Egypt

Capricorn Energy delays operations update as talks with Egypt continue

Published on : 2023-11-13

Capricorn Energy will postpone publication of an operational update due on Nov. 30 and plans to announce a new date in early 2024 as it continues talks with Egyptian authorities to improve terms there, it said on Thursday.

The company, which is revamping its strategy to focus on its Egyptian assets after two shareholder revolts over merger plans, has stuck with paying shareholders $575 million this year despite payment delays from Egypt.

"This (delay) is due to a number of factors including completing the required technical and commercial work to provide a comprehensive and detailed portfolio update," Capricorn said.

"Capricorn continues to hold constructive discussions with the Egyptian General Petroleum Company and our joint venture partner on activities in 2024."

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