REG - Capricorn Energy PLC - Senegal Update

Capricorn EnergyAnnouncement

04/10/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241004:nRSD8842Ga&default-theme=true

RNS Number : 8842G  Capricorn Energy PLC  04 October 2024

FOR IMMEDIATE RELEASE                                                                                           4 October 2024

 

 

 

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

 

 

Senegal Update

 

Capricorn has been notified by Woodside Energy that the production condition
under the sale and purchase agreement related to the disposal of its
production sharing contract (PSC) interests in Senegal has now been met as
there has been at least 30 days of continuous production on the asset.

 

As previously noted, Capricorn may be entitled to an additional 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. Production commenced on 10 June 2024 with Brent oil price
averaging around $80/bbl to date. The contingent payment is anticipated in
early 2025.

 

As also previously disclosed, Woodside as recipient of the tax assessment
related to Capricorn's disposal of the assets in 2020 has commenced an action
in the High Court of Dakar disputing this assessment in Q3 2024. Woodside is
also preserving its rights under its Host Government Agreement and
international treaties in relation to this matter.

 

Capricorn remains committed to returning any available proceeds of this
payment to its shareholders. The precise amount of distribution remains
subject to any tax obligations ultimately due in Senegal.

 

Ends

 

 

 

Enquiries to:

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

 Media
 Diana Milford, Corporate Affairs                                            Tel: 0131 475 3000

 Billy Clegg/Georgia Edmonds, 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) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDEXLFBZBLBFBV