Edinburgh-based Capricorn Energy said on Thursday “no firm offer” has been made to take over the company from Alamadiyaf al Masiyyah for Trading LLC, a member of the Cafani Group, following a recent approach.
The update came as Capricorn Energy published its 2025 results showing revenues of $134 million “with an average oil price of $68.4/bbl and gas price of $3.1/mscf.’
Group net cash was $103 million.
Capricorn Energy has a stock market value of about £188 million.
The Edinburgh firm said: “On 11th March 2026, Capricorn confirmed 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 the entire issued and to be issued share capital of the Company.
“At the time of approval of the financial statements, no firm offer has been made. There can be no certainty that any firm offer will be made, nor as to the terms of any such firm offer, or whether the Directors would recommend any offer to shareholders.
“As a result, this possible offer has not been considered as part of the Directors Going Concern assessment.”
Capricorn Energy CEO Randy Neely said: “2025 was a year of significant operational, strategic and financial progress for Capricorn, marked by a number of milestones across our Egypt operations.
“In May we received approval from the Egyptian General Petroleum Corporation (EGPC) to consolidate eight of our existing Egyptian concession agreements into a single, merged concession agreement, unlocking significant fiscal and operational benefits which should allow us to extract additional value from our existing portfolio.
“The new agreement, anticipated to receive parliamentary ratification in H1 2026, secures access to an additional development lease area and two open exploration areas adjacent to our existing acreage.
“These additions supported a 20.2 mmboe increase of working interest (WI) 2P reserves (certified at year end), enhancing future development potential. The improved fiscal terms will drive increased investment and cash flow across a range of oil prices and at $80 per bbl our netback improves from $18 to $23 per boe. Furthermore, it includes a 60% increase in gas pricing for incremental volumes from both existing fields and new discoveries.
“Operations in Egypt delivered full year production of 20,024 boepd, exceeding the midpoint of 2025 guidance, supported by liquids-rich development drilling and the ongoing waterflood programme in the Badr El Din (BED) concession.
“Despite a volatile macroeconomic environment and fluctuating commodity prices, we collected $217m from Egypt, reducing the Company’s accounts receivable to $86m.
“Capricorn’s progress in 2025 provides a robust platform to build a cash-generative business. A key priority for 2026 will be accelerating development activities in the merged concession area.
“Our strategic priorities for the coming year are to maximise value from our Egyptian assets through disciplined investment, prioritise shareholder value, and continue to explore value-accretive opportunities, primarily in Egypt, with a secondary focus in the UK North Sea and the broader MENA region.”