Business
Operational, Trading and Business Update
Operational, Trading and Business Update.
About this update from Capricorn Energy Plc
[{"type":"text","content":"\n \n \n \n FOR IMMEDIATE RELEASE 27 February 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n CAPRICORN ENERGY PLC (\"Capricorn\" or \"the Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operational, Trading and Business Update\n \n \n \n \n \n \n \n \n Ahead of announcing its preliminary results for the year to 31 December 2022 on 27 April 2023, Capricorn today provides an update on its operations and trading performance. This information is unaudited and subject to further review. \n \n \n \n \n \n \n \n \n Production Highlights\n \n \n \n Egypt\n \n \n \n \n \n \n Ø\n \n \n \n \n 2022 oil and condensate production grew 10% Year-on-Year (YoY) and averaged ~14,500 bopd net to Capricorn's working interest (WI), with ~80% of revenues being generated from oil and condensate sales in a supportive price environment\n \n \n \n \n \n \n Ø\n \n \n \n \n 2022 gas production declined 15% YoY to average 110 mmscf/d net to Capricorn's working interest (WI)\n \n \n \n \n \n \n Ø\n \n \n \n \n 2022 overall production averaged ~34,200 boepd, within revised full year guidance of 33,000-36,000 boepd. This was lower than original full year guidance principally due to the Joint Venture drilling fewer development wells than originally planned and targeting oil versus higher rate, lower value gas; the Teen gas condensate project start-up date being delayed from 2022 to 2023; and, certain gas wells performing below year-end 2021 expectations \n \n \n \n \n \n \n \n \n \n \n Corporate and Finance Highlights\n \n \n \n \n \n \n \n Ø\n \n \n \n \n Group net cash at year end was US$597m, comprising US$757m cash and US$160m debt\n \n \n \n \n \n \n Ø\n \n \n \n \n US$1.06bn tax refund received following the resolution of the Indian tax dispute\n \n \n \n \n \n \n Ø\n \n \n \n \n US$529m returned to shareholders during 2022, via tender offer and share repurchase\n \n \n \n \n \n \n Ø\n \n \n \n \n US$77m received in H1 2022 as contingent earn-out consideration in respect of the divested North Sea pro...