Business
Half-year Report Announcement
Half-year Report Announcement.
About this update from Capricorn Energy Plc
[{"type":"text","content":"\nFOR IMMEDIATE RELEASE 14 September 2023\n \n \nCAPRICORN ENERGY PLC (\"Capricorn\" or \"the Company\")\n \n(Unless otherwise stated, all dollar amounts ($) refer to US dollars)\n \nHalf-Year Report Announcement\n \n \nRandy Neely, Chief Executive, Capricorn Energy PLC said:\n \n\"Capricorn ended H1 2023 a very different business than at the start of the year. The Company is on its way to becoming a much leaner organisation, focused on tight cost control, shareholder returns and maximising value from our Egypt portfolio. I was appointed Chief Executive in June of this year and, while in the early stages of the role, it is clear to me that we have a robust and achievable strategy to maximise the value in our Company.\n \nThe strategic review introduced by the new Board in February has formed a clear roadmap to drive change; return excess capital to shareholders, right sizing the organisation, maximising the potential of our Egyptian assets and the rationalisation of non-core exploration assets. Progress has already been achieved, specifically on the return of capital of approximately $575 million to shareholders in 2023; I am delighted to confirm that in addition to approximately $450 million returned in May and an ongoing share buyback, of which approximately $15 million has already been repurchased, shareholders will receive an unconditional special dividend of approximately $100 million in October 2023, subject to shareholder approval. We have also achieved a material reduction in ongoing G&A, matching costs to the scale and priorities of the business and made significant progress in exiting all non-Egypt licences to focus capital and internal resources on the Egyptian portfolio.\n \nLooking ahead, the Company will focus on maximising the value of our Egypt business. We have taken the decision to accelerate the transfer of o...