Capricorn Energy PLC ( (GB:CNE) ) has shared an announcement.
Capricorn Energy PLC announced its full-year results for 2024, highlighting a pivotal year marked by improved operational performance in Egypt and a focus on financial discipline. The company achieved the upper end of its production guidance and is working on consolidating its eight existing Egyptian concession agreements into a single integrated agreement to enhance production and returns. The company received $50 million from the disposal of the Sangomar asset but faces challenges in returning this payment due to potential tax obligations and a missed payment from Waldorf Production UK. Looking ahead, Capricorn plans to focus on growth and diversification, with ongoing evaluations of M&A opportunities and continued development drilling in Egypt.
More about Capricorn Energy PLC
Capricorn Energy PLC is a cash flow-focused energy producer operating primarily in the oil and gas industry. The company has a significant presence in Egypt, where it concentrates on developing its oil and gas assets with a focus on liquids production. Capricorn is also exploring M&A opportunities in the UK North Sea and the MENA region to diversify and expand its operations.
YTD Price Performance: -12.29%
Average Trading Volume: 49,365
Technical Sentiment Signal: Sell
Current Market Cap: £179.5M
Learn more about CNE stock on TipRanks’ Stock Analysis page.