The UK’s takeover panel has given two rival potenial takeover bidders for Edinburgh-based oil and gas firm Capricorn Energy — Alamadiyaf al-Masiyyah and Samos Energy — a deadline of August 11 to declare a firm intention to make an offer for the Scottish firm.

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

Capricorn — formerly Bill Gammell’s Cairn Energy — has operations in Egypt and the UK North Sea.

The Takeover Panel said: “On 11 March 2026, Capricorn announced that it had received multiple proposals from Alamadiyaf al-Masiyyah regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn.

“On 2 July 2026, the boards of Genel and Capricorn announced that they had reached agreement on the terms of a recommended all cash offer pursuant to which Genel would acquire the entire issued and to be issued ordinary share capital of Capricorn …

“On 21 July 2026, Capricorn published a scheme circular in relation to the Genel Acquisition, including a notice of the shareholder meetings to approve the Genel Acquisition which have been convened for 18 August 2026 …

“On 22 July 2026, Capricorn announced that it had received a proposal from Samos regarding a possible cash offer for the entire issued and to be issued ordinary share capital of Capricorn.

“Pursuant to Section 4 of Appendix 7 of the Takeover Code, the Executive has ruled that, unless the Executive consents otherwise, Alamadiyaf al-Masiyyah and Samos must by 5.00pm on 11 August 2026, being the seventh day prior to the date of the Shareholder Meetings, either announce a firm intention to make an offer for Capricorn in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for Capricorn.

“Each of Capricorn, Alamadiyaf al-Masiyyah, Genel and Samos has accepted this ruling.”