REG - Capricorn Energy PLC - AGM Statement

Capricorn EnergyAnnouncement

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RNS Number : 1656F  Capricorn Energy PLC  21 May 2026

FOR IMMEDIATE RELEASE                                                                                                                  21 May 2026

 

 

Capricorn Energy PLC ("Capricorn" or the "Company")

 

Annual General Meeting Chief Executive's Statement

 

 

Randy Neely, Chief Executive of Capricorn Energy PLC, will make the following
statement at the Company's Annual General Meeting for shareholders at 10am on
21 May 2026. The Company will announce its half year results on 24 September
2026.

 

Over the past year, Capricorn has maintained focus on cash flow and
strengthening our business in Egypt. A key achievement for the Company has
been the consolidation of eight Egyptian concession agreements into a single
merged Western Desert production sharing contract, which was formally ratified
by the Egyptian House of Representatives at the end of Q1 2026 and came into
effect following signing on 19 May 2026. This is a significant milestone for
Capricorn, unlocking additional reserves and enhanced fiscal terms that should
drive increased investment and cash flow, increasing our netback by around $5
at $80/bbl, positioning the Company for improved free cash flow.

Year-to-date, production is tracking within our 2026 guidance range of 18,000
- 22,000 boepd and in February a planned operational shutdown at the Badr El
Din (BED) facility was conducted on time and safely. With ratification of the
merged concession agreement, drilling is planned on the new acreage secured.
In Q3 2026 we will drill two wells in this area, to test whether the producing
trends of the Abu Rouash Gharadig (ARG) reservoir extends, which could unlock
additional development locations. The operational start date of 1 July 2025
allowed the Company to focus development activity in BED. In 2026 this has
continued with development drilling of oil producers and water injectors in
the ARG reservoir.

We are targeting 2026 capital expenditure of $85-95m and operating costs of
$5-7/boe, maintaining a disciplined approach that balances investment against
collections. In addition to development activity, we continue to progress
near‑field exploitation opportunities that are complementary to the
producing asset base.

Financial discipline remains central to our cash flow-focused strategy. This
discipline supports ongoing investment and positions the business to
capitalise on the opportunities created by the merged concession. We are now
debt free, having repaid our remaining debt in April, and as of 30 April 2026,
our Group cash balance was $132m.

 

We continue to evaluate value-accretive opportunities, primarily focused on
building out our business in Egypt and capitalising on our capabilities in the
UK North Sea, that align with our strategy and commitment to shareholder
value.

 

 

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 https://www.capricornenergy.com
(https://www.capricornenergy.com) .

 

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