Capricorn Energy Says Production Growth in Egypt Is Ahead of Expectations

By Jaime Llinares Taboada

Capricorn Energy PLC said Tuesday that production at its newly-acquired oil-and-gas assets in Egypt is growing faster than expected.

The London-listed energy company said production has increased around 8% since the assets were acquired in September to Dec. 31. Net production in that period averaged 36,300 barrels of oil equivalent a day, yielding revenue of $56 million.

In 2022, Capricorn expects Egyptian production to average between 37,000 and 43,000 barrels, with year-end exit rates forecast to exceed this guidance range.

In addition, the company said it expects to receive the 79 billion rupee ($1.06 billion) tax refund from the Indian government in early 2022. The company intends to return $700 million of this to shareholders. Capricorn said it will return $500 million by way of tender offer, with the remaining $200 million delivered by way of a share repurchase program.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

01-25-22 0237ET