Ministerial signing of merged concession agreement
Capricorn Energy PLC has announced the ministerial signing of a consolidated and amended concession agreement for eight Egyptian Western Desert concessions, in which it holds a 50% interest. This new agreement, effective from July 1, 2025, extends concession life by up to 20 years, amends fiscal terms to encourage investment, and merges existing concessions for improved operational and financial efficiencies.
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Capricorn announces that the Minister of Petroleum and Mineral Resources has signed the consolidated and amended concession agreement covering eight of the Company's existing Egyptian Western Desert concession agreements in which it has a 50% participating interest held jointly with Cheiron Oil and Gas Limited ("Cheiron" or "the Operator").
With the Minister's signature, the new agreement has taken effect. Its operational start date is 1 July 2025, from which date the merged concession terms became applicable and Capricorn's work programme obligations commenced. The agreement extends the concession life by up to 20 years with a 10-year development term and two five-year optional extension terms, amends the fiscal terms to promote investment, and merges the existing concessions to increase operational and financial efficiencies.
Randy Neely, Chief Executive, Capricorn Energy PLC said: "We are delighted to have received the final signed approval for our consolidation agreement from Minister Badawi. We appreciate EGPC and our operating partner, Cheiron, for their collaboration throughout this process and look forward to working together under the improved terms."
Further details relating to the integrated concession agreement can be found in the Company's release dated 8 May 2025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.