Capricorn Energy (LSE:CNE) delivered working-interest production of 20,024 barrels of oil equivalent per day (boepd) in 2025, modestly exceeding company guidance as development drilling activity and waterflood optimisation supported performance at the Badr El Din concession in Egypt.
Revenue for the year reached $119 million, while the company ended the period with net cash of $103 million. Egyptian operations generated $81 million in cash after capital expenditure, receivables were reduced to $86 million by year-end, and Capricorn completed repayment of its senior debt facility, strengthening its balance sheet.
During the year, Capricorn drilled 18 development wells and progressed exploration activity, reporting encouraging outcomes at the North Um Baraka and South East Horus prospects. The company also decided to withdraw from the West El Fayoum concession following unsuccessful drilling results.
For 2026, management anticipates formal approval of a new integrated Egyptian concession during the first quarter. Production guidance has been set at 18,000–22,000 boepd, alongside planned capital expenditure of $85–95 million. Capricorn continues to assess merger and acquisition opportunities across the UK North Sea, Egypt, and the broader Middle East and North Africa region as it seeks to expand scale and diversify operations.
The outlook reflects improved financial resilience supported by a stronger cash position and favourable technical momentum indicators. However, historically uneven profitability and revenue trends, together with a negative price-to-earnings valuation signal, remain areas of caution. Management commentary during the earnings call highlighted ongoing cost discipline and shareholder return initiatives, although receivable exposure and operational cost risks continue to weigh on sentiment.
More about Capricorn Energy PLC
Capricorn Energy PLC is an energy producer focused on cash generation from onshore oil and gas assets located primarily in Egypt’s Western Desert. Its portfolio includes development and production interests across concessions such as Badr El Din, Obaiyed, North East Abu Gharadig, and Alam El Shawish West, operated in partnership with local and international collaborators.
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