24th Sep 2026 13:02
(Alliance News) - Capricorn Energy PLC on Thursday said it expects full-year production to be above the mid-point of guidance as it reported a return to profit on higher sales.
The Edinburgh-based oil and gas producer reported a pretax profit from continuing operations of USD56.2 million in the six months that ended June 30, swung from a USD7.5 million loss a year prior, as revenue increased 68% to USD100.5 million from USD59.7 million.
Basic earnings per share amounted to USD0.36 compared to a loss per share of USD0.09.
Chief Executive Randy Neely said: "Capricorn had a robust first half as production remained resilient, development activity progressed in line with budget and pricing supported healthy margins during the period."
Production totalled 19,337 barrels of oil equivalent per day in the half-year down from 20,342 a year prior.
Production performance through July and August remained strong with excellent contributions from new wells, Capricorn Energy said.
As a result, it expects 2026 production to be above the mid-point of the guidance range of 18,000 to 22,000 boepd.
Full-year net capital expenditure is forecast towards the upper end of the range of USD85 million to USD95 million, reflecting an increase in drilling efficiency and the number of wells brought on production in the year to date
Operating costs are expected to remain within guidance forecast of USD5 to USD7 per barrel of oil equivalent.
Capricorn said drilling activity will resume in the Obaiyed field area, for the first time since 2023, with two new wells planned and a re-entry opportunity.
Shares in Capricorn Energy were unchanged at 388.00 pence each in London on Thursday.
Last week, it said it had received an improved takeover offer from Norway's DNO ASA, which its board will recommend to shareholders.
Under its new offer, DNO will pay USD5.214 in cash for each Capricorn share, valuing the Capricorn at USD396 million. The total price per share is the same as DNO's previous offer, but that offer had been split been split between USD4.224 in cash and USD0.990 as a special dividend.
Capricorn noted that the all-cash offer is USD0.474 per share, or 10%, higher than the offer the company previously had agreed from fellow London listing Genel Energy PLC.
On Thursday, Capricorn Energy said both offers remain ongoing and further announcements will be made if and when appropriate.
By Jeremy Cutler, Alliance News reporter
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