Edinburgh-based oil and gas firm Capricorn Energy has announced the postponement of its “Detailed Operational Update” previously planned for November 30, 2023.
“This is due to a number of factors including completing the required technical and commercial work to provide a comprehensive and detailed portfolio update,” said the firm.
“The company will announce a rescheduled date in early 2024.
“Capricorn continues to hold constructive discussions with the Egyptian General Petroleum Company and our joint venture partner on activities in 2024.”
Capricorn, formerly called Cairn Energy, has experienced a tumultuous recent history, with two aborted merger deals and a revolt by shareholders that ousted the company’s former executive leadership.
On September 18 Capricorn Energy had said that a “detailed operational update presentation on its Egypt assets” will be held in London on November 30, 2023.
Capricorn said on September 14 that “accounts receivable” from the Egyptian General Petroleum Corporation (EGPC) increased from $97 million to $144 million in the firm’s first half of the year, with $113 million overdue.
The Egypt-focused firm had said the update would outline the company’s commitment to its business in Egypt “and include the outcome of the recently commissioned new reserves report, an up-to-date assessment of the asset base and the initial outcome of other technical studies that are also underway with its partner, Cheiron.”