Capricorn Energy receivables position 'relatively flat' in H1

(Sharecast News) - Exploration and development company Capricorn Energy said on Tuesday that its receivables position remained "relatively flat" in the six months ended 30 June. Capricorn Energy said it had collected $62.0m in Egypt in H1, while its overall receivable position was little changed from its year-end position at $172.0m, after expected credit loss adjustments. Total working interest cash outflows on operating costs and development expenditures on its Egyptian assets were $53.0m over the six-month period.

The FTSE 250-listed firm noted that working interest production for H125 in the Western Desert averaged approximately 20,000 barrells of oil per day, 43% of which were liquids, tracking slightly above the mid-point of its full year guidance range of 17,000-21,000 boepd.

Capricorn noted that working interest production for H125 in the Western Desert averaged approximately 20,000 barrells of oil per day, 43% of which were liquids, tracking slightly above the mid-point of its full year guidance range of 17,000-21,000 boepd and added that it now forecasts the drilling of ten development wells in H2, all focused on the Badr El Din area.

Chief executive Randy Neely said: "Capricorn enters the second half of 2025 having made material progress in its strategic priorities, underpinned by financial discipline and driven by a focused team who have set out a clear path to creating shareholder value.

"EGPC board approval of the renewed concession terms marked a pivotal milestone in the evolution of our Egyptian business and, anticipating the conclusion of customary parliamentary ratification expected later this year, momentum has never been stronger to achieve increased reserves and value improvements to our Western Desert assets."

As of 0940 BST, Capricorn shares were untraded at 227.0p.

Reporting by Iain Gilbert at Sharecast.com