Capricorn Energy shares rise amid $50 million payment from Egypt
Capricorn Energy PLC on Friday backed its full-year production guidance as it said it has received $50 million from the Egyptian General Petroleum Corp.
Shares in energy producer, with assets in Egypt, were up 7.1% at 203.50 pence on Friday morning in London.
Capricorn said it has now received $102 million in total, with its accounts receivable at approximately $115 million.
It added that it sees further material payments before the year-end.
The company said it continues investing in its Egyptian assets, having fulfilled its exploration commitments on legacy acreage.
Capricon said its joint venture with Cheiron at South East Horus has chosen to move into phase two following test results.
Owing to ‘encouraging’ test results, the joint venture also aims to apply for a new development lease on the North Um Baraka concession, said Capricorn.
Looking to the full-year, the company said it remains on track to deliver above the mid-point of its guidance of 17,000 to 21,000 barrels of oil equivalent per day. Capricorn said year-to-date production has averaged 19,924 barrels of oil equivalent per day, with 41% of this liquids.
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