Capricorn Energy PLC Cost base update (0619U)
March 23 2023 - 11:30AM
UK Regulatory
TIDMCNE
RNS Number : 0619U
Capricorn Energy PLC
23 March 2023
FOR IMMEDIATE RELEASE 23 March 2023
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
Cost base update
As announced on 1st February, the new Board has now commenced
its comprehensive strategic review of Capricorn's business and the
several potential directions for the future of the Company. Ahead
of announcing the initial results of this strategic review on 27
April, Capricorn today provides an update on decisions which have
been made about the Company's exploration portfolio and cost
base.
In the earliest days of the strategic review, the Board
concluded Capricorn's near-term strategic focus should be primarily
on Egypt , and to farm down, monetise or exit exploration
concessions outside Egypt. As a result, Capricorn will need a
substantially reduced headcount in the UK and will therefore
shortly enter a redundancy consultation process which is expected
to result in an organisation of less than 40 people in the UK.
Capricorn anticipates the majority of these changes will be made in
the coming two months.
As a result of the reduced headcount, the Company will be
reviewing its UK office space requirements to align to the expected
size of the renewed organisation.
A further update with more quantitative and qualitative detail
on costs will be provided on 27 April, as part of the wider
strategic review update.
ENDS
Enquiries to :
Jonathan Milne, Corporate Affairs Tel: 0131 475 3000
Billy Clegg, Owen Roberts, Camarco Tel: 0203 757 4980
For further information on Capricorn please see:
www.capricornenergy.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDBUGDXBDDDGXX
(END) Dow Jones Newswires
March 23, 2023 11:30 ET (15:30 GMT)
Capricorn Energy (LSE:CNE)
Historical Stock Chart
From Jul 2024 to Aug 2024
Capricorn Energy (LSE:CNE)
Historical Stock Chart
From Aug 2023 to Aug 2024