Capricorn Energy PLC - Egypt-focused upstream energy company - On Thursday, says revenue totalled USD202 million in 2023, and provisional entitlement sales volumes were 4.4 million barrels of oil equivalent. Net cash was USD76 million, comprising USD190 million cash and USD114 million debt. Capex during the period was around USD120 million.
In 2024, Capricorn says that in the absence of development drilling it expects average production to decline by 20% to 30% over the year. Drilling activity in Egypt is expected to be lower in 2024. Capricorn is currently seeking to defer amounts due under its remaining obligations on the acquisition of its Egyptian assets.
Current stock price: 144.60 pence
12-month change: down 81%
By Jeremy Cutler, Alliance News reporter
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Capricorn Energy PLC (CNE)