FOR IMMEDIATE RELEASE                                                                                        22 December 2021

CAPRICORN ENERGY PLC ("Capricorn" or "the Company")

Interests of Directors / Persons Discharging Managerial Responsibility ("PDMRs")

in the Company's Shares

1.         Sale of Shares

Capricorn announces that, on 21 December 2021, Paul Mayland, Chief Operating Officer, sold 506,000 ordinary shares of ²¹/₁₃ pence each in the Company ("Ordinary Shares") at an average price of £1.8402 per share.

In connection with the management of his personal arrangements, Mr Mayland sought permission to sell the above noted number of Ordinary Shares ahead of the Company's anticipated special dividend that it has previously announced will be paid following receipt of any Indian tax refund. As this will temporarily reduce his holding in Capricorn below the level required by the "in service" element of the Company's shareholding guidelines for his role (which currently require individuals to build up and maintain a target holding equal to 200% of salary), Mr Mayland has confirmed to the Capricorn Remuneration Committee that, within a period of 12 months following the payment of any such special dividend, he will take the steps necessary to ensure that he is once again in compliance with these requirements. The Remuneration Committee confirms that none of the Ordinary Shares being sold are subject to any post-vesting holding period and that, following the disposal, the value of his remaining holding (which includes the net-of-tax value of his vested but unexercised LTIP awards detailed below) is equal to approximately 128% of salary.

2.         Summary of current holdings of Executive Director

Following this announcement, Paul Mayland's beneficial interests in the Shares of the Company is as follows:

* This column includes all outstanding Awards that have vested following the expiry of the applicable performance period, regardless of whether or not they are currently capable of being exercised under the rules of the applicable LTIP.

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse Regulation).