UK-listed Capricorn Energy PLC reported 2025 production in Egypt of 20,024 barrels of oil equivalent per day (boe/d), exceeding the midpoint of its 17,000–21,000 boe/d guidance. By year’s end, the company’s recorded rise in production rates to 21,003 boe/d, supported by new development wells drilled since July 2025 and the expanded waterflood program at the Badr El Din (BED) field, according to the company’s operational and trading update released on February 24.
“Our focus in 2025 was to extract value from our existing assets while pursuing the integrated concession agreement with Egyptian General Petroleum Corporation (EGPC) and our partners in Egypt. We drilled a total of 18 development wells across our portfolio, while fulfilling our exploration commitments, with positive results in North Um Baraka (NUMB) and Southeast Horus (SEH),” said Randy Neely, CEO of Capricorn Energy PLC.
In May, Capricorn and EGPC agreed to merge eight concessions in Egypt into a single deal under a joint venture (JV) with Cheiron. The concessions are BED, Obaiyed, North Alam El Shawish, North Matruh, Sitra, BED 3, BED 2, and BED 17 development concessions, along with the NUMB exploration concession. The company expects the concessions merger to be ratified in the first quarter (1Q) of 2026.
In 2026, Capricorn stated plans to produce between 18,000 and 22,000 barrels of oil equivalent per day (boe/d), of which 43% is forecast to be liquids. The company is progressing with a development lease following the drilling of NUMB-6 well, expected to become onstream in 2026. The company is also advancing the exploration phase of the SHE-6X well.
In addition, Capricorn aims to focus on drilling plans for developing the BED field in the first half (H1) of 2026, particularly targeting the Lower Bahariya reservoir.
As for its trading updates, the company reported revenues of $119 million for the year ended December 31, 2025, based on provisional entitlement sales volumes of 3.5 million barrels of oil equivalent (mmboe), of which 40% were liquids.
Capricorn’s capital expenditure (Capex) reached $77 million in 2025, while net cash inflows in Egypt totaled $81 million post-capex.
“During the year, we collected $217 million in Egypt, putting Capricorn in a strong position for 2026 with a 2025-year end accounts receivable balance of $86 million, the lowest level since 2022. Our financial strength also enabled an early repayment and settlement of our Senior Debt Facility, and we enter 2026 with a Junior Debt Facility balance of $30 million, scheduled to be repaid over the next three years,” said Neely.
Looking ahead, Capricorn has set 2026 capex guidance at $85–95 million. The company said it continues to evaluate merger and acquisition opportunities in the UK North Sea and across the Middle East and North Africa (MENA) region to expand and diversify its operations.
