Egypt-focused onshore energy producer Capricorn Energy said it finished 2025 strongly with output levels ahead of guidance, helped by new development wells drilled in the second half.
Working interest production averaged 20,175 barrels of oil equivalents per day for the year, above the midpoint of Capricorn's production guidance at 19,000 boepd.
What's more, the company finished the year with an exit rate of 21,003 boepd, helped by new development wells drilled since July and a waterflood programme in the Badr El Din (BED) field area.
Meanwhile, its gas operational performance has been supported since October by the drilling of BED15-31 which Capricorn said offers the potential for follow-up wells in early 2026.
The company finished the year with debt of $30m, down from $100m at the end of 2024, having repaid its entire outstanding senior debt facility with a voluntary payment of $18m prior to the end of the year. Net cash stood at $103m, up from $23m the year before.
Looking ahead, Capricorn highlighted the recent Egyptian Cabinet approval of its integrated concession agreement, the final step prior to parliamentary approval and formal ratification of its plan to consolidate eight separate development and exploration concessions are into a single agreement for better management and investment.
"The company is committed to leveraging the new terms to enhance production and reserves," Capricorn said.