Capricorn Advances Egyptian Development Wells Campaign
Capricorn PLC reported material progress in its strategic priorities during the first half of 2025, with Egyptian General Petroleum Corporation board approval of renewed concession terms marking a pivotal milestone for the company’s Western Desert operations.
Working interest production in the Western Desert averaged approximately 20,000 barrels of oil equivalent per day (43% liquids) during H1 2025, tracking slightly above the mid-point of full-year guidance of 17,000-21,000 boepd. The company has secured a payment plan agreement with EGPC, with payments consistent with the plan expected to resolve supply and services issues affecting production at operator Bapetco.
CEO Randy Neely emphasized the company’s focus on financial discipline and creating shareholder value, with customary parliamentary ratification expected later this year. Capricorn continues evaluating strategic investment and partnership opportunities in the region alongside accretive opportunities in the UK North Sea.
The company is working with Bapetco to prioritize production additions through reinstating high-graded shut-in wells, identifying additional perforation opportunities, and optimizing development well sequences as momentum builds for increased reserves and value improvements.
Source: oilreviewafrica.com
