Capricorn Energy to receive $50m contingent payment from Woodside Energy

(Sharecast News) - Oil and gas firm Capricorn Energy said on Tuesday that Woodside Energy will pay $50.0m for its operating stake in the Sangomar field offshore Senegal. Capricorn said the payment was dependent on first oil being achieved by 30 June and the average Brent oil price during the first six months of production being above $60 per barrel. With both of these conditions being met, Woodside will now make the payment before 22 January.

Capricorn added that it "remains committed" to returning any available proceeds from the contingent payment to shareholders but highlighted that the exact amount was still subject to the outcome of a court case in Senegal, where Woodside has disputed a tax claim from the country's government related to its acquisition of Capricorn's Sangomar stake.

As of 0935 GMT, Capricorn shares were down 0.96% at 277.30p.







Reporting by Iain Gilbert at Sharecast.com