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Energy developer Caspian Resources has finally secured the sign-off from government authorities in Kazakhstan to export oil from its flagship BNG asset.
The approval hands Caspian Sunrise full export status for the MJF structure in western Kazakhstan and contains confirmation of all the significant commercial terms requested.
'As Caspian Sunrise followers know we have been waiting some considerable time for the MJF licence upgrade', said Clive Carver, executive chairman of Caspian Sunrise.
'The impact of its ultimate award on the economics on the Group, with the ability to fund new wells and to workover others, is expected to make a significant difference to the profitability of the Group and the pace at which our assets can be further developed.'
'We look forward to confirming the formal licence award in the near future.'
At 8:22am: (LON:CASP) Caspian Sunrise Plc Ord 1p share price was +0.25p at 11.38p