Capricorn Energy FY production comes in at lower end of revised guidance

Capricorn Energy stated overall annual production hit roughly 34,200 barrels of oil per day in 2022, dropping from initial guidance due to its joint venture drilling fewer development wells than originally planned and targeting oil versus higher rate, lower value gas.

Also weighing on production levels, Capricorn said its Teen gas condensate project start-up date was delayed from 2022 to 2023, while certain gas wells performed below year-end 2021 expectations.

Oil and condensate production grew 10% year-on-year and averaged approximately 14,500 bopd net to Capricorn's working interest, with about 80% of revenues being generated from oil and condensate sales in "a supportive price environment".

Gas production, on the other hand, declined 15% year-on-year to an average of 110.0m standard cubic feet per day net to the FTSE 250-listed group's working interest.

On another note, Capricorn revealed that Clare Mawdsley, who joined the group in 2013 as a tax advisor, has been named acting chief financial officer, succeeding James Smith, who will shortly be leaving the company.

As of 0840 GMT, Capricorn shares were down 1.89% at 248.60p.

Reporting by Iain Gilbert at Sharecast.com