Shareholder Services

Please see the RNS announcement of 6 August 2021, which outlines the operational plans for the rest of the year.

It is not in the Company’s commercial interests to announce the price of each charter as it could result in subsequent charters at rates lower than could otherwise have been achieved.

However, to give some indication, there are two types of charters. The first is a charter to drill a well for which in previous years annual income has been at the $20 million plus level.

The second are charters not involving drilling where rates are much lower.

The Caspian Explorer’s annual cost base is less than $1 million.

The charter announced in June 2021, which is safety related and is expected to end in August 2021, will more than cover these annual costs.

The BNG historic cost assessment and our reaction to it has been extensively referred in past announcements and reports.

We struggled for many months to get a date for our appeal to be heard, principally due the Covid impact on the Kazakh court system. As many set dates were subsequently cancelled we did not pre-announce the date on which the appeal was eventually decided.

Confirmation that our appeal had not been successful came as we were finalising the 2020 results announcement.

There are no plans for a new website.

We have been updating the market on a quarterly basis since last summer and intend to keep to that with the full year results towards the end of Q2 each year, the interim results at the end of Q3 and stand-alone updates at the ends of Q4 & Q1.

For a period we did seek to update the market on a monthly basis but there were too many occasions when there was little to say resulting in disappointment and unnecessary negative sentiment.

Regardless of the above however, we continue to announcement significant events as they occur.

After months of delay caused by border closures the chemical reached the BNG Contract Area they were used on wells A6 & 801. However, this did not result in the wells starting to flow. We are planning to repeat the process in the coming months but with different chemicals, better suited to the high temperatures encountered in the deep wells.

In summary it did not work. We believe the extreme temperatures in the well did not allow the chemicals used to perform in the way they do in more typical wells. We are working with specialist laboratories in Western Europe to identify chemical solutions that can work in our wells.

While we do intend to repeat the exercise it will only be with chemicals proven to work at these extreme temperatures.

As set out in the RNS announcement dated 6 August 2021 we plan to resume drilling at Deep Well A8 to the original 5,300 meter Planned Total Depth in August 2021.

There have been no significant oil flows at A5 or 801 in the last 12 months.

Please see the RNS announcement issued on 6 August 2021, for our operational plans at BNG for the remainder of the year.

Sadly no. There will be an increase in production and revenues but no direct uplift to reserves.