Capricorn Energy plc said it planned to buy back shares in the company for up to a maximum total of US$25 million.
CAPITAL REDUCTION
The company expects the repurchase programme, managed by Merrill Lynch International, to start immediately and complete by no later than 30 April 2024.
The scheme aims to reduce the capital of Capricorn, with the purchases to be held in treasury.
Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume.
Capricorn said that the maximum number of existing ordinary shares that it is authorised to purchase under its existing general authority is 69,970,499.
The maximum number of new ordinary shares that the company may be authorised to purchase under a replacement general authority, to be proposed at a general meeting convened for 15 May, is 22,265,269.