Capricorn Energy (CNE) H1 2025 earnings summary

Executive summary

• Achieved government approval for consolidating eight Egyptian concessions into a single production sharing contract, improving fiscal terms and extending contract life, pending parliamentary ratification.

• Exited all non-core activities, reduced G&A by 80%, and returned over $600 million to investors via dividends and buybacks since June 2023.

• Solid operational performance in H1 2025, with production tracking above the mid-point of guidance at 20,342 boepd (43% liquids) in Egypt.

• Technical and financial alignment with JV partner Chiron in Egypt has improved operational results.

• Focused on maximizing value from Egypt, seeking UK North Sea opportunities, and evaluating synergistic asset deals in the MENA region.

Financial highlights

• H1 2025 Egypt production averaged 20,342 boepd (43% liquids), generating $59m in revenue; oil price averaged $73.6/bbl, gas $3/mscf.

• Operating costs averaged $5.1/boe; development and production capex totaled $19m, exploration capex $8m.

• Group cash position at $96m as of June 30, 2025; net cash $32m after debt.

• Egypt receivables at $172m as of June 30, 2025, improved to $160m by August 31, with $90m further receipts forecast by year-end.

• Net loss for H1 2025 was $6.5m, compared to a profit of $1.8m in H1 2024.

Outlook and guidance

• FY25 production guidance set at 17,000–21,000 boepd, with YTD average of 19,994 boepd to August 31, 2025.

• Full-year forecast net capex of $75–85m; operating costs expected between $5–$7/boe.

• Parliamentary ratification of the integrated concession agreement expected in 2025, unlocking further reserves and production.

• 15 development wells planned for H2 2025, all targeting liquids in the BED area.

• Liquids proportion of production expected to remain around 42–43% over the next 6–18 months.