Edinburgh-based oil and gas firm Capricorn Energy said on Monday it continues to evaluate M&A (mergers and acquisitions) opportunities “in the UK North Sea, Egypt and general MENA region to expand and diversify our operations.”
In an update on operations and trading performance, together with 2026 guidance, Capricorn said it expects to report revenues of $119 million for the year ended December 31, 2025.
The company said: “Strong production performance driven by development drilling at Badr El Din (BED), and good response to a waterflood programme in the BED field area.”
In its outlook, Capricorn said: “Production is guided in the range of 18,000-22,000 boepd, of which 43% is forecast to be liquids.
“Production is expected to be impacted by two planned maintenance shutdowns at our BED facility, and uncertainty regarding the timing of a change in working interest on the North East Abu Gharadig (NEAG) asset, related to the withdrawal of Apache.”
Capricorn CEO Randy Neely said: “We have entered 2026 with strong momentum as our 2025 exit rate of 21,003 boepd and robust balance sheet position us to capitalise on development opportunities on the merged concession.
“Our focus in 2025 was to extract value from our existing assets while pursuing the integrated concession agreement with EGPC and our partners in Egypt. We drilled a total of 18 development wells across our portfolio, while fulfilling our exploration commitments, with positive results in North Um Baraka (NUMB) and South East Horus (SEH).
“During the year we collected $217m in Egypt, putting Capricorn in a strong position for 2026 with a 2025 year end accounts receivable balance of $86m, the lowest level since 2022. Our financial strength also enabled an early repayment and settlement of our Senior Debt Facility, and we enter 2026 with a Junior Debt Facility balance of $30m, scheduled to be repaid over the next three years.
“Capricorn continues to support the Operator of its Egyptian assets, providing key technical guidance to prioritise development activity, identify opportunities for production enhancement and supporting exploration initiatives. This engagement supports an investment case for Egypt underpinned by the merged concession agreement and we are guiding 2026 production in the range of 18,000-22,000 boepd.
“With ratification of our consolidated concession agreement expected in Q1 2026, we anticipate scaling our operations in Egypt, taking advantage of the improved terms and ultimately returning significant value to shareholders. Additionally, we continue to evaluate value-accretive M&A. I look forward to updating the market on our efforts later in 2026.”