Corporate Update

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Caspian Sunrise PLC ("Caspian Sunrise" or the "Company")

Update regarding the Block 8 acquisition and the BNG shallow structures disposal

Introduction

The Board of Caspian Sunrise is pleased to update the market with progress of the acquisition of the Block 8 Contract Area and the disposal of the MJF and South Yelemes shallow structures on the BNG Contract Area.

Block 8

The Block 8 Contract Area is located approximately 160 km from the Group's flagship BNG Contract Area and covers 2,823 sq. km with three identified structures.

In September 2023 the independent directors as advised by the company's then nominated adviser WH Ireland, exercised the option to acquire EPC Munai LLP, the Kazakh corporate entity that held three licences on the Block 8 Contract Area, for a cash consideration of $100 plus a $5 per barrel royalty from oil produced from the Block 8 Contract Area when under the Group's ownership, up to a maximum amount of $60 million (the "Acquisition").

Licence renewals

A condition of the Acquisition was the renewal of the three principal licences on the Block 8 Contract Area, namely the licences for the Sholkara, Akkaduk and Toresay structures.

The Sholkara licence has been renewed. Disappointingly, the licence for the Akkaduk structure has yet to be renewed despite repeated court hearings. Licence renewals involve more than one ministry and the time the first ministry took in processing its approval for the Akkaduk licence resulted in the second ministry deeming the application to be out of time.

While the courts have agreed this is essentially a matter between the two ministries they have yet to order the respective ministries to renew the Akkaduk licence.

As previously announced the Company is no longer interested in the Toresay licence.

Moving towards completion

The Company has decided to move forward with the completion of the Block 8 Contract Area based solely on the Sholkara licence while continuing to work through the courts to renew the Akkaduk licence.

Accordingly, the consents of the relevant Kazakh and UAE regulatory authorities will now be sought for the required change of control. In the meantime the current owner is free to resume work at the Sholkara structure, on which wells have been drilled to depths of 4,203 meters and 3,449 meters.

Sale of the MJF & South Yelemes structures

In September 2024 Caspian Sunrise shareholders approved the sale of the BNG Contract Area's shallow structures for a headline cash consideration of $88 million the ("Disposal").

Further to the announcement of 1 April 2025 the Board is pleased to confirm that although the previously extended longstop date under the Sale & Purchase Agreement has passed the parties continue to work towards the completion of the Disposal as soon as practical, noting that the principal outstanding issues are the required regulatory consents.

Further announcements will be made in due course.

Contacts

James Bavister

Andrew de Andrade

This announcement has been posted to:

www.caspiansunrise.com/investors

The person responsible for arranging the release of this announcement on behalf of the Company is Clive Carver, Chairman of the Company.

This announcement has been posted to:

www.caspiansunrise.com/investors