Capricorn Energy (CNE)

Sector:

Energy Producers

Index:

FTSE Small Cap

189.20p
   
  • Change Today:
    -60.54p
  • 52 Week High: 379.96
  • 52 Week Low: 142.46
  • Currency: UK Pounds
  • Shares Issued: 72.15m
  • Volume: 164,600
  • Market Cap: £136.51m
  • RiskGrade: 219

Capricorn reports strategic progress in 2023

By Josh White

Date: Thursday 25 Jan 2024

LONDON (ShareCast) - (Sharecast News) - Capricorn Energy said in an update on Thursday that revenue for 2023 totalled $202m, driven by provisional entitlement sales volumes of 4.4 million barrels of oil equivalent, with 47% of those volumes coming from liquid products.
The London-listed firm said production costs for the year totalled $59m, translating to $5.40 per barrel of oil equivalent, with an average oil price realisation of $85.3 per equivalent barrel and a gas price of $2.95 per million standard cubic feet.

Its capital expenditures reached $120m, and its net cash position stood at $76m, consisting of $190m in cash and $114m in debt.

Additionally, Capricorn distributed $550m to shareholders in 2023.

On the operational front, Capricorn said it achieved a working interest (WI) production of 30,222 barrels of oil equivalent per day for the full year, with 47% of the production attributed to liquid products.

The company successfully completed the Teen and Badr El Din (BED) LLP projects, marking important milestones in its operations.

Looking ahead to 2024, Capricorn said it was planning to optimise its drilling activities in Egypt, expecting lower drilling activity to align with its strategic goals, enhance reservoir management, and better allocate capital activity to funds generated in the country.

Despite uncertainties around collections, the company said it was actively managing its Egyptian business obligations and anticipated collecting the outstanding amount in full.

Once the availability of funds in Egypt was clear, Capricorn said it would provide an approved budget defining its 2024 capital expenditures, operating expenditures and production guidance.

In the absence of development drilling, the firm said it foresaw a 20% to 30% decline in average production over the year.

Capricorn said it intended to spend about $10m in 2024, primarily on non-operated exploration wells and de-risking projects, with plans to seek a partial deferment of those expenditures into 2025 from EGPC.

The acquisition of a 25% working interest in the Columbus gas condensate field was expected to be completed in the first quarter.

Additionally, the company said it was actively pursuing deferments for amounts due under its remaining obligations related to the acquisition of its Egyptian assets.

"Capricorn enters 2024 having made significant progress on the key commitments set out in our strategic review - returning significant funds to shareholders, right-sizing the organisation, exiting non-core businesses and maximising the value of the Company's remaining assets," said chief executive officer Randy Neely.

"We continue to work to maximise the potential of our assets in Egypt, focusing on production optimisation and development opportunities to provide the best returns, and on deepening our relationships with our partner, EGPC and the Egyptian Government.

"However, the pace at which this can be achieved must reflect the availability of funds generated in country."

Neely said the company successfully amended its UK North Sea contingent payment arrangement late in the year with Waldorf Production UK, resulting in accelerated cash receipts and the acquisition of a cash flow generative non-operated asset in the UK Central North Sea.

"Following the year-end we also added deep financial and operational talent to our executive team with the appointment this month of Geoff Probert as COO, and Eddie Ok, who has agreed to take up the role of CFO."

At 0943 GMT, shares in Capricorn Energy were down 0.55% at 144p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

CNE Market Data

Currency UK Pounds
Share Price 189.20p
Change Today -60.54p
% Change -24.24 %
52 Week High 379.96
52 Week Low 142.46
Volume 164,600
Shares Issued 72.15m
Market Cap £136.51m
RiskGrade 219

CNE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
49.01% above the market average49.01% above the market average49.01% above the market average49.01% above the market average49.01% above the market average
33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average33.33% above the sector average
Price Trend
64.22% below the market average64.22% below the market average64.22% below the market average64.22% below the market average64.22% below the market average
22.5% below the sector average22.5% below the sector average22.5% below the sector average22.5% below the sector average22.5% below the sector average
Income Not Available
Growth
29.24% above the market average29.24% above the market average29.24% above the market average29.24% above the market average29.24% above the market average
52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average52.94% above the sector average

CNE Dividends

  Latest Previous
  Special Special
Ex-Div 24-May-24 06-Oct-23
Paid 07-Jun-24 20-Oct-23
Amount 43.00p 56.00p

Trades for 24-May-2024

Time Volume / Share Price
16:35 9,250 @ 189.20p
16:35 566 @ 189.20p
16:35 699 @ 189.20p
16:35 519 @ 189.20p
16:35 804 @ 189.20p

CNE Key Personnel

CEO Randy Neely

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