REG - Capricorn Energy PLC - Ministerial signing of merged concession agreement

Capricorn EnergyAnnouncement

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RNS Number : 9185E  Capricorn Energy PLC  19 May 2026

FOR IMMEDIATE RELEASE                                                                                                                  19 May 2026

 

 

CAPRICORN ENERGY PLC ("Capricorn" or "the Company")

 

Ministerial signing of merged concession agreement

 

 

Capricorn announces that the Minister of Petroleum and Mineral Resources has
signed 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").

 

With  the Minister's signature, the new agreement has taken effect. Its
operational start date is 1 July 2025, from which date the merged concession
terms became applicable and Capricorn's work programme obligations commenced.
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.

 

Randy Neely, Chief Executive, Capricorn Energy PLC said: "We are delighted to
have received the final signed approval for our consolidation agreement from
Minister Badawi. We appreciate EGPC and our operating partner, Cheiron, for
their collaboration throughout this process and look forward to working
together under the improved terms."

 

Further details relating to the integrated concession agreement can be found
in the Company's release dated 8 May 2025.

 

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

 

Capricorn Energy

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 on Capricorn visit: https://www.capricornenergy.com
(https://www.capricornenergy.com)

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