4th Oct 2024 10:53
(Alliance News) - Capricorn Energy PLC on Friday reported at least 30 days of continuous production on an asset.
The Egypt-focused oil and gas exploration company said it was notified by Woodside Energy Group Ltd that the production condition under the sale and purchase agreement related to the disposal of its production sharing contract interest in Senegal has been met.
Capricorn reiterated that it may be entitled to additional contingent payment of either USD25 million or USD50 million if the average Brent oil price during the first six months of production rises to over USD55 or USD60 per barrel thresholds.
Output started in June with the Brent oil price averaging around USD80 per barrel to date.
Capricorn Energy expects the contingent payment in early 2025.
Capricorn Energy shares rose 2.2% to 214.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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