Capricorn Energy (LSE:CNE) expects full-year production to exceed the midpoint of its guidance range of 18,000 to 22,000 barrels of oil equivalent per day, supported by output from its operations in Egypt.
The company reported average working interest production of 19,337 barrels of oil equivalent per day during the first half.
Capricorn said production levels continued through July and August, with new wells contributing to output.
First-Half Operating Profit Reaches $56.3 Million
Capricorn reported an operating profit of $56.3 million for the first half, compared with an operating loss of $2 million in the corresponding period a year earlier.
Revenue from the company’s Egyptian operations totalled $100 million for the six months ended 30 June.
Capricorn achieved an average realised oil price of $89.5 per barrel during the period, up from $73.6 per barrel a year earlier.
DNO and Genel Offers Remain Active
Capricorn remains the subject of competing takeover proposals from DNO (OSE:DNO) and Genel Energy (LON:GENL).
Earlier in September, Capricorn accepted a $396 million offer from DNO after the Norwegian oil company submitted a higher proposal than the competing offer from Genel Energy.
According to Capricorn, both takeover offers remain active.
The competing proposals remain subject to their respective terms and applicable takeover processes.
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