REG - Capricorn Energy PLC - Senegal contingent payment update

Capricorn EnergyAnnouncement

11/06/2024 07:15

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RNS Number : 9415R  Capricorn Energy PLC  11 June 2024

FOR IMMEDIATE RELEASE                                                                                                        11 June 2024

 

 

Capricorn Energy PLC ("Capricorn" or the "Company")

 

Senegal contingent payment update

 

 

Capricorn notes Woodside Energy's ("Woodside") announcement today confirming
that first production from the Sangomar Field development offshore Senegal has
commenced. The Company has received confirmation from Woodside that the first
oil condition under the sale and purchase agreement has been satisfied.

 

As previously noted, Capricorn may be entitled to a contingent payment of
either $25m or $50m if the average Brent oil price during the first six months
of production exceeds the $55 per barrel or $60 per barrel thresholds and
first oil is achieved in the first half of 2024. The contingent payment is
anticipated in early 2025 once the average oil price has been determined and
there has been 30 days of continuous production.

 

Capricorn remains committed to returning any available proceeds of this
contingent payment to its shareholders.

 

As previously disclosed, under the terms of the sale agreement between
Capricorn and Woodside, Capricorn is responsible for certain taxes arising in
connection with the sale of the PSC interests and a tax audit of Capricorn's
disposal of the assets is ongoing.

 

 

Ends

 

 

Enquiries to:

 Analysts / Investors
 Nathan Piper, Commercial Director                                           Tel: 0131 475 3000

 Media
 Diana Milford, Corporate Affairs                                            Tel: 0131 475 3000

 Billy Clegg/Owen Roberts, Camarco                                           Tel: 0203 757 4980

 

 

About Capricorn Energy PLC

 

Capricorn is a cash flow-focused energy producer, with an attractive portfolio
of onshore exploration, development and production assets in the Egyptian
Western Desert and, subject to completion, a producing position in the UK
North Sea. For further information, visit www.capricornenergy.com
(http://www.capricornenergy.com) .

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