Edinburgh-based oil and gas firm Capricorn Energy said on Friday it has not received “the final settlement payment of $22.5m from Waldorf Production UK PLC which was due today” relating to a UK North Sea contingent payment.

“Capricorn is considering all options to recover this overdue payment,” said the Edinburgh firm.

“The longstop date under the sale and purchase agreement related to Capricorn’s acquisition of a non-operated 25% interest in the Columbus field has been extended until 31 March 2025.”