Caspian Sunrise posts loss, looks to getting deep wells to flow

Caspian Sunrise has swung to a full-year pre-tax loss of $5.37m, from a profit of $10.6m in the prior year, and said getting its deep wells to flow remains the company's top priority.

Chairman Clive Carver said the long-planned merger with Baverstock marked the start of a new phase in the company's development.

"When the success of our shallow drilling is matched by our deep drilling the value of the Company has the potential to be transformed," said Carver.

"Getting our deep wells to flow remains our first priority."

Revenue was $1.6m, up form $1.1m.

At 10:30 BST, shares in AIM-listed Caspian Sunrise were at 9.62p each.