Capricorn Energy (CNE.L) is sticking with plans to pay out a total of $575 million to shareholders this year including a $100 million special dividend in October, it said on Thursday, despite payment delays from 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, calling this a "key concern".
CEO Randy Neely was brought on board in June to renegotiate broader terms with Egypt, as he had done in his previous job at TransGlobe.
Capricorn had previously said the timing of a $100 million payout depended on how much revenue was generated in Egypt and the outcome of negotiations over its Egyptian licences, as well as oil and gas prices this year.
A shareholder meeting is planned for Oct. 5 to approve the $100 million special dividend ahead of a strategy update in November, Capricorn said.