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

Capricorn Energy (CNE.L), undergoing a strategic review after a failed merger and shareholder revolt, said on Monday it had net cash of $191 million and was owed $145 million by Egypt under contracts there.

Capricorn has said a $100 million special dividend pencilled in for the fourth quarter depended on how much revenue was generated by its Egyptian assets that form the core of its new strategy, as well as factors such as oil and gas prices.

"The Board remains confident of our ability to release that amount and looks to do so at the earliest point in time," Chair Craig van der Laan said in a statement released to coincide with a shareholder meeting on Monday.

In an initial strategy update in April under its new leadership, Capricorn said it had $97 million in receivables outstanding from Egypt as of the end of last year.

This has grown to $145 million at the end of May, it said on Monday, of which $104 million "is overdue".

Chief Executive Randy Neely, who took office at the start of the month, has a track record of renegotiating contract terms in Egypt.