23rd Jan 2025 12:15
Capricorn Energy PLC - Egypt-focused oil and gas explorer - Says it has received a USD50 million payment from Woodside Energy Group Ltd, under the production condition of the sale and purchase agreement between the two parties. The deal was in relation to the disposal of Capricorn Energy's production sharing contract interest in Senegal. The payment had been conditional to the average Brent oil price during the first six months of production at the asset rising to over USD60 per barrel. Output had begun in June 2024 at an average Brent oil price of around USD80 per barrel. Capricorn Energy reiterates that it "remains committed to returning any available proceeds of this contingent payment to its shareholders", though the timing of this remains subject to "disputed tax obligations". Read More
