Ratification of integrated concession agreement

Summary by AI ^BETAClose X

Capricorn Energy PLC announced the ratification of an integrated concession agreement for its Egyptian Western Desert assets by the Egyptian House of Representatives, a significant step that consolidates eight existing concessions and extends their life by up to 20 years. This new agreement, which includes a 10-year development term and two 5-year optional extension terms, aims to enhance operational and financial efficiencies through the merger of concessions and amended fiscal terms designed to encourage investment. The company, holding a 50% participating interest alongside Cheiron Oil and Gas Limited, anticipates the Minister of Petroleum and Mineral Resources will sign the amended agreement in the coming weeks.

Disclaimer*

Capricorn Energy PLC

30 March 2026

Capricorn Energy PLC
("Capricorn" or the "Company")

Ratification of Western Desert integrated concession agreement

Capricorn has been informed that the Egyptian House of Representatives has ratified the consolidated and amended concession agreement covering eight of the Company's existing Egyptian Western Desert concession agreements in which it has a 50% participating interest held jointly with Cheiron Oil and Gas Limited ("Cheiron" or "the Operator").

The ratification represents a key milestone in the process to consolidate, extend and improve the terms of the Company's Western Desert asset base.

Key elements of the integrated concession

The new agreement extends the concession life by up to 20 years with a 10-year development term and two 5-year optional extension terms, amends the fiscal terms to promote investment, and merges the existing concessions to increase operational and financial efficiencies. Further details relating to the integrated concession agreement can be found in the Company's release dated 8 May 2025.

Next steps

The Company will now work with its partner and the Egyptian authorities to complete the remaining customary steps required for the Minister of Petroleum and Mineral Resources to sign the amended concession agreement. This is expected to occur in the coming weeks.

Further updates will be provided in due course.

Enquiries to:

Analysts / Investors
Nathan Piper, Commercial Director
Tel: 0131 475 3000

Media
Diana Milford, Corporate Affairs
Tel: 0131 475 3000

Georgia Edmonds / Violet Wilson / Fergus Young, Camarco
Tel: 0203 757 4980

About Capricorn Energy PLC

Capricorn is a cash flow-focused energy producer, with an attractive portfolio of onshore development and production assets in the Western Desert.

For more information, visit https://www.capricornenergy.com.

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