Capricorn Energy PLC Operational and Trading Update (3080V)
01 Dezembro 2023 - 4:00AM
UK Regulatory
TIDMCNE
RNS Number : 3080V
Capricorn Energy PLC
01 December 2023
FOR IMMEDIATE RELEASE 1 December 2023
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
Operational and Trading Update
Capricorn Energy PLC intends to announce its preliminary results
for the year to 31 December 2023 on 14 March 2024. In advance of
these results, the Company is providing an update on recent
operations and the Group's production guidance for 2023. This
information is unaudited and is subject to further review.
To the end of October 2023, working interest production across
the four main concession areas in the Western Desert averaged
30,600 boepd (45% oil) for the year. The combination of further
project delays beyond those outlined at the H1/23 results in
September and lower than expected contributions from new wells mean
that FY23 is expected to average c.30,000boepd, below the low end
of the original FY23 32-36,000 boepd guidance. The previously
forecast exit rate was impacted by the timing of the delivery of
key projects at Teen and in the BED area where a number of
activities, including new wells and projects, could contribute to
production prior to year-end.
Capricorn is working closely with the Operator to assist it to
focus on high-grading new well opportunities, deploying the
appropriate scale of rig fleet to ensure effective exploitation of
the asset base, and delivering the most efficient drilling campaign
and optimised reservoir management - all of which must be aligned
with the rate of collections. Our focus is on generating the best
economic outcome for Capricorn and all investors in the Bapetco
joint venture and Egypt.
FY23 capex and opex guidance remains unchanged at $117-127m and
$5-6/boe. Capricorn held an end October cash position of $158m
before Egypt reserve-based lending of $113m.
The Company reiterates its position detailed in the H1/23
results presentation that the Egypt asset must be self-funding and
that the focus is on maximising the value of the Egyptian business.
During the period from 1 July 2023 to 31 October 2023, Capricorn
has collected $44m in accounts receivable and is scheduled to
receive 50% of the proceeds of a cargo lifting in December (January
receipt). As at 31 October 2023, the Company had $170m ($139m
overdue) in outstanding accounts receivable due from the Egyptian
General Petroleum Corporation (EGPC). Capricorn is actively working
with EGPC to address the receivables position and remains confident
in the full collection of the amount outstanding.
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
NOTES TO EDITORS
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:
https://www.capricornenergy.com
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END
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