UK Oil Company Windfall Tax & Dividend Update

Source: 5/30/2022, Location: Europe

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.


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.

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