Capricorn Energy plc said it was unlikely to receive the full $29.5 million from its sale of the Catcher and Kraken oil fields, following court refusal of the purchaser’s restructuring plan.
DISCUSSIONS
The 2021 sale, amended in 2023, to Waldorf Production UK plc was part of Capricorn’s acquisition of a 25% non-operated interest in the Columbus field.
Waldorf, which entered into administration in 12 June 2024, missed the January 2025 long stop date and in the following month announced plans to restructure.
Capricorn today said: “The High Court refused to sanction the restructuring plan following a contested hearing in June 2025.
“Capricorn continues to consider its position on this matter in conjunction with its legal advisers, Mayer Brown International LLP.
“Discussions with Waldorf are ongoing but full recovery of $29.5m remains unlikely due to Waldorf’s financial position.”