Capricorn Energy to Receive $50 Million from Woodside Energy Following Sangomar Field Milestone

Capricorn Energy has confirmed it will receive a $50 million payment from Woodside Energy by January 22, 2025. This payment is contingent upon the achievement of first oil from the Sangomar field offshore Senegal by June 30, 2024, and an average Brent oil price exceeding $60 per barrel during the first six months of production. Both conditions have been met, prompting the forthcoming payment. Capricorn intends to return the proceeds to shareholders, though the exact amount will depend on potential tax obligations currently under dispute.