Capricorn Energy : Adjournment of Combination GM and resignation of James Smith and Keith Lough

The Company hereby announces that the Combination GM opened at 9.00 a.m. (London time) earlier today and has been adjourned to 22 February 2023, at a time and location to be announced in due course. This adjournment has been made with the consent of those present and entitled to vote at the Combination GM.

To best enable the process of Board reconstitution and as anticipated in the Company's announcement on 24 January 2023, Keith Lough and James Smith resigned from their roles as Board directors following the Combination GM, each resignation taking place with immediate effect.

The Palliser requisitioned general meeting on Board composition will go ahead at 2.00 p.m. this afternoon and a further announcement on Board reconstitution will be made following this meeting.

Confirmation of Cancellation of Share Premium Account

Additionally, further to the Shareholder vote which took place on 15 December 2022 approving the cancellation of the Company's share premium account (the "Cancellation"), the Cancellation received the required confirmation from the Court of Session on Friday 27 January and was registered with the Registrar of Companies (and therefore took effect) on 31 January 2023.

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Analysts/Investors
David Nisbet, Corporate Affairs
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Media
Jonathan Milne, Linda Bain, Corporate Affairs
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Patrick Handley, David Litterick
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Disclaimers

This announcement has been issued by and is the sole responsibility of Capricorn. The information contained in this announcement is for information purposes only and does not purport to be complete. The information in this announcement is subject to change. This announcement has been prepared in accordance with English law, the UK Market Abuse Regulation and the Disclosure Guidance and Transparency Rules and Listing Rules of the FCA. Information disclosed may not be the same as that which would have been prepared in accordance with the laws of jurisdictions outside England.

Takeover Code disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement and certain other documents required to be published pursuant to Rule 26 of the Code will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.capricornenergy.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement. Statements of estimated cost savings and synergies relate to future actions and circumstances which, by their nature, involve risks, uncertainties and contingencies. As a result, any cost savings and synergies referred to may not be achieved, may be achieved later or sooner than estimated, or those achieved could be materially different from those estimated. No statement in this document should be construed as a profit forecast or interpreted to mean that the combined group's earnings in the first full year following implementation of the Combination, or in any subsequent period, would necessarily match or be greater than or be less than those of NewMed or Capricorn for the relevant preceding financial period or any other period.

Additional Information

This announcement is not intended to, and does not, constitute or form part of any offer, invitation, or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, will be made solely by certain offer documentation which will contain the full terms and conditions of any offer, including details of how it may be accepted. The distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Capricorn who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Capricorn who are not resident in the United Kingdom should inform themselves about, and observe any applicable requirements. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.