Capricorn’s Egypt Assets See Significant Rise in H1 2026 Profits

Capricorn Energy’s Egyptian operations reported a 300% year‑on‑year increase in the first half of 2026, with profits rising to US$36 million on US$100 million in revenue. Overall, the company also swung to a US$24.1 million profit, compared with a US$6.5 million loss in the same period of 2025.

Capricorn is a cash flow-focused energy producer with a portfolio of onshore development and production assets in Egypt’s Western Desert. The company’s Egyptian assets are operated through Badr El Din Petroleum Company (BAPETCO), a joint venture with the Egyptian General Petroleum Corporation (EGPC) and Cheiron.

“The ratification of the consolidated concession agreement in Egypt creates an improved framework for long-term investment, extends the life of key producing assets and supports our resource conversion funnel. Working closely with our partner and operator, Cheiron, we have progressed development plans designed to grow production and unlock value.”Capricorn Chief Executive Randy Neely commented on the results.

In July 2025, Capricorn Energy and Cheiron signed a merged concession agreement in Egypt’s Western Desert consolidating eight separate concessions into one integrated framework with improved fiscal terms and a potential 20‑year lifespan.

According to Capricorn’s press release, the company drilled 18 development wells and two near-field exploration wells in Egypt 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.

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 US$52 million during H1.

On Friday, September 25, Genel Energy raised its takeover bid for Capricorn Energy to US$436 million, valuing shares at US$5.74 each and outpacing Norwegian rival DNO’s US$396 million offer by about 10%. Capricorn’s board has now withdrawn support for DNO and backed Genel’s revised proposal.