The Baverstock merger completed on 1 June 2017. Additionally, approximately $10 million due to Vertom, a company controlled by Kuat Oraziman, the Company’s CEO, was capitalised.
Following the merger and loan note capitalisation, with the exception of monies due to local oil traders the Group will be essentially debt free.
In addition to the advantages of greater size and greater control of the development of the BNG asset the Company will now be able to reorganise its affairs to simplify the Caspian Sunrise Group to better comply with various international administrative and taxation requirements.
Most important though will be the ability to develop the BNG asset at a rate faster than may have been possible by each of the Baverstock quota-holders.
Following the merger with Baverstock, Caspian Sunrise’s interest in the Contract Area will increase from 58.41% interest to approximately 99%.