Categories: India

UPDATE 1-Capricorn Energy rises after $50 million payment from Egypt

(Adds background in paragraphs 2-3, details from the company's statement 4-5) Oct 24 (Reuters) – Shares of Capricorn Energy jumped nearly 16% on Friday after the oil and gas producer received $50 million from Egypt's state-owned petroleum corporation under a concession agreement. In May, Capricorn and Egyptian General Petroleum Corporation (EGPC) agreed to merge eight concessions in Egypt into a single deal under a joint venture with Cheiron Oil and Gas, boosting investments and production in the company's core region. Capricorn's accelerating cash collections from Egypt come as international oil firms operating in the country face lengthy delays in payments, with improved flows signalling the government's efforts to clear arrears to energy companies. The Scotland-based company said it expects to receive further material payments against arrears before the year-end. Capricorn said it expects to deliver annual production above the mid-point of its 17,000-21,000 barrels of oil equivalent per day guidance. (Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

Indianews Syndication

Recent Posts

'Shrek' star Eddie Murphy set to return in 'Donkey' spin-off

Los Angeles (dpa) - Hollywood comedian Eddie Murphy is set to bring the beloved donkey…

1 hour ago

Court Passes Sweeping Interim Orders in Renox Thrive Dispute; Bank Accounts Frozen, Construction and Financial Activities Restricted

New Delhi/Greater Noida: In a significant development likely to have major implications for homebuyers, investors,…

2 hours ago

A hot mess, 'Supergirl' has a rowdy spirit but a too-terrestrial plot

She’s shotgunning booze with her super-dog, then a metal-studded monster and a braid-tight 13-year-old drag…

3 hours ago

Who Is satish Sanpal? The Most Prominent Luxury Businessman of Dubai

Whenever someone searches for famous businessmen in Dubai, one thing which emerges on top is…

3 hours ago

St. George’s University Announces August Intake for Indian Students

Bengaluru (Karnataka) [India], June 25: St. George’s University School of Medicine (SGU) in Grenada, West Indies,…

4 hours ago