Caracal cheers strong start as it joins the FTSE

Marion Dakers
OIL EXPLORER Caracal Energy said yesterday it has enjoyed a “transformational” start to the year as it pressed on with production and joined the London stock market.

The Chad-focused firm, which is based in Canada but has gained approval for its shares to be included in the FTSE UK index, said it ended the second quarter with working capital of $178.2m and a net present value of more than $1.4bn.

The company completed its $330.8m farm-in deal with Glencore Xstrata in June, and expects to end the year with a production rate of between 20,000 and 23,000 barrels of oil per day.

“The first half of 2013 has been transformational for Caracal,” the firm said in a statement. “With the closing of the Glencore transaction and with production commencing in the very short term, Caracal is in a position to develop its existing world class asset base while pursing accretive opportunities.”