Edinburgh-based oil and gas firm Capricorn Energy — formerly Bill Gammell’s Cairn Energy — said on Wednesday it has received a proposal from Samos Energy Ltd regarding a possible cash offer for Capricorn.

The Samos Energy proposal is at an offer price of £3.81 per share.

Capricorn said on July 2 it had accepted a $360 million (£271 million) cash takeover offer from London-based Genel Energy.

Capricorn, which has operations in Egypt and the UK North Sea, said the offer from Genel valued each Capricorn share at $4.74, or £3.57. This comprised $3.75 in cash and an intended special dividend of $0.99.

The Genel offer represented a premium of 34% to the closing price per Capricorn share of £2.66 on March 10, 2026, the day prior to the start of the Offer Period.

On Wednesday, Capricorn said: “The Board of Capricorn notes the recent press speculation and confirms that it has received a proposal from Samos Energy ltd regarding a possible cash offer for the Company. The Proposal is at an offer price of 381 pence per share.

“The Proposal is subject to due diligence and discussions with Samos are ongoing. There can be no certainty that an offer will be made for the Company, nor as to the terms of any such offer.

“The Company also notes that Capricorn is currently subject to an offer from Genel Energy plc, as announced pursuant to Rule 2.7 of the Code on 2 July 2026.

“Shareholders are advised to take no action. A further announcement will be made as and when appropriate.

“Any offer for Capricorn is governed by the Code. In accordance with Paragraph 4(c) of Appendix 7 of the Code, the Panel Executive will announce the deadline by which Samos must clarify its intentions in relation to Capricorn.

“For the purposes of Rule 2.5(a) of the Code, this announcement has been made without the consent of Samos.”