North Sea firm Capricorn Energy (LON: CNE) has bolstered its ranks with the appointment of a new commercial director.
Nathan Piper, a well known figure within the industry, joins the London-listed company from Investec, where he spent three years as the banking group’s head of oil and gas research.
He has also spent time at RBC Capital and Wood Mackenzie, as well as serving on the board of the Scottish Energy Forum for over a decade.
During his 25 years working in oil and gas, Mr Piper has held a range of commercial, financial and technical roles.
Last year he also gave evidence at Westminster’s Treasury select committee on the impact of Russian energy sanctions on the markets and UK cost of living.
North Sea prospects
Capricorn, an Edinburgh-based operator, is focused on Egypt, but the Scottish exploration and production firm also has a handful of assets in the UK North Sea.
Among them are stakes in five licences alongside Deltic Energy, which recently had a big hit at its Pensacola prospect, alongside supermajor Shell.
© Supplied by NobleBilled as the largest discovery in the Southern North Sea for a decade, the find is expected to herald a rejuvenation in that part of the basin.
WoodMac has also dubbed Capricorn’s Cadence gas prospect, held in partnership with Deltic, a “well to watch”, with estimates it could hold 120m barrels of oil equivalent.
Job losses
Capricorn recently announced job cuts, with around 120 UK employees due to be made redundant, as it focuses its attentions on Africa.
The company said it expects to have a “substantially reduced” headcount in the UK, resulting in an organisation of less than 40 people – a 75% cull.
It follows a failed merger with NewMed after the plan became untenable following changes to the firm’s board and a lack of support for the deal.
Palliser Capital was a major opponent to the move, making accusations including “costly strategic pivots and capital allocation blunders”.
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