Capricorn Energy PLC Senegal contingent payment update (9089X)
27 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMCNE
RNS Number : 9089X
Capricorn Energy PLC
27 December 2023
FOR IMMEDIATE RELEASE 27 December 2023
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
Senegal contingent payment update
Capricorn notes Woodside Petroleum's ("Woodside") announcement
today regarding the departure from Singapore of the FPSO for
Woodside's Sangomar Field development offshore Senegal. As defined
in the sale and purchase agreement, Capricorn may become entitled
to a 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 and first oil is achieved
in the first half of 2024. If first oil is achieved prior to 30
June 2024, the contingent payment is anticipated in early 2025 once
the average oil price has been determined and there has been 30
days of continuous production. First oil is defined as the first
continuous 72-hour period of production from the Sangomar Field
during which at least a total of 30,000 barrels is produced for
sale.
In either case, no additional payment will be due from Woodside
if the average Brent price is less than or equal to $55 per barrel
or if first oil is achieved later than H1/2024.
Capricorn remains committed to returning any proceeds of this
contingent payment to its shareholders.
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
Capricorn Energy
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
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END
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