Capricorn cuts UK staff as it focuses on Egypt

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by Reuters

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Capricorn cuts UK staff as it focuses on Egypt

March 23 (Reuters) - Oil and gas producer Capricorn Energy (CNE.L) said on Thursday it would keep less than 40 staff in the UK as the oil and gas producer focuses on its Egyptian operations, with most of the job cuts expected to come in the next two months.

The company is set to give a strategy update in April, two months after a shareholder revolt over its plans to merge with Israeli gas producer NewMed Energy (NWMDp.TA) that resulted in a new board mostly comprising members proposed by activist investor Palliser.

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