LONDON (ShareCast) - (Sharecast News) - Caspian Sunrise has reported further progress toward completing the $88m sale of its shallow MJF and South Yelemes structures within the BNG Contract Area in Kazakhstan on Tuesday.
The AIM-traded company confirmed that the deadline for finalising the transaction had been extended to 30 April, reflecting ongoing regulatory steps required for completion.

It said early last month that the sale, overwhelmingly approved by shareholders in September, involved separating the shallow structures from the rest of BNG LLP's assets.

That process was now at an advanced stage, with the necessary documentation submitted to Kazakh authorities.

Caspian Sunrise previously received an initial payment of $14m under the agreement.

Completion of the sale was expected to unlock a significant follow-on investment.

The company said it had entered into a conditional, non-binding agreement with a Middle Eastern financial institution for a $72.5m investment in exchange for a 50% stake in BNG.

That investment was contingent on the successful disposal of the shallow assets and is intended to fund the development of the deeper structures at BNG.

At 0808 GMT, shares in Caspian Sunrise were down 0.69% at 2.88p.

Reporting by Josh White for Sharecast.com.

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