Caspian Sunrise PLC

What Caspian Sunrise PLC does

Caspian Sunrise PLC is a UK-incorporated, AIM-listed natural resources company (ticker: CASP.L, Company number 5966431) focused on oil and gas exploration and production in Western Kazakhstan. Founded in 2006 and listed on AIM since 2007 (previously known as Roxi Petroleum), the company owns and operates three oilfield contract areas: a 99% interest in the BNG Contract Area (1,561 sq km, the principal asset with both shallow and deep structures including Airshagyl at 58 sq km and Yelemes Deep at 36 sq km), 100% of the Block 8 Contract Area (2,823 sq km, acquired 2026), and 100% of the West Shalva Contract Area (25 sq km, acquired April 2025). The Oraziman family holds approximately 50.5% of shares, providing a controlling shareholder group; CEO Kuat Oraziman has 20 years of Kazakhstan E&P experience and COO Aibek Oraziman (the largest single shareholder at 46.43%) holds 16+ years of in-country experience.

The company's technical capabilities center on integrated oilfield services. CTS (Caspian Technical Services), a wholly-owned drilling subsidiary, owns 4 onshore drilling rigs capable of simultaneous drilling of 4 wells. The Caspian Explorer is a purpose-built offshore drilling vessel designed specifically for the shallow northern Caspian Sea where conventional deep-water rigs cannot operate; it can drill to 6,000 meters, accommodates approximately 100 personnel, and has a replacement cost in excess of $300 million. To date the BNG asset has been developed with 4 deep wells, 15 shallow wells, and one re-entry. The company also operates in minerals through subsidiaries Kazikhan (manganese, gold, copper) and Tau Cen (titanium, gold).

Caspian Sunrise generates revenue across three streams. (1) Oil production and trading: shallow structures (MJF and South Yelemes) produced over 4.5 million barrels between 2019-2025 before being sold in 2025 for $88M; new oil trading operations launched in 2023 following Kazakh regulatory changes allow domestic-market trading and refined-product sales. (2) Offshore drilling services: the Caspian Explorer is chartered to major international oil company consortia including NCOC (KazMunaiGas, Shell, ExxonMobil, Eni, Total, CNPC) since June 2021, with the first commercial drilling charter under Group ownership completed in Q3 2024 for an ENI-led consortium. (3) Onshore drilling services via CTS, both for Group assets and for farm-in to third-party assets in return for work-programme drilling commitments. Reported revenue was $31.47M in 2024, up from $15.04M in 2023.

Name

Caspian Sunrise PLC

Legal name

Caspian Sunrise PLC

Website

https://www.caspiansunrise.com/about/

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

251–500 employees

Short description

Caspian Sunrise PLC is a UK-incorporated, AIM-listed natural resources company that explores and produces oil from three contract areas in Western Kazakhstan, provides onshore and offshore drilling services through CTS and the Caspian Explorer vessel, and is expanding into minerals.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Oil and Gas Extraction (2111), Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112), Oil and Gas Field Machinery and Equipment Manufacturing (333132)

SIC

Oil & Gas Field Exploration Services (1382), Drilling Oil & Gas Wells (1381), Crude Petroleum & Natural Gas (1311), Oil & Gas Field Machinery & Equipment (3533)

akta.pro primary industry

Drilling & Well Construction (E&P Operator-led) (EUALAAAD)

akta.pro secondary industries

Oilfield Equipment Manufacturing & Supply (Wellheads, BOPs, Surface Equipment) (EUALABAL), OFS Engineering, Construction & O&M (Field Development, Brownfield, Maintenance) (EUALABAM), Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

Keywords

• Oil exploration production
• Onshore drilling services
• Offshore drilling vessel
• Oil trading services
• Mineral exploration assets

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Oil Production and Trading: The company produces oil from its three oilfields (BNG, Block 8, West Shalva) and trades oil produced under new rules introduced in 2023 allowing oil sold domestically to be traded. Oil produced from developed shallow structures (MJF and South Yelemes) produced over 4.5 million barrels between 2019-2025 before being sold.
2. Offshore Drilling Services (Caspian Explorer Charters): The Caspian Explorer drilling vessel is chartered to major international oil company consortia. First charter since Group ownership was with NCOC (North Caspian Operating Company) in June 2021. First commercial drilling charter commenced July 2024 for ENI consortium.
3. Onshore Drilling Services: CTS provides drilling services on Group assets through its 4 drilling rigs and associated equipment. Provides cost savings and operational efficiencies compared to third-party contractors. Can also farm into third party assets in return for fulfilling work programme drilling commitments.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Caspian Sunrise PLC owns and operates three oilfields in Western Kazakhstan (BNG Contract Area at 99% interest, Block 8, and West Shalva), produces and trades oil from these fields, and provides onshore and offshore oilfield drilling services. The company operates four onshore drilling rigs through its wholly-owned CTS subsidiary and owns the Caspian Explorer, a purpose-built offshore drilling vessel designed for shallow northern Caspian Sea operations. The company is also in the process of acquiring mineral assets targeting manganese, gold, copper, and titanium.

Product overview

Caspian Sunrise PLC operates as an integrated oil and gas exploration and production company with a portfolio of contract areas in Kazakhstan. The company's core operations span three primary assets: the 99%-owned BNG Contract Area (principal asset with shallow and deep structures), the 100%-owned Block 8 Contract Area, and the 100%-owned West Shalva Contract Area. Supporting these upstream operations, the company operates CTS (Caspian Technical Services), a wholly-owned drilling subsidiary with 4 onshore rigs, and owns the Caspian Explorer, a purpose-built offshore drilling vessel for shallow Caspian Sea operations. Additionally, the company has expanded into oil trading (since 2023) and is developing mineral assets targeting manganese, gold, copper, and titanium through acquisitions of Kazikhan and Tau Cen.

Differentiator

Problem solved

Functional benefit

Products and services

• BNG Contract Area

Quantifiable outcome

• Over 4.5 million barrels of oil produced from shallow structures between 2019-2025
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• ENI ConsortiumcoreStrategic or Co-development Partner · 1 July 2024In July 2024, the Caspian Explorer commenced its first commercial drilling charter under the Group's ownership for a consortium led by Italy's ENI. In Q3 2024 the vessel completed its first commercial drilling charter.
• North Caspian Operating Company (NCOC)coreStrategic or Co-development Partner · 1 June 2021NCOC is the principal operator in the Caspian region, comprising the Republic of Kazakhstan working through KazMunaiGas (KMG), and international oil companies including Shell, ExxonMobil, Eni, Total and CNPC, the consortium operating the Kashagan field. In June 2021, Caspian Sunrise announced the first charter for the Caspian Explorer drilling vessel with NCOC.
• Zeus Capital LtdminorChannel Partner/ Reseller/ DistributorNominated Adviser and Broker for Caspian Sunrise PLC on AIM. Located at 125 Old Broad Street, 12th Floor, London.
• Taylor Wessing LLPminorOthersSolicitors for Caspian Sunrise PLC. Located at EC4A 3TW, London.
• PKF Littlejohn LLPminorOthersAuditors for Caspian Sunrise PLC. Located at 15 Westferry Circus, London E14 4HD, United Kingdom.
• MUFG Capital MarketminorOthersShare Registrar for Caspian Sunrise PLC. Located at 6th Floor, 65 Gresham Street, EC2V 7NQ.
• Gaffney, Cline & Associates LimitedminorStrategic or Co-development PartnerReserves and Resources Evaluator for Caspian Sunrise PLC. Located at Bentley Hall, Blacknest Road, Alton, GU34 4PU.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Tethys Petroleum Limited: Central Asia-focused independent E&P with assets in Kazakhstan and Uzbekistan. Closely comparable to Caspian Sunrise as a small-cap, AIM/Caixao-listed E&P operator with integrated oilfield services exposure in the same region.
• Condor Energies Inc. Kazakhstan-focused natural gas and oil producer with operations in Western Kazakhstan. Comparable in scale, geography, and operational profile as a small-cap independent pursuing hydrocarbon production in the same basin.
• Nostrum Oil & Gas PLC: London-listed independent E&P operating in north-western Kazakhstan. Similar Kazakhstan E&P footprint, AIM/LSE-listed status, and capital-intensity profile, making it a comparable mid-scale operator.
• Max Petroleum plc: Kazakhstan-focused E&P that produced and developed shallow-post-salt fields in western Kazakhstan. Highly comparable operating model (Kazakhstan E&P, AIM-listed) though now in restructuring.
• Eurasia Drilling Company Limited: Leading onshore drilling contractor in Russia and CIS using owned land-based rigs. Comparable to Caspian Sunrise's CTS unit in drilling rig ownership and service offering to upstream operators in the region.
• Frontera Energy Corporation: Latin America-focused independent E&P with oilfield services integration. Comparable in scale and integrated upstream-plus-services business model relevant to small-cap energy operators pursuing analogous vertical integration.

Broad incumbents

• KazMunayGas (NCOC shareholder): Kazakhstan's state oil and gas company and key counterparty in NCOC (which charters Caspian Explorer). Comparable as the dominant incumbent that both competes for acreage and provides a customer base for Caspian Sunrise's drilling services.
• Petrofac Limited: Global oilfield services and engineering provider with CIS exposure. Comparable as a broader oilfield services incumbent offering drilling-adjacent capabilities relevant to Caspian Sunrise's CTS and Caspian Explorer chartering operations.

Emerging players

• Empyrean Energy plc: Small-cap E&P with assets including China Block 27 (analogous operator-led upstream model). Comparable as an AIM-listed junior E&P pursuing operator-led exploration in partnership with regional players.

Regional players

• Steppe Drilling (KazMunayGas subsidiary): Kazakhstan-based onshore drilling services provider within KazMunayGas. Comparable in onshore drilling-rig service offering to Caspian Sunrise's CTS subsidiary, though it operates as a captive/regional contractor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Caspian Sunrise PLC