Capricorn Energy Says Production Growth in Egypt Is Ahead of Expectations
January 25 2022 - 2:52AM
Dow Jones News
By Jaime Llinares Taboada
Capricorn Energy PLC said Tuesday that production at its
newly-acquired oil-and-gas assets in Egypt is growing faster than
expected.
The London-listed energy company said production has increased
around 8% since the assets were acquired in September to Dec. 31.
Net production in that period averaged 36,300 barrels of oil
equivalent a day, yielding revenue of $56 million.
In 2022, Capricorn expects Egyptian production to average
between 37,000 and 43,000 barrels, with year-end exit rates
forecast to exceed this guidance range.
In addition, the company said it expects to receive the 79
billion rupee ($1.06 billion) tax refund from the Indian government
in early 2022. The company intends to return $700 million of this
to shareholders. Capricorn said it will return $500 million by way
of tender offer, with the remaining $200 million delivered by way
of a share repurchase program.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
January 25, 2022 02:37 ET (07:37 GMT)
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