Capricorn Energy, in its Monday announcement, disclosed its financial position with net cash amounting to $191 million while also revealing its debt obligations of $145 million to Egypt based on contractual agreements.
The company further stated that a $100 million special dividend, allocated for the fourth quarter, is contingent upon the revenue generated by its assets in Egypt. The dividend amount is expected to be determined based on the performance of these Egyptian assets, as stated by Capricorn Energy.
“The Board remains confident of our ability to release that amount and looks to do so at the earliest point in time,” said Chair Craig van der Laan in a statement on Monday.
In a strategy update in April, the firm had $97 million in receivables outstanding from Egypt.
By the end of May, the number had grown to $145 million, of which $104 million are “overdue” said the company on Monday.
The company is planning to release another strategy update in September.
