VR Capital Reiterates Intention to Vote AGAINST Proposed Business Combination Between Capricorn Energy and NewMed Energy and IN FAVOUR of Palliser Capital’s Proposed Changes to Composition of the Company Board

January 16, 2023

VR Global Partners, L.P. (“VRGP“), a holder of 6,544,661 common shares of Capricorn Energy PLC (LSE: CNE) (“Capricorn Energy” or the “Company“) representing an ownership stake of approximately 2.0%, today disclosed its intent to vote AGAINST the proposed business combination between Capricorn Energy and NewMed Energy LP.

VRGP has found the Company’s arguments in favour of the combination to be entirely unpersuasive and believes proceeding with the deal would be destructive to shareholder value. VRGP finds the current board’s intransigence in the face of opposition of so many of its significant shareholders to be puzzling and concerning.

VRGP intends to vote FOR Palliser Capital’s proposed changes to the composition of the Company’s board of directors. It is VRGP’s belief that replacing the current, entrenched board with a reconstituted, impartial board will allow an opportunity to review the proposed transaction terms dispassionately and with a view toward maximizing shareholder value.

About VR Capital

VRGP is a fund managed by VR Capital. VR Capital is an alternative asset manager focused on distressed securities and event-driven/special situations with a strong historical orientation towards emerging markets. VR Capital has offices in New York and London and its investment advisory subsidiaries are regulated by the U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority.

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