Capricorn Energy PLC Randy Neely, Chief Executive, has stated in the company’s recent report that 2025 was a year of significant operational, strategic, and financial progress for Capricorn, marked by several milestones it has achieved across its Egypt operations.
Mr. Randy noted that in May, Caparicon received approval from the Egyptian General Petroleum Corporation (EGPC) to consolidate eight of our existing Egyptian concession agreements into a single, merged concession agreement, unlocking significant fiscal and operational benefits that should allow it to extract additional value from its existing portfolio.
The new agreement, anticipated to receive parliamentary ratification in H1 2026, secures access to an additional development lease area and two open exploration areas adjacent to the company’s existing acreage. These, in addition, supported a 20.2 mmboe increase of working interest (WI) 2P reserves (certified at year’s end), enhancing future development potential.
He further highlighted that the improved fiscal terms will drive increases in investment and cash flow across a range of oil prices ($80 per boe), with netbacks rising from $18 to $23 per boe. Furthermore, it includes a 60% increase in gas pricing for incremental volumes from both existing fields and discoveries.
Capricon operations in Egypt delivered full-year production of 20,024 boepd, exceeding the midpoint of 2025 guidance, supported by liquids-rich development drilling and the ongoing waterflood programme in the Badr El Din (BED) concession. Despite a volatile macroeconomic environment and fluctuating commodity prices, Mr. Randy said the company collected $217m from Egypt, reducing the Company’s accounts receivable to $86m.
“Capricorn’s progress in 2025 provides a robust platform to build a cash-generative business. A key priority for 2026 will be accelerating development activities in the merged concession area.
Our strategic priorities for the coming year are to maximise value from our Egyptian assets through disciplined investment, prioritise shareholder value, and continue to explore value-accretive opportunities, primarily in Egypt, with a secondary focus in the UK North Sea and the broader MENA region,” Mr. Randy concluded.
