Capricorn Energy plc said it had received the $50 million payment due from Woodside Energy relating to the sale of its production sharing contract interests in the Sangomar oil field, Senegal.
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The company aims to return any available proceeds of the contingent payment to its shareholders, which is subject to any disputed tax obligations to the Senegalese authorities.
Capricorn’s main focus is onshore exploration, development and production in the Egyptian Western Desert.
The company is awaiting completion of a 25% working interest in the Columbus gas field, which will maintain its interest in the UK North Sea.