Capricorn Energy shares rise on ratification of Egypt concession amendment.

Capricorn Energy said on Monday that Egypt’s House of Representatives has ratified a consolidated and amended concession agreement covering eight of its Western Desert licences, marking a key step in reshaping the fiscal and operational framework of the asset base.

Capricorn Energy
30 March 2026 10:25:46

Source: Sharecast

The London-listed company holds a 50% participating interest in the concessions alongside operator Cheiron Oil and Gas, and said the ratification represented “a key milestone in the process to consolidate, extend and improve the terms of the Company's Western Desert asset base”.

Under the terms of the integrated concession, the licence life was extended by up to 20 years, comprising an initial 10-year development term and two optional five-year extensions.

It said the revised agreement also introduced amended financial terms aimed at promoting investment and merged the existing concessions to improve operational and financial efficiencies.

Capricorn said it would now work with its partner and Egyptian authorities to complete the remaining formalities required for the Minister of Petroleum and Mineral Resources to sign the amended agreement, which was expected in the coming weeks.

At 1001 BST, shares in Capricorn Energy were up 8.89% at 300p.

Reporting by Josh White for Sharecast.com.

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