Caspian Energy raises going concern doubts
Aug 11 (Reuters) - Caspian Energy raised going concern doubts as its second quarter revenue sank to nearly nothing and the oil and gas company said it does not have the funds to make its July loan payment or its debenture obligations.
Caspian said it had reached an agreement with its debenture holders to issue company units in lieu of interest payments on its convertible debentures. Each unit will consist one share and half a share purchase warrant.
The company, which operates in Kazakhstan through its joint venture Aral Petroleum Capital LLP, said the onus to secure $80 million in funds for the JV was now on its new partner, Asia Sixth, to develop the East Zhagabulak field and other areas in that country.
Asia Sixth has filed the requisite papers with regulators in Kazakhstan and expects the regulators to allow it to sell and buy shares of Aral and not exercise the state's pre-emptive right to block trade in the joint venture company.
Caspian posted a net loss of C$761,000 ($768,027). Oil revenue, before transportation costs, fell 99 percent to $5,000 as its East Zhagabulak field remained shut-in since the beginning of the year, the company said in a statement.
Shares of the company closed at 16 Canadian cents on Thursday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Gopakumar Warrier)
af.reuters.com/article/energyOilNews/idAFL3E7JB4CO20110811
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