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Ratification of integrated concession agreement
Capricorn Energy PLC announced the ratification of an integrated concession agreement for its Egyptian Western Desert assets by the Egyptian House of Representatives, a significant step that consolidates eight existing concessions and extends their life by up to 20 years. This new agreement, which includes a 10-year development term and two 5-year optional extension terms, aims to enhance operational and financial efficiencies through the merger of concessions and amended fiscal terms designed to encourage investment. The company, holding a 50% participating interest alongside Cheiron Oil and Gas Limited, anticipates the Minister of Petroleum and Mineral Resources will sign the amended agreement in the coming weeks. Disclaimer*
About this update from Capricorn Energy Plc
30 March 2026 Capricorn Energy PLC ("Capricorn" or the "Company") Ratification of Western Desert integrated concession agreement Capricorn has been informed that the Egyptian House of Representatives has ratified 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"). The ratification represents a key milestone in the process to consolidate, extend and improve the terms of the Company's Western Desert asset base. Key elements of the integrated concession The new agreement extends the concession life by up to 20 years with a 10-year development term and two 5-year optional extension terms, amends the fiscal terms to promote investment, and merges the existing concessions to increase operational and financial efficiencies. Further details relating to the integrated concession agreement can be found in the Company's release dated 8 May 2025. Next steps 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 concession agreement. This is expected to occur in the coming weeks. Further updates will be provided in due course. Enquiries to: Analysts / Investors Nathan Piper, Commercial Director Tel: 0131 475 3000 Media Diana Milford, Corporate Affairs Tel: 0131 475 3000 Georgia Edmonds / Violet Wilson / Fergus Young, Camarco Tel: 0203 757 4980 About Capricorn Energy PLC Capricorn is a cash flow-focused energy producer, with an attractive portfolio of onshore development and production assets in the Western Desert. For more information, visit https://www.capricornenergy.com .
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