Shares in Caspian Sunrise PLC (AIM:CASP), the Kazakhstan-focused oiler, dropped by almost a third after it said it was cancelling the dividend payment for the foreseeable future.
In an update, the group said it found itself the unintended victim of the Ukraine conflict insomuch as it has layered in additional costs and, crucially, has resulted in an US$18mln loss of revenue.
Investors were told pay-out will be resumed if it sees a marked increase in production from three key wells, or it receives the US$22.5mln it is owed from the sale of a 50% stake in the company that owns the Caspian Explorer, a drilling vessel.
The shares fell 1.24p to 2.76p.