It has been a tumultuous 2023 for UK independent Capricorn. Following a change of board and since its failed attempts to merge with Israel’s NewMed Energy the firm has sought to implement an Egypt-focused “business reset” (MEES, 28 April).
In its delayed 1H results on 14 September, Capricorn says it is “developing [a] long-term plan to grow value” with more detail promised for November. For now, a key focus is to improve the terms of its production sharing contracts in order to “incentivize investment,” whilst top of the firm’s “immediate Egypt priorities” is “receivables collections,” with dues leaping 53% versus end-2022 to hit $148mn at end-June (MEES, 15 September). (CONTINUED - 566 WORDS)