Business
Date for Detailed Update & Commitment to Egypt
Date for Detailed Update & Commitment to Egypt.
About this update from Capricorn Energy Plc
[{"type":"text","content":"\n\nFOR IMMEDIATE RELEASE 18 September 2023\n \n \n \nCapricorn Energy PLC (\"Capricorn\" or the \"Company\")\n \n \nDate for Detailed Operational Update, Buyback Timing and Commitment to Egypt\n \n \nDetailed Operational Update Presentation \n \nCapricorn 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.\n \nDividend / Buy Back Update \n \nFollowing 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. \n \nCapricorn's CEO, Randy Neely commented:\n\"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 ...