London-listed Capricorn Energy has reported a solid operational and financial performance for the full year ended 31 December 2025, entering 2026 with net cash of $103 million — comprising $133 million in cash against $30 million in debt — and production guidance of 18,000–22,000 barrels of oil equivalent per day (boepd) for the year ahead.
Working interest production across the company’s four main Egyptian concession areas averaged 20,024 boepd in 2025, above the midpoint of its guidance range, with a 2025 exit rate of 21,003 boepd. The company’s full-year revenues reached $119 million, with capex of $77 million and production costs of $39 million ($5.4/boe). Gross cash receipts in Egypt totalled $217 million over the year, with year-end receivables falling to $86 million — the lowest level since 2022. Capricorn also achieved early repayment and settlement of its Senior Debt Facility, leaving only a $30 million Junior Debt Facility balance to be repaid over the next three years.
A key milestone expected in Q1 2026 is the formal ratification of Capricorn’s integrated concession agreement with the Egyptian General Petroleum Corporation (EGPC), which the company says will unlock improved terms and enable it to scale operations. Exploration drilling in 2025 produced encouraging results in the North Um Baraka (NUMB) and South East Horus (SEH) licences, while the West El Fayoum (WEF) concession is being relinquished following 2025 drilling results.
“We have entered 2026 with strong momentum,” said CEO Randy Neely. “With ratification of our consolidated concession agreement expected in Q1 2026, we anticipate scaling our operations in Egypt, taking advantage of the improved terms and ultimately returning significant value to shareholders. Additionally, we continue to evaluate value-accretive M&A.” Capricorn is also eyeing acquisition opportunities in the UK North Sea and the broader MENA region.
Source: energy-pedia.com