Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) has confirmed oil and gas production volumes in 2022 were within its previously downgraded guidance at 34,200 barrels of oil equivalent per day.
The company, in a statement, noted prior commentary repeating that production was down principally due to its joint venture drilling fewer development wells than originally planned and targeting oil versus higher rate, lower value gas.
It was also impacted by the delay of a growth project which slipped to 2023 and by the underperformance of certain gas wells.
It had US$597mln of net cash at the end of the year (US$757mln of cash and US$160mln of debt), following receipt of its US$1bn tax refund from India and the return of US$529mln being returned to shareholders.
The company told investors it expects to provide an update on its strategic review, launched earlier in February, which is taking a view on the firm’s assets, cost base and future strategy.
“We continue to focus on optimising our operations to identify a path forward in the interest of enhancing shareholder value and returns,” Capricorn said in the statement.
It comes after proposed mergers were cancelled amidst pressure from activist shareholders.