Capricorn Energy plc today said that it aimed for a “substantially reduced headcount” in the United Kingdom allowing it to focus on its onshore oil assets in Egypt.
REDUNDANCY PROCESS
The news comes as the Edinburgh-based company’s new management starts a comprehensive strategic review of its business and the “several potential directions” for its future.
“In the earliest days of the strategic review, the board concluded Capricorn’s near-term strategic focus should be primarily on Egypt, and to farm down, monetise or exit exploration concessions outside Egypt,” added the company today in a statement.
“As a result, Capricorn will need a substantially reduced headcount in the UK and will therefore shortly enter a redundancy consultation process which is expected to result in an organisation of less than 40 people in the UK.
“Capricorn anticipates the majority of these changes will be made in the coming two months.
“As a result of the reduced headcount, the company will be reviewing its UK office space requirements to align to the expected size of the renewed organisation.”
The company expects to announce the initial results of the strategic review on 27 April.
Capricorn operates five licences with joint venture partner Deltic Energy plc in the UK Southern North Sea, with its other interests being in Mauritania, Mexico and Suriname.
EGYPT
In September 2021, the company and partner Cheiron, acquired a US$646 million ($323m net to Capricorn) portfolio of upstream oil and gas production, development and exploration interests from Shell in the Western Desert onshore Egypt.