Capricirn Energy plc said it did not intend to make an offer for UK North Sea-focused Deltic Energy plc after that latter agreed a £7.2 million cash sale to Neo Next+.
EGYPT
The Egypt-focused company had last month approached Deltic on a possible buyout.
Capricorn is itself under a possible offer from Alamadiyaf al-Masiyyah for Trading LLC, with the deadline twice extended since the original March 2026 offer.
Meanwhile, the company has secured the consolidated and amended concession agreement, effective immediately, for eight of its existing Egyptian Western Desert joint venture concessions.
Capricorn has a 50% participating interest held with operator Cheiron Oil and Gas Ltd.
The operational start date of the new agreement is 1 July 2025, when Capricorn’s work programme obligations began.
The company added: “The agreement extends the concession life by up to 20 years with a 10-year development term and two five-year optional extension terms, amends the fiscal terms to promote investment, and merges the existing concessions to increase operational and financial efficiencies.”
The partners hold producing oil and gas assets across four concession areas of Alam El Shawish West; Obaiyed, which contains Egypt’s largest onshore gas field; Badr El Din; and North East Abu Gharadig.
Capricorn also has the South East Horus exploration concession and aims to acquire two additional exploration concessions.