Capricorn Energy PLC UK North Sea contingent payment update (2780X)
19 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMCNE
RNS Number : 2780X
Capricorn Energy PLC
19 December 2023
FOR IMMEDIATE RELEASE 19 December 2023
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
UK North Sea contingent payment update
Capricorn announces that it has entered into an agreement for
the full and final settlement of the subsequent payment terms of
its sale and purchase agreement with Waldorf Production UK PLC
("Waldorf") relating to the disposal of its previously held
interests in the Catcher and Kraken fields (see press release "
Sale of Cairn's interests in the Catcher and Kraken Fields " dated
9 March 2021). Under revised terms, Capricorn will now receive
payment of $72.5m over the next 13 months and Waldorf's 25%
non-operated working interest (WI) in the Columbus gas field.
Under the original terms of the sale, Waldorf was required to
make three additional annual contingent payments (2024-2026). The
quantum of the remaining contingent payments was subject to Brent
oil prices and field production performance.
In line with the expected 2024 contingent payment, Capricorn
will receive a sum of $50m cash through an initial payment of $48m
in December 2023, followed by $2m at the end of Q1/24. An
additional $22.5m will be due in early January 2025. The 25% WI in
the Columbus field, located in the UK Central North Sea, will be
transferred into the existing Capricorn UK subsidiary and should
deliver consistent cash flows from a 1 January 2024 effective date
with approximately 80% of production exposed to the UK gas price.
In addition, the acquisition of the Columbus field allows the
Company to maintain its presence in the UK North Sea where it has
been active over the last decade through continuous exploration and
production activities.
As part of the above settlement, Capricorn has agreed to release
$48m restricted cash held by Waldorf related to a residual
liability on the Kraken field. The transfer of ownership in the
Columbus field will be subject to customary conditions
precedent.
Ends
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
Capricorn is an Egypt-focused energy producer, with an
attractive portfolio of onshore exploration, development and
production assets in the Western Desert.
For more information on Capricorn visit:
https://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 or visit 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.
END
UPDGPGACPUPWUQB
(END) Dow Jones Newswires
December 19, 2023 02:00 ET (07:00 GMT)
Capricorn Energy (LSE:CNE)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Capricorn Energy (LSE:CNE)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024