Egypt’s IOU to Capricorn Energy grows to $145 million

Capricorn Energy announced on Monday that it has net cash of $191 million and owes $145 million to Egypt according to contracts there.

A $100 million special dividend set aside by the company for the fourth quarter depends on how much revenue is produced by its Egyptian assets, according to the company.

“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.