Capricorn Energy PLC (CNE) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the Capricorn Energy Half Year Results presentation. I'll now hand over to Randy Neely, Chief Executive Officer. Please go ahead. Good morning and thank you for attending our mid-year 2025 results call. I am joined today by Eddie Oak, our CFO, who will walk through the financial and operations highlights, as well as Jeff Probert, our COO, who will provide a review of ongoing operations and provide more detail on the progress made to improve our production sharing contracts in Egypt. In addition, Nathan Piper, Director of Commercials, is also available for the Q&A session. Since myself, the new management team, Jeff, Eddie, Nathan, and our entire board joined the company beginning in 2023, we've made it very clear what our goals were. We intended to improve upon the base business in Egypt, reduce overhead and scale down, or eliminate all non-viable activities of the company. To do that, we set out with our JV partner in Egypt, Chiron, to negotiate a new consolidated production sharing contract for the eight 50-50 jointly held contracts. That has been a major undertaking, and we announced earlier this year that we had achieved a major milestone with the government approval of those terms. Jeff will provide more detail on this process and outcome shortly. For those of you that perhaps have not been paying attention to our journey over the past two years, I remind you that we have exited all non-core activities and we reduced our G&A burden by approximately 80%, including our staffing contingent, effectively right-sized the organization. As well, the company returned over $600 million to investors through dividends and share buybacks. Operationally, we have worked very hard to achieve technical alignment with our partner in Egypt, and we are v...