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Capricorn Energy PLC on Wednesday reiterated its annual production guidance, as production in the year to date remains stable with the successful execution of new wells.
At its annual general meeting on Wednesday, the Edinburgh-based oil and gas company said it has three rigs in operation so far, with two more to be added over the summer period.
Capricorn's exploration in 2022 is focused on Egypt, the UK and Mexico. In the UK, the company expects to start drilling the Diadem well in the second quarter of 2022, while in Egypt drilling is on-track to start later in the year in the South Abu Sennan concession.
Elsewhere, Capricorn in Mexico is set to complete its final commitment well, and is currently reviewing its next phase of investment, alongside partnering strategies in its acreage offshore Mauritania and Suriname.
Looking ahead, Capricorn is seeking to expand its producing asset base by delivering production growth in Egypt and advancing its exploration programme, while seeking acquisitions.
Capricorn said it is on-track to deliver production within its previously provided guidance range of 37,000 to 43,000 barrels of oil equivalent per day, with the liquids percentage of output coming between 35% and 40%.
For 2021, Capricorn's average production stood at 36,459 boepd.
‘The company also expects to benefit from material contingent payments linked to oil price and production levels resulting from the terms of the divestments of its UK producing assets and Senegal development. From this position of strength, we aim to build on our differentiated track record of value creation which has seen us create, deliver and return $5.5 billion to shareholders over the last fifteen years,’ said Chief Executive Simon Thomson.
Shares in Capricorn Energy were up 0.3% at 208.60 pence on Wednesday in London.
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