REG - Capricorn Energy PLC - Notice Received Under SPA with Woodside Energy

Capricorn EnergyAnnouncement

15/11/2023 12:00

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RNS Number : 5761T  Capricorn Energy PLC  15 November 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

FOR IMMEDIATE
RELEASE
15 November 2023

 

 

CAPRICORN ENERGY PLC ("Capricorn" or "the Company")

 

NOTICE RECEIVED UNDER SALE AND PURCHASE AGREEMENT WITH WOODSIDE ENERGY

 

Capricorn Energy PLC announces that, on 14 November 2023, it received
notification that Woodside Energy ("Woodside") had received a notice from the
Senegalese Tax Authority. The notice from the Senegalese Tax Authority states
that:

 

·      Senegalese registration duty (US$28.2m including interest and
penalties) should have been paid on the transfer (in December 2020) by
Capricorn to Woodside of its PSC interests offshore Senegal, and

 

·      Senegalese real estate capital gains tax (US$14.5m including
interest and penalties) should have been withheld by Woodside from the price
paid to Capricorn in respect of the sale of those PSC interests.

 

Under the terms of the sale agreement between Capricorn and Woodside,
Capricorn is responsible for any registration duty and for any capital gains
tax arising in connection with the sale of the PSC interests.

 

Capricorn's analysis remains that no Senegalese registration duty or capital
gains tax is payable, based on analysis at the time of the transaction.
Capricorn will continue to vigorously defend its position on this matter
including exercising rights under the sale agreement to participate in the
defence of any such claim.

 

 

 

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 an Egypt-focused energy producer, with an attractive portfolio of
onshore exploration, development and production assets in the Western Desert.

 

For further information on Capricorn please see: www.capricornenergy.com
(http://www.capricornenergy.com)

 

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