Senegal Contingent Payment Update

Capricorn Energy PLC
18 July 2023
 

 

 

                                                                                                                                   18 July 2023

 

CAPRICORN ENERGY PLC ("Capricorn" or "the Company")

 

Senegal Contingent Payment Update

 

 

Capricorn notes Woodside Petroleum's ("Woodside") announcement today regarding its Sangomar Field Development in Senegal where the targeted first oil has moved from late 2023 to mid-2024. Capricorn remains exposed to a contingent payment of between US$25m and US$50m if first oil is achieved in the first half of 2024 and the average Brent oil price during the first six months of production exceeds the $55/bbl or $60/bbl thresholds contained in the sale and purchase agreement. There is no payment if first oil is achieved later than H1/2024.

 

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: 020 3757 4980

           

Woodside Energy Announcement - Sangomar Project Update

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