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Capricorn Energy PLC on Tuesday confirmed that first production from the Sangomar Field development offshore Senegal has started. The oil and gas exploration company said that it has received confirmation from Australia-focused petroleum exploration and production company Woodside Energy Group Ltd that the first oil condition under the sale and purchase agreement has been satisfied. Woodside Chief Executive Officer Meg O’Neill said: ‘This is an historic day for Senegal and for Woodside. First oil from the Sangomar field is a key milestone and reflects delivery against our strategy. The Sangomar project is expected to generate shareholder value within the terms of the production sharing contract.’ Capricorn shares rose 10% to 189.00 pence each late on Tuesday morning in London, while Woodside shares fell 1.6% to 1,400.00p each. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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