Production reached the higher end of guidance at 23kbpd and CFO is above our expectations at $406m. Yet, capex for 2020, which was already high at $595m (i.e. the Sangomar development), is revised upwards from the last update to $615m. This will be partly offset by the proceeds from the sale of Capricorn Norge ($108m), but announcing an increase in spending today is ill-timed.
10 Mar 2020
Q4: positive release spoilt by an increase in capex
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
Q4: positive release spoilt by an increase in capex
Capricorn Energy PLC (CNE:LON) | 170 -0.7 (-0.2%) | Mkt Cap: 155.9m
- Published:
10 Mar 2020 -
Author:
Kevin VO -
Pages:
3
Production reached the higher end of guidance at 23kbpd and CFO is above our expectations at $406m. Yet, capex for 2020, which was already high at $595m (i.e. the Sangomar development), is revised upwards from the last update to $615m. This will be partly offset by the proceeds from the sale of Capricorn Norge ($108m), but announcing an increase in spending today is ill-timed.