Receivables in Egypt had fallen in 2021 but began climbing once more in 2022.
The vote appoints Hesham Mekawi, Christopher Cox, Maria Gordon, Craig van der Laan, Richard Herbert and Tom Pitts to the board with immediate effect. They all received 99.2% approval at the vote.
Capricorn chair Nicoletta Giadrossi is stepping down immediately from the board. So too is CEO Simon Thomson, in addition to Peter Kallos, Alison Wood and Luis Araujo.
“Despite billions in investments and divestments over a decade, we do not find evidence that Capricorn created any meaningful value for shareholders.”
Total production for 2022 reached 41,000 barrels of oil equivalent per day, of which 75% was gas. For 2023, Energean forecasts this will increase to 131,000-158,000 boepd. Virtually all of the increase will come from Israel.
However, the company said in closing, it would “continue to consider its alternative strategic options, with the objective of maximising value for its unitholders”.
The East Mediterranean “has abundant energy resources, and their development is driving strategic collaboration in the region”.
Wintershall Dea has found gas onshore in Egypt’s Nile Delta and is considering a tie-back to nearby infrastructure at Disouq.
The company warned that it would keep watch on its receivables. This, it said, may “impact the capital available for development”.
ExxonMobil has won two blocks offshore Egypt, in the Nile Delta, covering more than 11,000 square km.
Shelf Drilling has secured a one-year contract extension for the Trident 16 jack-up rig.
“We look forward to commencing Apex’s first gas production in 2023 and becoming part of the exciting Egyptian natural gas success story,” he continued.
Smith noted the opposition from shareholders to the Tullow merger. “The message from shareholders was that there was a preference for cash returns over long-term delivery. We listened to that and [the NewMed deal] offers a lot of cashback, while also being energy transition led.”
Capricorn Energy has conceded that it expects to hold an EGM on February 1 but has warned shareholders against rejecting its proposed combination with NewMed Energy.
Kuwait Energy Egypt will plug and abandon the most recent well on Egypt’s Abu Sennan licence, United Oil & Gas has said.
Minister El-Molla said Egypt had doubled its efforts to attract new investments in the hydrocarbon sector in 2022.
Palliser Capital reports more Capricorn Energy shareholders have backed its plans to remove the board and scrap proposed merger plans with NewMed Energy.
Capricorn noted that it had been working on “strategic alternatives” for more than a year. However, there have been no better options, it reported, and a sale is necessary to “maximise shareholder value and the full potential of Capricorn’s assets”.
Vaalco Energy has seen some disappointing results from a recent well offshore Gabon, but is looking for solutions.
Chevron (NYSE:CVX) has taken a final investment decision (FID) to expand the Tamar field, offshore Israel.
BP has signed a memorandum of understanding (MoU) with Egypt to explore green hydrogen options.
Chevron has found gas off Egypt at its Nargis block, according to Welligence Energy Analytics.
SDX Energy has appointed Jay Bhattacherjee as interim executive chairman, while CEO Mark Reid is leaving immediately.
AMEA Power has reached financial close on its plan to build 1 GW of renewable energy projects in Egypt, with a $1.1 billion investment.
Egypt has awarded two exploration blocks in the Mediterranean Sea to BP, close to its existing assets.