Cash PositionThe cash position has decreased from $190 million at the end of 2023 to $149 million by the end of June.
Production GuidanceYear-to-date production of 24.7kboe/d implies lower production in the third quarter of 21.1kboe/d, with full-year guidance maintained at 20-24kboe/d despite plans for additional wells.
Stock RatingGiven Capricorn’s significant share price outperformance versus peers and the lowered price objective of 195GBp from 215GBp, the rating has been moved to Underperform from the prior Buy rating.