Capricorn Energy PLC (CNE) Q4 2023 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.900 Welcome everybody to the Capricorn Energy 2023 full year results presentation. 00:00:05.900 -- 00:00:09.826 Speaking today will be Jeff Probert, Chief Operating Officer, 00:00:09.826 -- 00:00:14.813 Nathan Piper, Director Commercial, and myself, Randy Neely, CEO of Capricorn. 00:00:14.813 -- 00:00:18.956 Following our presentation, we will open the floor to questions. 00:00:19.520 -- 00:00:24.508 First, I want to start out with a quick review of the year, our achievements and milestones, 00:00:24.508 -- 00:00:29.092 as well as a snapshot of what we've been working on so far in 2024. 00:00:29.225 -- 00:00:33.730 Following on the stated objectives and strategy outlined during 2023 to right-size the 00:00:33.730 -- 00:00:37.573 organization, maximize the return to shareholders, 00:00:37.573 -- 00:00:42.358 exit the non-core positions, particularly exploration commitments, et cetera, and resetting 00:00:42.358 -- 00:00:47.964 our corporate culture, I can confidently state that we have achieved these. 00:00:47.964 -- 00:00:53.469 We declared $550 million in dividends and started a $25 million share buyback. 00:00:53.469 -- 00:00:58.494 The buyback continues, and we hope if volumes improve, we will complete it as quickly 00:00:58.494 -- 00:01:03.219 as permitted. We transformed the organization through the reduction of our staffing contingent 00:01:03.219 -- 00:01:07.124 to less than 50 people. And when all of the legacy elements are worked through, which 00:01:07.124 -- 00:01:11.511 we expect to achieve this year, we'll provide for a G&A run rate of approximately 20 00:01:11.511 -- 00:01:18.418 million, which is an 80% drop from the 2022 gross G&A costs to the organization. 00:01:18.567 -- 00:01:24.000 We have now exited all of our non-...