Edinburgh-based Capricorn Energy confirmed on Wednesday afternoon that it has received “multiple unsolicited non-binding proposals” from Alamadiyaf al-Masiyyah for Trading LLC, a member of the Cafani Group, regarding a possible all cash offer to acquire Capricorn.

Capricorn Energy shares rose about 6% to around £2.83 to give the Edinburgh firm a stock market value of about £192 million.

“The Board has evaluated the Possible Offer with its financial and legal advisers and has provided due diligence access to Alamadiyaf al-Masiyyah,” said Capricorn.

“Discussions with Alamadiyaf al-Masiyyah are ongoing and the board of Capricorn Energy is seeking clarity around Alamadiyaf al-Masiyyah’s funding arrangements.

“There can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer.

“Shareholders are advised to take no action in respect of the Possible Offer and a further announcement will be made as and when appropriate.

“In accordance with Rule 2.6(a) of the Code, by not later than 5.00 pm on 8 April 2026, Alamadiyaf al-Masiyyah must either announce a firm intention to make an offer for Capricorn Energy in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capricorn Energy, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. 

“This deadline may be extended with the consent of the Panel on Takeovers and Mergers (the “Takeover Panel”) in accordance with Rule 2.6(c) of the Code.

“As a consequence of this announcement, an offer period has now commenced in respect of Capricorn Energy in accordance with the Code and the attention of Capricorn Energy shareholders is drawn to the disclosure requirements of Rule 8 of the Code …”