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.

Download PDF

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: 0203 757 4980

Woodside Energy Announcement - Sangomar Project Update