Capricorn Energy (CNE): Modernised concession agreement ratification

This situation live

CNE Capricorn Energy

£293m · 424.0p · +123% since the first step

24 Oct 2025 · Ratification slipped to Q1 2026 · −8% until the next step Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the current session of Parliament.

5 Jan 2026 · Cabinet approved; parliament approval pending, Q1 2026 · +33% until the next step Last month, the Egyptian Cabinet approved the integrated concession agreement, representing the final step prior to parliamentary approval and formal ratification expected in Q1 2026.

23 Feb 2026 · Ratification still expected in Q1 2026 · +2% until the next step Formal ratification of the integrated concession agreement expected in Q1 2026

26 Mar 2026 · Cabinet approved Dec 2025; parliament pending · +16% until the next step Merged concession agreement approved by EGPC in May 2025, with final-stage approval granted by the Egyptian Cabinet in December 2025 and formal ratification expected in H1 2026

30 Mar 2026 · Parliament ratified; ministerial signature pending · +12% until the next step The Company will now work with its partner and the Egyptian authorities to complete the remaining customary steps required for the Minister of Petroleum and Mineral Resources to sign the amended conce

2 Jul 2026 · Ratified; ministerial signature still pending · +10% until the next step Genel and Bidco will be seeking the consent of EGPC to the Acquisition.

1 Sep 2026 · Ratified; ministerial signature still pending · +4% until the next step The Acquisition represents DNO’s entry into Egypt.

24 Sep 2026 · Signed 19 May 2026 and effective · +7% since Merged concession agreement became effective following formal parliamentary ratification on 30 March and ministerial signature on 19 May, with a 1 July 2025 operational start date

Project milestones

Modernised concession agreement ratification

Signed 19 May 2026 and effective

Every step · 8

24 Oct 2025 Ratification slipped to Q1 2026 – Customary ratification of the modernised concession agreement is now expected to take place in Q1 2026 due to limited time for additional business in the... ↗
5 Jan 2026 Cabinet approved; parliament approval pending, Q1 2026 – Last month, the Egyptian Cabinet approved the integrated concession agreement, representing the final step prior to parliamentary approval and formal... ↗
23 Feb 2026 Ratification still expected in Q1 2026 – Formal ratification of the integrated concession agreement expected in Q1 2026 ↗
26 Mar 2026 Cabinet approved Dec 2025; parliament pending – Merged concession agreement approved by EGPC in May 2025, with final-stage approval granted by the Egyptian Cabinet in December 2025 and formal ratification... ↗
30 Mar 2026 Parliament ratified; ministerial signature pending – The Company will now work with its partner and the Egyptian authorities to complete the remaining customary steps required for the Minister of Petroleum and... ↗
2 Jul 2026 Ratified; ministerial signature still pending – Genel and Bidco will be seeking the consent of EGPC to the Acquisition. ↗
1 Sep 2026 Ratified; ministerial signature still pending – The Acquisition represents DNO’s entry into Egypt. ↗
24 Sep 2026 Signed 19 May 2026 and effective – Merged concession agreement became effective following formal parliamentary ratification on 30 March and ministerial signature on 19 May, with a 1 July 2025... ↗

What is happening

Capricorn Energy: Modernised concession agreement ratification – Signed 19 May 2026 and effective. ['Signed 19 May 2026 and effective']

In short: The merged eight-concession agreement was ratified by Parliament on 30 March 2026. The Minister's signature came on 19 May 2026, completing the milestone, and it took effect with a 1 July 2025 operational start. It carries $20m of signature bonuses, and a title dispute with EGPC over the gap period remains.
Announced: 24 Oct 2025 · Ratification slipped to Q1 2026
Latest: 24 Sep 2026 · Signed 19 May 2026 and effective
Reserves: 20.2 mmboe WI 2P reserves added at year end
Ratification: Parliament ratified on 30 March 2026
Concession term: Extended by up to 20 years: 10-year development term plus two 5-year optional extensions
Scope: Eight Egyptian Western Desert concessions merged; 50% interest held jointly with Cheiron
Deal link: DNO bid of 1 Sep 2026 targets entry into Egypt via Capricorn
Signature: Ministerial signature on 19 May 2026; operational start date 1 July 2025
Signature bonus: $20m: $10m offset against receivables; $5m due on each of first and second anniversaries
Open dispute: EGPC says no title to production between old licence expiry and ratification; Capricorn disputes this

From the company's own announcements. Not investment advice.

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