Capricorn Energy lifts production outlook on Egypt strength amid DNO takeover war (updated)

Genel Energy

24/09/2026 07:46

Adds details and background throughout
Sept 24 (Reuters) - Takeover target Capricorn Energy CNE.L forecast annual production above the mid-point of its 18,000 to 22,000 barrels of oil equivalent per day guidance range on Thursday, boosted by higher output from its expanded Egyptian operations.  
Here are some details:
The results come amid a months-long bidding contest for the Egypt-focused producer, whose shares have soared this year as a surge in oil prices following the Iran war spurred a wave of dealmaking among energy firms operating in the Middle East.
The company had agreed to a higher $396 million offer from Norwegian oil firm DNO  DNO.OL over rival bidder Genel Energy  GENL.L earlier this month.
Both offers remain ongoing, Capricorn said on Thursday.
Capricorn's Egyptian revenue hit $100 million in the six months to June 30, driven by an average realised oil price of $89.5 per barrel, up from $73.6 per barrel in the same period last year. 
The company said production performance through July and August also remained strong with excellent contributions from new wells.   
Capricorn swung to a first-half operating profit of $56.3 million from a $2 million loss a year earlier, with working interest production averaging 19,337 boepd in the first half.

(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)
((Yamini.Kalia@thomsonreuters.com))