Genel Energy, through its subsidiary Bidco, has moved a step closer to establishing a foothold in Egypt after Capricorn Energy shareholders approved the company’s proposed takeover, according to a statement by Capricorn.

Shareholders representing 99.8% of Capricorn’s equity backed the acquisition in votes at both the Court and the company’s General Meetings, enabling Genel’s planned takeover and Egyptian portfolio entry.

The transaction is still subject to the remaining approvals, including approval by the relevant court and conditions related to Egypt. Capricorn expects the acquisition to be completed in the second half (H2) of 2026, subject to these conditions being met.

The approval strengthens Genel’s position as it seeks to enter Egypt through Capricorn’s Western Desert operations, giving the company access to an established upstream business and existing production in the country.

Bidco was incorporated in England and Wales on 19 May 2026 as a wholly owned indirect subsidiary of Genel. Created exclusively for the Acquisition, Bidco has no trading history and has entered into no obligations other than those associated with the transaction. Further information about Bidco will be set out in the Scheme Document.

In July, Genel agreed to acquire Capricorn Energy in a $360 million all-cash deal, a move that would expand the British oil and gas company beyond its core assets in Iraq’s Kurdistan region and give it a direct presence in Egypt’s upstream sector.

Capricorn holds interests in a number of Western Desert concessions. Genel said the portfolio would add meaningful oil and gas production in Egypt, while providing greater diversification for its business, which has been exposed to disruptions affecting oil exports from Iraqi Kurdistan.

Capricorn and Cheiron Oil and Gas jointly hold a 50% interest in the Egyptian concessions, which include Badr El Din, Obaiyed, North Alam El Shawish, North Matruh, Sitra, BED 3, BED 2 and BED 17, as well as the North Um Baraka exploration concession.