Capricorn Energy, the Egypt-focused oil and gas production company, has announced that the detailed operational update presentation on its Egypt assets will be held in London on 30 November 2023. The update will outline the Company's commitment to its business in Egypt and include the outcome of the recently commissioned new reserves report, an up-to-date assessment of the asset base and the initial outcome of other technical studies that are also underway with its partner, Cheiron.
Dividend / Buy Back Update
Following Friday's announcement of the $100 million return of cash, the Company also announces that the remainder of the $25 million share buyback programme is planned to restart on the ex-dividend date of 6 October. Capricorn targets completion by year end, delivering approximately $575 million in shareholder returns throughout 2023.
Capricorn's CEO, Randy Neely commented:
"I look forward to providing more detail on our Egypt assets and associated future investment opportunities in November. I believe Egypt is a positive place for oil and gas companies to do business. We are in the process of reorganising our business operations to enable us, working closely with our partner, to fully unlock the potential of our jointly held production and development portfolio. Whilst receivables are a key focus for the Company, Egypt has always honoured its payment obligations and the Ministry of Petroleum, and the Egyptian General Petroleum Company (EGPC) have always honoured their payment obligations. We are actively working with our partner and EGPC, who are committed to resolving the issue. In addition, we are in early discussions with EGPC regarding enhancing and extending our existing Joint Venture holdings as well as securing open acreage adjacent to those lands, to expand our portfolio and add incremental value for all parties."
Capricorn's Chairman Craig Van Der Laan commented:
"I am very pleased at the progress Capricorn has made in aligning our interests with our partner Cheiron and EGPC since Randy's arrival. The Board is confident that we are on track to building a long term successful business in Egypt."
KeyFacts Energy: Capricorn Energy Egypt country profile