{"id":549203,"date":"2022-09-07T04:00:36","date_gmt":"2022-09-07T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/"},"modified":"2022-09-07T04:00:36","modified_gmt":"2022-09-07T04:00:36","slug":"capricorn-cuts-egypt-production-forecasts-on-rig-delays","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/","title":{"rendered":"Capricorn cuts Egypt production forecasts on rig delays"},"content":{"rendered":"

Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan:<\/strong> Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf)<\/a>. Issues bringing two rigs online mean that the company now expects to produce 33k-36k barrels of oil equivalent per day this year, down from its previous 37k-43k boe\/d estimate.<\/p>\n

The company\u2019s also going to be spending less than planned:<\/strong> Capricorn expects to spend USD 100-105 mn on its Egypt exploration and production operations this year, down from its initial USD 120-135 mn forecast at the start of the year.<\/p>\n

Capricorn is a relative newcomer to Egypt:<\/strong> Formerly known as Cairn, Capricorn entered Egypt for the first time in 2021 when it teamed up with local firm Cheiron to acquire Shell\u2019s Western Desert assets.<\/p>\n

It might be about to cancel its engagement with Tullow:<\/strong> Capricorn is looking for alternatives to the contentious plan to merge<\/a> with Tullow Oil, saying in the release that it is in talks with other undisclosed parties that have shown an interest. The merger has received backlash<\/a> from investors who argue that Tullow\u2019s offer undervalues Capricorn.<\/p>\n

But it\u2019s not ruling anything out: <\/strong>Capricorn believes that a merger with Tullow can produce \u201csignificant long-term value for shareholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan: Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf). Issues bringing two rigs online mean that the company now expects to produce 33k-36k barrels of oil […]<\/p>\n","protected":false},"author":1,"featured_media":549204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[598,93,72,7128,91,9206],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-capricorn-energy","tag-energy","tag-enterpriseam","tag-ma-watch","tag-oil-and-gas","tag-tullow","wpautop","entry"],"acf":{"mongo_id":"afee3b7b-c98b-4f75-8136-25d4acdf071c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/149.jpg","photo_position":"above","related_issue":[549191],"teaser":"","voice_url":""},"yoast_head":"\nCapricorn cuts Egypt production forecasts on rig delays - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capricorn cuts Egypt production forecasts on rig delays\" \/>\n<meta property=\"og:description\" content=\"Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan: Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest earnings release (pdf). Issues bringing two rigs online mean that the company now expects to produce 33k-36k barrels of oil […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-07T04:00:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Capricorn cuts Egypt production forecasts on rig delays\",\"datePublished\":\"2022-09-07T04:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\"},\"wordCount\":233,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Capricorn Energy\",\"energy\",\"EnterpriseAM\",\"M&A Watch\",\"oil and gas\",\"Tullow\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\",\"name\":\"Capricorn cuts Egypt production forecasts on rig delays - 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Under the proposed terms, shareholders of NewMed \u2014 formerly Delek\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/93.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546937,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/","url_meta":{"origin":549203,"position":1},"title":"New pan-African oil giant in town as Tullow, Capricorn merge","author":"enterpriseam admin","date":"2 June 2022","format":false,"excerpt":"Tullow and Capricorn in big oil merger: UK-listed energy firm Tullow Oil is merging with Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that Reuters has valued at some USD 827 mn.Why do we care? Capricorn has had a presence in Egypt ever since it acquired Shell\u2019s\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585787,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/30\/capricorn-energy-to-pay-out-usd-575-mn-to-investors-plus-carbon-storage-new-state-owned-fintech-cars-for-expats\/","url_meta":{"origin":549203,"position":2},"title":"Capricorn Energy to pay out USD 575 mn to investors. PLUS: carbon storage, new state-owned fintech, cars for expats","author":"enterpriseam admin","date":"30 April 2023","format":false,"excerpt":"Capricorn has appointed Transglobe\u2019s former CEO, Randy Nelly, to head the company","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/970.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547238,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/tullow-capricorn-merger-could-fall-through-as-investors-voice-concerns\/","url_meta":{"origin":549203,"position":3},"title":"Tullow-Capricorn merger could fall through as investors voice concerns","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"Investor concerns call Tullow-Capricorn merger into question: Legal and General Investment Management (LGIM), one of Europe\u2019s biggest asset managers, has voiced its \u201cstrong reservations\u201d about the plannedGBP1.4 bn merger between Tullow Oil and Capricorn Energy \u2014 formerly Cairn Energy \u2014 in an all-stock transaction. There is \u201cno clear strategic rationale\u201d\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/oil-rig-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578232,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/capricorn-shareholder-revolts-against-board-ahead-of-potential-merger-with-israels-newmed\/","url_meta":{"origin":549203,"position":4},"title":"Capricorn shareholder revolts against board ahead of potential merger with Israel\u2019s NewMed","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Another roadblock in the Capricorn-NewMed tie-up: One of Capricorn Energy biggest shareholders, Palliser Capital, is calling for a general meeting to vote on removing seven of the company\u2019s directors \u2014 including CEO Simon Thompson and CFO James Smith, Reuters reports. Palliser is the company\u2019s third-largest shareholder and is one of\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578792,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/15\/keep-an-eye-on-capricorn-in-february\/","url_meta":{"origin":549203,"position":5},"title":"Keep an eye on Capricorn in February","author":"enterpriseam admin","date":"15 January 2023","format":false,"excerpt":"All eyes on Capricorn next month: London-listed Capricorn Energy plans to hold a vote on its merger with Israel\u2019s NewMed on Wednesday 1 February, the same day that shareholders will vote on a motion to overthrow the board called by activist investor Palliser Capital, according to disclosures filed to the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/221.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549203"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549203\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549204"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549203"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549203"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}