REG - Capricorn Energy PLC - Senegal update

Capricorn EnergyAnnouncement

17/12/2024 07:00

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RNS Number : 3103Q  Capricorn Energy PLC  17 December 2024

FOR IMMEDIATE RELEASE                                                                                                        17 December 2024

 

 

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

 

Senegal update

 

 

Capricorn has been notified by Woodside Energy ("Woodside") that all terms and
conditions have been satisfied under the sale and purchase agreement relating
to the disposal of its production sharing contract (PSC) interests in Senegal,
with Capricorn anticipating the receipt of $50m in January 2025. Under the
sale and purchase agreement, Woodside has until 22 January 2025 to make the
$50m payment.

 

As previously noted, Capricorn's entitlement to the payment was dependent on
first oil being achieved by 30 June 2024 and the average Brent oil price
during the first six months of production exceeding a $60 per barrel
threshold.

 

Capricorn remains committed to returning any available proceeds of this
contingent payment to its shareholders while it focuses on developing the
scale and longevity of the business to maintain strong cash flows that will
ultimately deliver consistent shareholder returns. The precise amount of
distribution remains subject to retaining flexibility to fund any disputed tax
obligations as outlined in our half year results on 19 September 2024.

 

 

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. For further information, visit www.capricornenergy.com
(http://www.capricornenergy.com) .

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