Capricorn Energy PLC (CNE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, afternoon, and thank you all for attending or listening in remotely. I'm joined here today by Eddie Oak, our CFO, who will walk you through the operational financial highlights, and Jeff Probert, our COO, who will provide a review of ongoing operations and summarize our plan to improve our production sharing contracts in Egypt. And by the way, for those listening, it's Randy Neely speaking. Over the past year and a half, the new board, myself and the rest of the management team have made a major effort to transform the culture, priorities and focus of Capricorn. The company has now returned over $600 million to shareholders through dividends and share buybacks. Our intention is to continue to provide returns as appropriate, including returning amounts associated with the Senegal contingent receipt expected in early 2025. The board will also assess the company's ability to continue to buy back shares upon the completion of the current buyback program, which is about 80% complete. With respect to priorities, we have, since my arrival, been working hard to improve our knowledge of our producing assets and our working relationships with both our partner and the government of Egypt. As part of that effort to improve our understanding of our assets, we published a third-party CPR early this year, a summary of which is available to view on our website. The hard work being performed by our technical team and financial teams have already led to better predictability of operating results and cash collections, of which we collected over $90 million in the first half of the year and an additional $20 million subsequent to the end of the half year. During the first half of the year, we continued to exit our non-core activities, shutting down the Mexico office, altho...