Palliser Calls General Meeting to Restore Shareholder Confidence in Capricorn; Nominates Six Director Candidates

• Proposal to remove seven existing board members and appoint six new directors
• Refreshed board expected to assess all available go-forward strategic options, including Palliser’s Value Optimisation Plan to unlock up to 400p of shareholder value
• Key shareholders submit letters of intent to Palliser indicating holders of over 28% of shares already support the proposal
• At least 40% of Capricorn shareholders believed to be opposed to NewMed deal

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”) announces today that it has formally requisitioned the board of Capricorn Energy PLC (LSE: CNE) (“Capricorn”) to convene a general meeting of shareholders (“EGM”) given a loss of confidence in the judgement and priorities of the current board and its sustained inability to execute a value accretive corporate strategy. The EGM will enable shareholders to vote on the removal of seven existing board directors and the appointment of six highly qualified and experienced independent candidates to replace them.

The director candidates proposed by Palliser are exceptionally well-qualified and possess all the relevant skills and experience to source candidates for, or themselves fill, any senior executive vacancies that may arise at Capricorn. If appointed, the director candidates are expected to carefully and transparently assess all go-forward strategic options available to Capricorn, including all aspects of the Value Optimisation Plan. The plan published by Palliser on 27^th October 2022 outlines a clear path to unlocking up to 400 pence per share in total value for Capricorn shareholders over the medium term.

Further background can be found in Palliser’s letter to shareholders and accompanying presentation outlining the nominees’ backgrounds and qualifications.

By Palliser’s assessment, shareholders representing more than 40% of Capricorn’s issued share capital disapprove of the NewMed transaction and at least a similar level of support is expected for comprehensive board change. Prior to today’s announcement, letters of intent have already been submitted by three of the Company’s largest shareholders (other than Palliser) in support of Palliser’s proposal, indicating that holders of over 28% of Capricorn’s shares have lost trust in the existing directors and agree that drastic board change is now required.

For more information on Palliser’s proposals, including an independent fair market valuation of Capricorn by ERCE, an industry leading oil & gas consultancy, please visit www.ReformCapricorn.com.

About Palliser

Palliser Capital is a London-based, global multi-strategy investment firm that applies a value-oriented investment philosophy across a range of strategies and asset classes throughout a variety of global markets. Founded in 2021, Palliser invests on behalf of its institutional investors, which include pension funds, endowments and foundations. Palliser Capital (UK) Limited is authorised and regulated by the UK Financial Conduct Authority.