Caspian Sunrise PLC

UK Oil Company Windfall Tax & Dividend Update

UK Oil Company Windfall Tax

For the avoidance of doubt the Board is pleased to confirm that the UK's new windfall tax on oil companies applies only to companies operating in the North Sea or the Continental Shelf and therefore does not apply to Caspian Sunrise.

Dividends

On 27 May 2022 the High Court of England and Wales approved the draft order to effect the Company's cancellation of its share premium account and its deferred shares. A final hearing is expected to be held before the end of June 2022, where the Company expects the High Court will confirm the cancellation can proceed, clearing the way for Caspian Sunrise to make dividend distributions to shareholders.

It is the Company's intention that such dividend distributions commence on a quarterly basis starting in July 2022.

Caspian Sunrise PLC

Clive Carver

Executive Chairman                                                                +7 727 375 0202

WH Ireland, Nominated Adviser & Broker

James Joyce                                                                            +44 (0) 207 220 1666

Andrew de Andrade

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.