Trading and payment update
Summary by AI BETAClose X
CAPRICORN ENERGY PLC ("Capricorn" or "the Company")
Trading and payment update
Capricorn announces that it has received $50m from the Egyptian General Petroleum Corporation (EGPC). Since 30 June 2025, the Company has received a total of $102m, and its accounts receivable is approximately $115m (H1'25 - $182m) (excluding expected credit loss adjustments).
The Company expects to receive further material payments against arrears before year end.
Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the "Joint Venture"), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.
Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament. The modernised concession agreement will have an operational start date of 01 July 2025.
Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.
Ends
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 www.capricornenergy.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 7 hours ago Johnson Matthey
- 9 hours ago Galliford Try
- 9 hours ago Galliford Try
- 9 hours ago Centrica
- 10 hours ago Smith & Nephew