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.
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