Cash PositionCapricorn's cash position has reduced from $190M at year-end 2023 to $149M end-June.
License NegotiationsNegotiations have started to amend the licence concessions, requiring more investment in return for better economics, which has to be a combination of higher gas prices and lower tax.
Stock RatingGiven Capricorn’s significant share price outperformance versus peers and a lowered price objective, the rating is moved to Underperform versus the prior Buy rating.