Kazakhstani authorities charge company linked with Caspian Sunrise

BNG Ltd., a Kazakhstani oil company linked with Caspian Sunrise, a U.K.-registered entity, is due to pay $364,000 in fines, the Mangystau region prosecutor’s office reported.

The law enforcement agency has charged the company $365,000 for allegedly breaching subsoil use legislation, as it failed to fulfill its obligations to invest in the socio-economic development of the Mangystau region during its operations from 2022 to 2023.

According to the 2023 financial statement, 99% of the company’s shares were held by Eragon Petroleum FZE, registered in the United Arab Emirates and 1% by the Caspian Sunrise PLC CEO, Kuat Oraziman. The final beneficiary of the asset was the British Caspian Sunrise. As of late 2023, the enterprise was exploring and producing oil at the Aiyrshagyl, Yelemes South and North West oil fields.

In early September, Caspian Sunrise PLC announced the extraordinary general meeting scheduled for Sep. 26, as the company’s board is seeking approval to sell the MJF and Yelemes South shallow-water oil and gas structures to Absolute Resources LLP, a Kazakhstani enterprise, for $88 million.

Caspian Sunrise has been listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) since 2007 and operates in Kazakhstan. The company’s major shareholders are Kazakhstani citizens, with the Oraziman family holding 48% of the shares. Caspian Sunrise’s main focus is currently on the BNG contract area in the Precaspian Basin.