Capricorn announced that its working interest (WI) production from Egypt averaged~35,500 barrels of oil equivalent per day (boe/d) in H1 2022.

The company added that its net liquids WI production in Egypt grew from 2021 post-acquisition levels from 13,870 boe/d to ~14,600 boe/d in H1 2022.

In addition, its gas production recorded ~117 million standard cubic feet per day (mmscf/d) in H1 2022.

Regarding financial results, Capricorn said that it predicts capital expenditure on production and development in Egypt for 2022 to be $80-90 million, in addition to $20-25 million for the exploration and appraisal activities in Egypt and $75-80 million for international exploration.

For the future, the company said that it is in the process of ramping up H2 2022 drilling activities in Egypt, in addition to the acquisition of 3D seismic programs in Southeast Horus and West El Fayum concessions and the initiation of exploration drilling in South Abu Sennan.

For his part, Simon Thomson, CEO of Capricorn Energy PLC said, “Almost one year since the acquisition of the Egypt business, we continue to make good progress and have been successful in prioritising oil and liquids production growth while current commodity prices remain high.”