Capricorn Energy says full Waldorf earn-out payout now unlikely

19th Aug 2025 11:01

(Sharecast News) - Capricorn Energy has said that a full recovery of nearly $30m owed to it relating to an agreement with distressed North Sea oil and gas producer Waldorf Production is now unlikely.

The comments followed a decision on Tuesday by the High Court, which refused to sanction Waldorf's financial restructuring plan.

The $29.5m owed to Capricorn relates to Waldorf's acquisition of the Catcher and Kraken fields from Capricorn in 2021, which was then amended in 2023.

Capricorn has been entitled to an earn-out consideration dependent on oil prices and production performance from the fields from 2021 to the end of 2025

"Discussions with Waldorf are ongoing but full recovery of $29.5m remains unlikely due to Waldorf's financial position," Capricorn said in a statement.

The stock was down 2.3% at 209p by 1241 BST.