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Capricron Energy forecast higher production in 2022 as output growth from its newly acquired Western Desert Assets in Egypt was ahead of expectation.
For 2022, Capricorn working interest production was anticipated to average 37,000 to 43,000 barrels per day of oil , or boepd, with production growing throughout the year and 2022 exit rates forecast to exceed the top end of guidance range, the company said.
2021 production following completion of the acquisition in September, averaged 36,300 boepd net to Capricorn's working interest.
'We are very encouraged by the initial operating performance of our newly acquired Western Desert Assets in Egypt, with production growth ahead of expectations,' the company said.
'We look forward to accelerating cash flows from the assets whilst reducing their emissions profile. Production from the Egyptian assets increased ~8% during the period from completion of the acquisition to 31 December 2021,' it added.