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Oil producer Capricorn Energy said on Thursday it received a payment of $30 million this week from the Egyptian government after its debt to the company rose to $169 million last year.

Chief Executive Randy Neely said: “Throughout my twelve years working in Egypt, and looking further back, the Government of Egypt has always honoured its financial obligations to international investors.”

The company, which is revamping its strategy to focus on its Egyptian assets after two shareholder revolts over merger plans, has halted new drilling and investment in the country until it agrees with state-owned Egyptian General Petroleum Corporation (EGPC) on a payment plan.

Capricorn on Thursday posted a 2023 loss after tax of $144 million, wider than its loss of $67.1 million a year earlier.