Capricorn Energy (LSE:CNE) jumped 9% on Thursday after the oil and gas group reported progress in clawing back overdue payments from Egypt’s state-owned oil company.
The company said it collected $37 million from the Egyptian General Petroleum Corporation (EGPC) in July and August, with a further $50 million payment expected in October. That would bring the balance of outstanding receivables down to $160 million at the end of August, compared with $172 million at the end of June.
Capricorn reaffirmed its full-year production outlook of 17,000–21,000 barrels of oil equivalent per day, following first-half output of 20.3 kb/d. The company also trimmed its capital expenditure forecast to $75–85 million from earlier guidance, after pushing some non-drilling projects into 2026.
Operating costs are still projected at $5–7 per barrel of oil equivalent. As of June, Capricorn held $96 million in cash and did not declare a first-half dividend for fiscal 2025.
One key hurdle remains the parliamentary ratification of Capricorn’s revised license agreements in Egypt, which the company said is critical to securing its future operations in the country.
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