Caspian Sunrise plc (AIM: CASP), a Kazakhstan-focused oil exploration and production, oil trading, oilfield services, and minerals company, has published its unaudited interim results for the six months ended 30 June 2026, reporting a pre-tax loss of $3.8 million against virtually no revenue. The announcement, released on 12 November 2026, also confirmed the lifting of a suspension of trading in the company's AIM-listed shares at 7:30 am on the same day. The results reflect a period in which none of the group's three oilfields produced oil, following the disposal of its previously producing BNG shallow structures in July 2025.

Key Points

  • Caspian Sunrise plc (CASP) — AIM-listed Kazakhstan oil, gas and minerals group
  • Pre-tax loss widened to $3.8 million for the six months ended 30 June 2026, up from $1.8 million in the same period of 2025, with total revenue of just $0.1 million versus $3.3 million previously
  • Cash fell to $11.9 million from $23.3 million at 31 December 2025; total assets rose to $126.4 million; directors flagged a material going concern uncertainty
  • Investors should watch progress on three Yelemes Deep wells, Block 8 oil production, the conditional Kazikhan minerals acquisition, and board director replacements by 31 December 2026

Zero Oil Production and Near-Zero Revenue Across BNG, Block 8 and West Shalva in H1 2026

During the six months to 30 June 2026, the group produced no oil across any of its three contract areas — BNG, Block 8, and West Shalva — compared with 229,007 barrels in the equivalent 2025 period. The absence of production meant oil trading was also suspended, as the company's policy restricts trading to oil produced from its own oilfields. Total revenue was $0.1 million, entirely from an unspecified other source, against $3.3 million in H1 2025. Administrative costs rose to $3.7 million from $2.7 million, reflecting increased operational activity following the award of the Yelemes Deep structure licence in December 2025.

Three New Yelemes Deep Wells Underway as Block 8 Achieves 90 bopd at Well P2

Since the period end, Caspian Sunrise has spudded three new deep wells — DW707, DW703, and DW701 — on the BNG Contract Area's Yelemes Deep structure, all required to qualify for a full 25-year production licence. DW707 had reached 3,260 metres at the time of the announcement, while DW801 testing revealed an encouraging oil-bearing interval of 50 metres at 4,030 metres depth, though a re-cementing job is needed before further testing. At the Block 8 Contract Area, Well P2 on the Sholkara structure is producing approximately 90 barrels of oil per day, enabling a limited resumption of oil trading activity post-period.

Kazikhan Minerals Acquisition Targets Manganese and Gold; Tau-Cen Completed in October 2026

The company completed the acquisition of Tau-Cen LLP in October 2026, a minerals business with interests in titanium, zirconium, gold, and rare earth elements, for total consideration of $0.7 million split equally between cash and new shares at 5p per share. The larger conditional acquisition of Kazikhan Limited — which holds licences for manganese, gold, silver, copper, and molybdenum in Kazakhstan — remains subject to Kazakh regulatory approval. Initial consideration for Kazikhan is $25 million in shares at 5p, with potential additional consideration of up to $20 million. Manganese production capacity at Kazikhan's Borly subsidiary has reached approximately 8,000 tonnes per month.

Going Concern Uncertainty Flagged Alongside Forthcoming Board Changes at Year-End

The directors have identified a material uncertainty regarding the group's ability to continue as a going concern at current income levels, noting that cash balances, remaining MJF sale proceeds of approximately $5 million expected from Q1 2027, and future production income would need to be sufficient to fund operations. Mitigation options identified include slowing expenditure, advance oil and mineral sales, asset disposals, and potential equity fundraising. Separately, chairman Clive Carver and director Seokwoo Shin are both due to leave the board on 31 December 2026, with the company acknowledging there is no assurance that replacement directors meeting QCA code governance requirements will be in place by that date.