area is now planned with a Total Depth of 2,500 meters targeting Jurassic sandstone with spudding expected at the end of Q2 2026.

Mineral acquisitions

In December 2025 we announced the conditional acquisition of Tau Cen, a mining operation focused on titanium for a consideration of $0.7 million. In March 2026 we announced the conditional acquisition of Kazikhan, which has manganese and gold reserves together with copper, silver and molybdenum potential for an initial consideration of $25 million and a maximum consideration of $45 million.

Regulatory status

We are pleased to report that the consent required under the Anti Monopolies regulations, which is the principal consent required, has been received for the Kazikhan acquisition.

Formal completion of the Kazikhan acquisition will take place once all the remaining approvals are received.

Contacts:

Zeus James Joyce James Bavister Andrew de Andrade

[phone]

Qualified Person

Mr. Sunjin Chang, a member of the Society of Petroleum Engineers, has reviewed and approved the technical disclosures in these financial statements.

This announcement has been posted to:

www.caspiansunrise.com/investors

The person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.

This announcement has been posted to:

www.caspiansunrise.com/investors

 

END