Capricorn Energy, originally known as Cairn Energy, said its is currently evaluating M&A opportunities in the UK North Sea.

The Edinburgh-based explorer, now focused on North Africa, is still seeking a $22.5m final payment from Waldorf which was payable by Waldorf on 3 January for the stake in North Sea field Columbus.

It increases to $29.5m if the Columbus acquisition does not complete by end the current quarter. Capricorn is currently in discussions with Waldorf’s secured creditors. In the meantime, it is looking at further opportunities in the region.

The company last week received a $50m settlement from Woodside Energy relating to the disposal of its production sharing contract (PSC) interests in Senegal. Capricorn is committed to returning proceeds to its shareholders.

In a trading update ahead of final results on 27 March, Capricorn chief executive Randy Neely said:

“I am delighted to report that our continued focus on financial and operational discipline in 2024 resulted in Capricorn achieving the top end of production guidance and a return to profitability.

“Throughout the year, we kept the market abreast of Woodside’s progress with the Sangomar asset and were very pleased to confirm the receipt of $50m on 22 January.

“As previously guided, the company remains committed to returning any available proceeds of this contingent payment to our shareholders, the precise amount and timing of which remains subject to any disputed tax obligations.”

Looking ahead, he sasid: “In 2025, we will continue to focus on maximising the value from our self-funding Egyptian business unit, ensuring revenues from the assets provide the cash flow to sustain and eventually grow investment in country.

“Outside of Egypt, our priority is to develop the scale and longevity of the business to increase cash flows and deliver consistent shareholder returns. Our objective is to diversify and expand operations by leveraging our core corporate capabilities to identify, acquire and exploit the right assets in the right locations.

“We are currently evaluating M&A opportunities in the UK North Sea and in the MENA region against a strict set of strategic, financial and returns criteria, and look forward to updating the market on our efforts when appropriate.”