Capricorn Energy PLC Date for Detailed Update & Commitment to Egypt (6890M)
September 18 2023 - 2:17AM
UK Regulatory
TIDMCNE
RNS Number : 6890M
Capricorn Energy PLC
18 September 2023
FOR IMMEDIATE RELEASE 18 September 2023
Capricorn Energy PLC ("Capricorn" or the "Company")
Date for Detailed Operational Update, Buyback Timing and
Commitment to Egypt
Detailed Operational Update Presentation
Capricorn Energy, the Egypt-focused oil and gas production
company, announces 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."
Ends
Enquiries to :
Analysts / Investors
Nathan Piper, Commercial Director Tel: 0131
475 3000
Media
Diana Milford, Corporate Affairs Tel: 0131
475 3000
Billy Clegg/Owen Roberts, Camarco Tel: 0203
757 4980
About Capricorn Energy PLC
Capricorn is an Egypt-focused energy producer, with an
attractive portfolio of onshore exploration, development and
production assets in the Western Desert.
For further information on Capricorn please see:
www.capricornenergy.com
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END
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