Capricorn Energy reported a $24.1 million profit for the first half (H1) of 2026, compared with a $6.5 million loss a year earlier, as its Egypt business generated $100 million in revenue.

The company’s Egypt operating segment recorded a $36 million profit, up from $9 million in H1 2025. Capricorn also collected $98 million from its Egyptian operations and ended June with $114 million in group cash after repaying its remaining debt in April.

Capricorn drilled 18 development wells and two near-field exploration wells during the period, with working-interest production averaging 19,337 barrels of oil equivalent per day (boepd). The company said the drilling established new areas of the Abu Roash Gharadig reservoir and supported production above expectations.

“Regular collections have allowed continued disciplined reinvestment in the asset base, delivering strong drilling results and boosting monthly production,” Capricorn Chief Executive Randy Neely said.

The company expects full-year production to exceed the midpoint of its 18,000-22,000 boepd guidance range, while development and production capital spending reached $52 million during H1.

Capricorn did not provide a separate breakdown attributing the year-on-year increase in profit to specific factors, although it cited resilient production, development activity and pricing as supporting its first-half performance.

Capricorn is a cash flow-focused energy producer with a portfolio of onshore development and production assets in Egypt’s Western Desert, according to the company.

Earlier in September, DNO agreed to acquire Capricorn in an all-cash transaction valuing the company at about $396 million. The acquisition would give DNO entry into Egypt’s upstream sector through Capricorn’s Western Desert assets.