Shares in Caspian Sunrise PLC (AIM:CASP) fell 10% on Monday after the company said its $88 million asset sale in Kazakhstan was still awaiting final regulatory approvals.
The sale of the MJF and South Yelemes fields has so far brought in $15.7 million, with operational handovers already completed. However, the company has delayed publishing its 2024 accounts until the deal is either finalised or formally abandoned.
Caspian also reported limited progress on its planned acquisition of Block 8. While the Sholkara licence has been renewed, regulatory hold-ups are stalling work at the Akkaduk structure.
The AIM-listed oil and gas group remains focused on both deep and shallow fields in Kazakhstan; however, uncertainty surrounding its transactions appears to be weighing on sentiment.
The stock dropped 0.26p to 2.34p.