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I tend to agree having all the eggs is one basket is a big gamble, nothing to fall back on just in case?
What was wrong with the Mexico assets ? Had a big discovery there..
There is unfortunately an air of desperation creeping in. Production way down, new wells less than expected, being paid 50% of the next lifting, Egyptian Debt 170million, Senegal Tax demands 40mil more. Before anyone bleats about deramping ( a ludicrous notion that small PI's can sway prices) - I have been a holder and added from Cairne pre India settlement.
The board have set all their hopes and strategy on Egypt only and a low cost base - the latter was definitely overdue, but maybe the haste to exit some areas has meant all the eggs - every last one - is in the one, slow/none paying Egyptian weave basket! Just a personal opinion.
Well they issued an update today instead .....
No wonder they postpone the meeting yesterday with all the gloom that's in today's one.
Totally missed there year end production target by a long way, now only forecasting production of 30,000 boepd!
More later
LOTM
Well today should have been the day we were all looking forward & the operational update that was sadly postponed !
Just got to wait several more month's now for news!
Surprised how well the share price has held up so far, but time will tell.
GLA
LOTM
An article from 2022, worth a quick read
https://egyptoil-gas.com/features/building-on-egypts-oil-gas-potential-an-interview-with-eleanor-rowley-capricorn-egypts-managing-director/
Sadly I can't get to this article .....
Global web icon
egyptoil-gas.com
https://egyptoil-gas.com/news/el-molla-emphasizes-commitment-to...
El Molla Emphasizes Commitment to Sustainability at Egypt Oil
WebNov 5, 2023 · This came during his opening speech at the 9th Egypt Oil & Gas Convention, ... Capricorn Review Western Desert Exploration Potential. 31st October 2023 ... El …
& what happened on 31st October ! :(
LOTM
Starting to join the dots now .........
"Minister of Petroleum and Mineral Resources Tarek El Molla emphasized the oil and gas industry’s commitment to sustainability and decarbonization, acknowledging the ongoing challenges in securing sustainable energy sources.
This came during his opening speech at the 9th Egypt Oil & Gas Convention, held under the theme ‘Driving Sustainable Growth in Egypt’s Oil and Gas Industry’, which is taking place from November 5th to November 7th, at the InterContinental Citystars Cairo Hotel.
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Note the timeline - 5th to 7th November, so Capricorn could well have had meeting with the minister or officials at the Convention & not got the answers they were looking for....... hence the announcement on 9th November
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Just found this as well
hxxps://egyptoil-gas.com/news/el-molla-reviews-capricorn-energys-ep-plans-in-egypt/
Which show's Capricorn with the minister on 19th June 2023 as well & Capricorn is in the top status group of international O&G's working in Egypt.
For the record - I Have liquated half my holding for now.
LOTM
Just found this by chance when looking for something else!
They seem to know more than we do !
https://www.oilandgasmiddleeast.com/news/capricorn-energys-egyptian-gamble-talks-with-authorities-delay-update
LOTM
Hi Bigbas2all,
I been thinking about your comments & spent much of yesterday trying to find positive reason's as to why they might have postponed.
I can't find any !
Especially when they didn't give any guidance as to current cash in the bank & outstandings payable & whether development spending was to continue at the levels given in the half year report or has been delayed due to delays in receiving payment from EGPC.
Without such information we are totally in the dark & will be for quite some time & will need to look at announcements from other company's to see if there getting paid on time or not etc, to get an idea of what will be happening with Capricorn.
AndAnotherThing thought there might possibly be an "offer" on the way hence the delay, but that would in actual fact be the last thing they'd want to delay this review for, because without it, it will be hard for them to recommend / decline an offer without knowing the new reserves & thus the value of the company.
The fact there was no sign of institutional buying yesterday (after the news) may mean its taken them by surprise as well & that they are re-evaluating things to.
I'm waiting on one piece of news & that may change my mind, hopefully it will become available to me in the next couple of weeks, but until then I think caution might be the buzz word, so I'm sadly reducing my CNE holding in the meantime as I see more downside risk than upside presently. Or there is more clarity.
Good luck to all
LOTM
lotm.
i smell a rat, egypt not going to pay up?????. just a thought!.
we went to the last agm they said they would be keeping shareholders updated at all times. now moving the agenda to suit their fumblings.
another lot of forked tounge directors by the looks of it.
tell us what is happening no more bull ****.
a very cross long time holder.
Mr.kioto,
They announced this morning that they are postponing it until early 2024 ! :( :( :(
We will have to wait a while now until an actual date is given for it :( which isn't great news. As I was really looking forward to the update.
We now have no news on the horizon until January at the earliest when they might tell us how much is due from Waldorf for 2023. Other than that we could be looking at Apr/May sadly!
LOTM
LOTM
If anyone gets information about the November operations update, please share here. I do not see anything posted on the capricorn website. Lets keep our fingers crossed and hope they were able to execute!