Capricorn Energy (CNE)

Sector:

Energy Producers

Index:

FTSE Small Cap

184.22p
   
  • Change Today:
    -7.16p
  • 52 Week High: 379.96
  • 52 Week Low: 142.46
  • Currency: UK Pounds
  • Shares Issued: 72.15m
  • Volume: 73,822
  • Market Cap: £132.92m
  • RiskGrade: 219

Capricorn set to gain up to $50m from Sangomar

By Josh White

Date: Tuesday 13 Feb 2024

LONDON (ShareCast) - (Sharecast News) - Capricorn Energy said in an update on Tuesday that, in response to Woodside Energy's recent announcement, it was awaiting the arrival of the floating production, storage and offloading (FPSO) facility for the Sangomar Field development off the coast of Senegal.
The AIM-traded firm said Woodside had affirmed its aim to achieve first production by the middle of the year.

Under the terms of the sale and purchase agreement, Capricorn said it stood to gain a contingent payment ranging from $25m to $50m.

The payment hinged on the average Brent oil price surpassing predetermined thresholds of $55 or $60 per barrel during the initial six months of production, coupled with the achievement of first oil in the first half of 2024.

If the conditions were met before 30 June, Capricorn said it expected receiving the contingent payment in early 2025, subject to the determination of the average oil price and 30 days of continuous production.

First oil was defined as a continuous 72-hour period during which at least 30,000 barrels were produced for sale.

However, no additional payment would be due if the average Brent price remained at or below $55 per barrel, or if first oil was achieved after the first half of 2024.

Capricorn added that it was in ongoing negotiations with the Senegalese Tax Authority.

The board said that while it had been agreed that real estate capital gains tax would not apply if no taxable gain was made, there was a discrepancy concerning Capricorn's historic base costs, which resulted in a capital loss on the sale of its Sangomar field interests to Woodside.

Additionally, discussions regarding Senegalese registration duty were continuing, with Capricorn maintaining its stance that no such duty was owed.

The company asserted that prior assurances from the Senegalese tax authorities exempted transactions before first oil from registration duties, adding that it vowed to defend its position on the matter.

At 1535 GMT, shares in Capricorn Energy were up 1.16% at 121.8p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CNE Market Data

Currency UK Pounds
Share Price 184.22p
Change Today -7.16p
% Change -3.74 %
52 Week High 379.96
52 Week Low 142.46
Volume 73,822
Shares Issued 72.15m
Market Cap £132.92m
RiskGrade 219

CNE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
48.35% above the market average48.35% above the market average48.35% above the market average48.35% above the market average48.35% above the market average
36.00% above the sector average36.00% above the sector average36.00% above the sector average36.00% above the sector average36.00% above the sector average
Price Trend
66.14% below the market average66.14% below the market average66.14% below the market average66.14% below the market average66.14% below the market average
32.5% below the sector average32.5% below the sector average32.5% below the sector average32.5% below the sector average32.5% below the sector average
Income Not Available
Growth
29.04% above the market average29.04% above the market average29.04% above the market average29.04% above the market average29.04% above the market average
56.86% above the sector average56.86% above the sector average56.86% above the sector average56.86% above the sector average56.86% above the sector average

CNE Dividends

  Latest Previous
  Special Special
Ex-Div 24-May-24 06-Oct-23
Paid 07-Jun-24 20-Oct-23
Amount 43.00p 56.00p

Trades for 29-May-2024

Time Volume / Share Price
16:35 34,069 @ 184.22p
16:35 130 @ 184.22p
16:35 444 @ 184.22p
16:35 293 @ 184.22p
16:35 293 @ 184.22p

CNE Key Personnel

CEO Randy Neely

Top of Page