Capricorn Energy plc has reduced general and administrative costs by an initial $35 million as it continues to focus more on its assets in Egypt. DIVESTMENTS Chief executive officer Randy Neely added at today’s general meeting that the company would pursue “further meaningful cost savings.” The cost-cutting measures also extend to Capricorn’s assets outside Egypt, […]
Tag: Capricorn Energy plc
Capricorn appoints Paul Ervine as legal director
Capricorn Energy plc has appointed Paul Ervine as group legal director and company secretary, with effect from 31 May 2023. Mr Ervine has been with the company since 2013.
Capricorn to nominate Patrice Merrin as NED
Capricorn Energy plc intends to nominate Patrice E. Merrin as an independent non-executive director (NED) for election at the company’s general meeting on 26 June 2023. Ms Merrin has significant experience across the energy, resources and commodity sectors. She is due to retire at the end of May after nine years as independent NED from Glencore […]
Capricorn to start $25m share buyback
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 to return $575m to shareholders
Capricorn Energy plc has committed to returning some US$575 million excess cash flow to shareholders. ACTIONS The company said the funds, due over the coming 12 months, were not needed for its future operational focus. A total $100m depends on negotiations with stakeholders and licence extensions in Egypt, actual oil and gas prices and the […]
Capricorn appoints Randy Neely as CEO
Capricorn Energy plc will appoint Randy Neely as its new chief executive officer from 1 June 2023. Mr Neely is the former president and CEO of Egypt-focused operator TransGlobe Energy Corporation with operations in the Eastern and Western Deserts. He has more than 25 years’ industry experience in executive and financial roles, including chief financial […]