Capricorn Energy plc’s production for 2025 exceeded guidance, due to new development wells during the second half of the year on its licences, held with operator Cheiron Energy, onshore Egypt.
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Results posted average working interest production of 20,175 barrels of oil equivalent per day, with 41% liquids, higher than the forecast midpoint of 19,000 boepd.
The company said that the exit rate for 2025 was 21,003 boepd with “strong production performance”, driven additionally by a waterflood programme in the Badr El Din (BED) field area in the Western Desert.
Drilling of BED15-21 has increased gas performance since October, to produce “strongly” from the Lower Bahariya formation.
Capricorn added that there was potential for follow-up wells, as a priority, in early 2026.
Exploration continued, with drilling producing “encouraging” results in the joint venture North Um Baraka (NUMB) and South East Horus (SEH) licences.
An application for a development lease is progressing for NUMB6, which is expected to be tied in early 2026, ahead of follow-up drilling anticipated in 2027.
The JV is also progressing phase II licence for South East Horus, where the SEH-6X well established a “sufficiently positive” extension of an “active petroleum system”.
Capricorn’s finances improved with the receipt in late December of $43 million from the Egyptian General Petroleum Corporation (EGPC), taking the total received since 30 June to $156m.
The sum reduces the company’s accounts receivable to approximately $84m, compared with the first half figure of $182m, and to its lowest position since 2022.
Capricorn said it had also repaid its entire outstanding senior debt facility with a voluntary payment of $18m before the end of 2025.
The junior debt facilituy amortised by $10m during the final quarter of 2025, with $30m debt remaining by year end.
The company is due to settle the balance in two instalments during 2026 and 2027.
As at 31 December 2025, Capricorn net cash had increased to $103m (H1 2025: $32m).
Capricorn continues to await settlement of its claims of $4-5m against Waldorf Production, following its acquisition, yet to complete, by Harbour Energy plc.
For its outlook, the company added: “Last month, the Egyptian Cabinet approved the integrated concession agreement, representing the final step prior to parliamentary approval and formal ratification expected in Q1 2026.
“The company is committed to leveraging the new terms to enhance production and reserves.”
Capricorn’s producing assets, over four licence areas, include Obaiyed (50% working interest); Badr El Din (50%) comprising five oil and gas producing concessions; North East Abu Gharadig (26%); and Alam El Shawish West (20%).