{"id":585787,"date":"2023-04-30T00:00:00","date_gmt":"2023-04-30T00:00:00","guid":{"rendered":"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\/"},"modified":"2023-04-30T00:00:00","modified_gmt":"2023-04-30T00:00:00","slug":"capricorn-energy-to-pay-out-usd-575-mn-to-investors-plus-carbon-storage-new-state-owned-fintech-cars-for-expats","status":"publish","type":"post","link":"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\/","title":{"rendered":"Capricorn Energy to pay out USD 575 mn to investors. PLUS: carbon storage, new state-owned fintech, cars for expats"},"content":{"rendered":"

ENERGY-<\/span><\/p>\n

#<\/span>1-<\/span>Capricorn plans big investor payouts under new leadership: <\/span>The board of oil and <\/span>gas firm Capricorn Energy last week <\/span>said<\/a><\/span> it could pay out as much as USD 575 mn to investors in the next 12 months. The move comes as the company wraps a strategic review following the ousting of its former board by investors led by activist investor <\/span>Palliser Capital<\/a><\/span>, killing a proposed merger with Israeli energy firm NewMed Energy. \"We are not in the business of building war chests in the new Capricorn,\" new chair Craig van der Laan is quoted as telling <\/span>Reuters<\/a><\/span>. <\/span><\/p>\n

Pivot to Egypt: <\/span>The payouts include a USD 450 mn special dividend in May, and another potential USD 100 mn dividend in 4Q \u2014 depending on revenues and other outcomes at the firm\u2019s Egyptian business, van der Laan said. The company has some USD 97 mn in receivables outstanding from Egypt. Capricorn will \u201cmaterially scale back all exploration spend outside Egypt and monetize, farm-down or exit all other exploration positions\u201d while \u201cmaximizing value of Egypt by optimizing investment, well selection and rig performance,\u201d according to its statement.<\/span><\/p>\n

New CEO has local experience: <\/span>Capricorn also announced it had chosen Randy Neely <\/span>(LinkedIn<\/a><\/span>) as its new chief executive. Neely is the former president and CEO of Egypt-focused Canadian operator TransGlobe Energy. <\/span><\/p>\n

<\/p>\n

\n

#2- Could Germany\u2019s Wintershall store carbon here? <\/span>Wintershall Dea is studying <\/span>potential offshore carbon storage sites in Egypt and Argentina, reports <\/span>Carbon Economist<\/a><\/span>, a<\/span>s the company looks to broaden the scope of its carbon capture and storage (CCS) operations beyond Europe. This comes almost a year after the German company <\/span>signed a two-year MoU<\/a><\/span> with state-owned Egas last year to explore CCS and low-carbon hydrogen projects in Egypt.<\/span><\/p>\n

<\/p>\n

\n

#3- Private-sector players given green light to establish small-scale power stations: <\/span>The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) has handed <\/span>out permits to companies to establish electricity generators with a combined capacity of 48 MWs, agency head Mohamed Moussa told <\/span>Al Borsa<\/a><\/span>. The permits were awarded to<\/span> Intro Group subsidiary Intro Power and Utilities, Interstate Paper Industries, Petrobel \u2014 a JV between Eni and the Egyptian General Petroleum Corporation subsidiary, land reclamation company Lina Company, and Ascom Geology and Mining. <\/span><\/p>\n

FINTECH- <\/span><\/p>\n

State-owned Banque Misr plans to launch a new <\/span>e-payments company within the next three months<\/span>, <\/span>Asharq Business<\/a><\/span> reports, citing two unnamed sources it says are familiar with the matter. The state-owned lender is awaiting a license to launch the firm, which will bring new e-payments products and services to the market, the sources said, without revealing further details. Banque Misr currently owns a c.10% stake in e-payments giant Fawry. <\/span><\/p>\n

AUTOMOTIVE-<\/span><\/p>\n

It just got easier for expats to bring their cars into Egypt: <\/span>The Customs Authority <\/span>has approved further facilities for the <\/span>import of passenger cars<\/a><\/span> for expats living in Egypt, Egyptian expats, and tourists, according to <\/span>a statement<\/a><\/span>. The changes allow passenger vehicles to be temporarily released for up to six months, and replace custom duties and other fees with a payment of up to USD 275.<\/span><\/p>\n

No, this is not the <\/span>expat car import scheme<\/a><\/span>:<\/span>The move was introduced in 2020 with the aim of attracting FX into Egypt and helping people bring in their<\/span> passenger vehicles from abroad during the time of the coronavirus, when travel was suspended. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Capricorn has appointed Transglobe\u2019s former CEO, Randy Nelly, to head the company<\/p>\n","protected":false},"author":1,"featured_media":585788,"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":[7209],"tags":[111,144,204,576,598,7023,769,93,72,183,91,821],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-585787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-automotive","tag-banking","tag-banque-misr","tag-capricorn-energy","tag-carbon-storage","tag-egyptera","tag-energy","tag-enterpriseam","tag-fintech","tag-oil-and-gas","tag-wintershall-dea","wpautop","entry"],"acf":{"mongo_id":"e190b5e2-bda5-4c64-a99b-658b11fd1262","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/970.jpg","photo_position":"above","homepage_title":"Capricorn Energy to pay out USD 575 mn to investors as it doubles down on Egypt","full_issue_title":"Capricorn Energy to pay out USD 575 mn to investors as it doubles down on Egypt. 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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":549203,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/","url_meta":{"origin":585787,"position":1},"title":"Capricorn cuts Egypt production forecasts on rig delays","author":"enterpriseam admin","date":"7 September 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.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":585787,"position":2},"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":579116,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/25\/merger-with-newmed-looks-dead-after-capricorn-directors-quit-en-masse\/","url_meta":{"origin":585787,"position":3},"title":"Merger with NewMed looks dead after Capricorn directors quit en masse","author":"enterpriseam admin","date":"25 January 2023","format":false,"excerpt":"Capricorn\u2019s board jumps before it\u2019s pushed: The chair, CEO, and three other directors of Capricorn Energy\u2019s board have resigned, caving to pressure from shareholders led by activist investor Palliser Capital to overhaul the company\u2019s management and block a proposed merger with Israeli energy firm NewMed Energy.WHY DO WE CARE? Capricorn\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\/443.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548495,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/capricorn-tullow-saga-a-hard-landing-for-softbank\/","url_meta":{"origin":585787,"position":4},"title":"Capricorn \/ Tullow saga + a hard landing for SoftBank","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Yet another Capricorn shareholder is against the Tullow merger: Palliser Capital UK, one of the biggest shareholders in Capricorn Energy \u2014 with an ownership stake of over 5% \u2014 has asked the company to scrap merger plans with rival producer Tullow Oil, Bloomberg reported, citing a letter by Pallisier\u2019s CIO\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","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":585787,"position":5},"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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585787","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=585787"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/585787\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/585768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/585788"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=585787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=585787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=585787"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=585787"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=585787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}