Capricorn Energy has appointed a new chief financial officer - the latest senior leadership change since activist investors ousted the board and boss.
James Smith will shortly be leaving the company, having managed its finances for the last eight years, with director of finance Clare Mawdsley being promoted.
She joined Capricorn in 2013 as a tax advisor, moving up to head of tax in 2019 and then director of finance in 2021.
The change was announced as part of a market update by the Edinburgh-based oil and gas exploration and production company, which reiterated that the new board has commenced a strategic review, including an assessment of future cash needs.
The unaudited figures showed net cash at year end of $597m, comprising $757m cash and $160m debt.
Capricorn reported net cash inflows from Egypt producing assets of $104m, comprising $128m net cashflow generated during the year and deferred consideration and settlements paid of $24m.
A further $77m was received in in the first half of last year, as contingent earn-out consideration in respect of the divested North Sea production assets, based on 2021 production levels and average oil prices.
Cash outflows in respect of capital activity totalled $156m - development and producing assets $70m, including $8m of near-field exploration in Egypt, exploration and appraisal activities $86m including the Jaws and Diadem wells in the UK - while earn-out consideration on the disposal of the UK Catcher and Kraken interests in relation to 2022 production and oil prices is expected to be around $130m, payable by the end of the first quarter this year.
Earn-out consideration in respect of the Catcher and Kraken interests will also be due to Capricorn in relation to production and oil prices in calendar years 2023 to 2025, subject to minimum production and oil price thresholds being met
The company's preliminary results for the year to 31 December 2022 will be published on 27 April, including an update on the review of assets, cost base and future strategy.
Earlier this month, Capricorn cancelled its planned merger with NewMed Energy, following months of shareholder pressure.
Activist investor Palliser and some of its biggest shareholders publicly opposed the tie up, while major shareholder advisory groups also recommended rejecting the plan.
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