Capricorn Energy on track to meet full-year guidance

(Sharecast News) - London-listed Capricorn Energy confirmed on Friday it was on track to meet full-year production guidance.

Providing a brief update on trading and payments, the firm - formerly Cairn Energy - said: "Capricorn remains on track to deliver above the mid-point of 2025 full year production guidance, of 17,000 to 21,000 barrels of oil equivalent per day, with year-to-date production averaging 19,924 boepd to mid-October."

It also confirmed it had received $50m from the Egyptian General Petroleum Corporation.

Since 30 June, Capricorn has now received a total of $102m from EGPC. Its accounts receivable is now around $115m, excluding expected credit loss adjustments.

Capricorn added: "The company expects to receive further material payments against arrears before the year end."

Capricorn has overhauled its business in recent years to refocus solely on Egyptian assets.

It is currently working with EGPC to approve the consolidation of eight of the company's 50%-owned concession agreements into one new, single integrated concession.

The firm said ratification of the modernised agreement was now expected to take place in the first quarter of 2026, however, due to limited time for additional business in the current session of Parliament.

The operational start date will remain 1 July 2025.

Capricorn also said that along with its joint venture partner Cheiron, it would be pursuing an application for a new development lease on the North Um Baraka concession, following "encouraging test results" from an exploration well drilled earlier in the year.