Caspian Sunrise plc (AIM: CASP), a Kazakhstan-focused oil and gas explorer and producer with mineral assets, has published its audited Annual Report and Financial Statements for the year ended 31 December 2025, disclosing a profit after tax of $13.2 million driven largely by a $19.4 million gain on the disposal of two BNG shallow structures. The company simultaneously confirmed that the suspension of trading in its AIM shares is expected to be lifted on 12 November 2026 at 7:30 am, following the anticipated release of its interim results for the six months ended 30 June 2026. The annual report will be posted to shareholders this week and published on the company's website.

Key Points

  • Caspian Sunrise plc (CASP) — Kazakhstan-focused oil, gas and minerals group listed on AIM
  • Profit after tax of $13.2 million for 2025, down from $16.8 million in 2024, underpinned by $19.4 million gain on BNG shallow structure disposal
  • Total revenues fell to $12.9 million (2024: $31.5 million); production declined to 229,007 barrels (2024: 623,312 barrels) following the July 2025 BNG asset sale
  • Investors will be watching the anticipated AIM trading suspension lift on 12 November 2026 and progress across BNG deep wells, Block 8, and the conditional Kazikhan acquisition

Revenue and Production Fall Sharply Following $88.8m Sale of BNG Shallow Structures

Total revenues for 2025 fell to $12.9 million from $31.5 million in 2024, reflecting the cessation of oil production from the BNG shallow structures following their sale on 7 July 2025. Oil trading revenues declined to $7.2 million (2024: $15.9 million) and oil drilling services revenues to $6.0 million (2024: $15.6 million). The loss before tax from continuing operations reached $11.9 million, compared with a profit of $5.3 million in 2024. However, profit from discontinued operations totalling $23.9 million, including the $19.4 million disposal gain, resulted in a group profit after tax of $13.2 million. Total assets stood at $115.6 million, against $135.2 million at the prior year end.

BNG Deep Wells and Block 8 Sholkara Structure Drive 2025–2026 Operational Activity

At the BNG Contract Area, located 40 kilometres south-east of Tengiz in western Kazakhstan, the company holds a 99% interest and has invested more than $120 million since 2008. In December 2025, the Kazakh Ministry of Energy confirmed significant tax concessions for the BNG deep structures, including the application of Alternative Subsoil Use Tax in lieu of Historic Cost, mineral extraction tax, and excess profits tax. At the Block 8 Sholkara structure, test production reached up to 270 barrels of oil per day from Well P1 and up to 846 bopd from Well P2, with Well P2 currently producing approximately 90 bopd. The Block 8 acquisition formally completed in January 2026.

Mineral Diversification Advances with Tau-Cen Completion and Conditional Kazikhan Deal

The company completed the acquisition of Tau-Cen LLP in October 2026 for total consideration of $0.7 million, split equally between cash and new Caspian Sunrise shares issued at 5p per share. Tau-Cen's principal assets include titanium, zirconium, gold, and rare earth elements bound within zirconium concentrate. The conditional acquisition of Kazikhan Limited, announced in March 2026, would add manganese, gold, silver, copper, and molybdenum licences, with an initial consideration of $25 million payable in shares at 5p each and potential additional consideration of up to $20 million. Kazikhan's completion remains subject to Kazakh regulatory approvals, which the announcement states have not yet been received.

Going Concern Assessment and Caspian Explorer Charter Absence Present Ongoing Risks

The annual report notes that a going concern assessment has been set out in Note 1.1 to the financial statements, an area investors may be watching closely given the transition away from BNG shallow production revenues. The Caspian Explorer offshore drilling vessel generated no charter income in 2025 and had not done so at the time of this announcement in 2026, though the company states interest has been expressed for 2027. Cash at the year end stood at $23.3 million. The company's policy is to fund growth through asset-level financing and asset disposals rather than equity issuances, which the announcement identifies as central to its capital strategy going forward.