Irenic Capital Announces Intent to Vote AGAINST Capricorn's Proposed NewMed Merger and FOR All of Pallise

Irenic Capital Management, L.P. (together with its affiliates, "Irenic" or "we"), which has an approximately 2.8% stake in Capricorn Energy plc CNE ("Capricorn" or the "Company"), today announced its intent to vote AGAINST the Company's proposed merger with NewMed Energy Limited Partnership ("NewMed") and FOR all of Palliser Capital Master Fund Limited's (together with its affiliates, "Palliser") proposals at the upcoming General Meetings of Shareholders (the "General Meetings").

Adam Katz, Co-Founder and Chief Investment Officer of Irenic, commented:

"Irenic appreciates the proactive steps taken by Capricorn's Board of Directors (the Board') to facilitate an orderly transition and reiterates our intent to vote FOR the Palliser nominees at the upcoming Requisitioned General Meeting. Moreover, we reiterate our intent to vote AGAINST the NewMed transaction whenever the reconstituted Board ultimately decides to hold this vote. Since last fall, Irenic has opposed Capricorn's proposed merger with NewMed and has encouraged the Company's Board to terminate the transaction in favor of initiating an objective and speedy review of value-maximizing alternatives.