Capricorn Energy is sticking with plans to pay out $575 million to shareholders this year, including a $100 million special dividend in October, despite payment delays from its key market, Egypt.
After shareholder revolts derailed two mergers and prompted Capricorn to turn its back on all assets bar producing fields in Egypt, it is owed $144.2 million by the north African country in so-called “receivables”, $113.3 million of which are overdue, it said.
The board of the oil and gas explorer was ousted in February with support from a number of large investors. A strategic review by the new board recommended staff cuts and a move away from riskier exploration prospects.
Randy Neely was brought in as executive in June and yesterday said Capricorn is
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