Capricorn has fulfilled all exploration commitments on its legacy acreage.

Capricorn has received US$50m from the Egyptian General Petroleum Corporation (EGPC)

Since 30 June 2025, the company has received a total of US$102m, and its accounts receivable is approximately US$115m (H1’25 - US$182m) (excluding expected credit loss adjustments).

The company expects to receive further material payments against arrears before year end.

Capricorn continues to invest in its Egyptian asset base and has fulfilled all exploration commitments on its legacy acreage. At South East Horus, Capricorn, with its joint venture partner Cheiron (the Joint Venture), has elected to continue into Phase 2 following test results. The Joint Venture will also be pursuing an application for a new development lease on the North Um Baraka (NUMB) concession due to encouraging test results from an exploration well drilled earlier this year. Additionally, the NUMB concession will be included in the modernised concession agreement allowing for continued exploration. On the West El Fayoum concession, commitments have been fulfilled, and the results are such that the Joint Venture will relinquish the block.

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. The modernised concession agreement will have an operational start date of 01 July 2025.

Capricorn remains on track to deliver above the mid-point of FY25 production guidance of 17,000-21,000 boepd with year-to-date production averaging 19,924 boepd to mid-October, of which 41% are liquids.

The concession includes the North Rafah offshore block. (Image source: QatarEnergy)

The government of Egypt has approved for Qatar Energy a 40% stake in an offshore concession where Eni is the operator with 60% interest

The concession is applicable for the North Rafah offshore block located in the Mediterranean Sea, off the northeastern coast of Egypt. It spans nearly 3,000 sq km in water depths of up to 450 meters.

“We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy,” said Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, and president and CEO of QatarEnergy.

“We extend our thanks to the Ministry of Petroleum and Natural Mineral Resources in Egypt, and our partner Eni for their valued support and cooperation. We look forward to working together to achieve our exploration objectives,” he added. 

The MoU binds the two organisations to extend cooperation in hydrocarbons exploration.

Mozambique will see heightened bilateral cooperation in oil and gas driven by equality, reciprocity and mutual benefits, as the state-owned entity, Empresa Nacional de Hidrocarbonetos, E.P. (ENH), signed a memorandum of understanding (MoU) with SONATRACH

The MoU was signed by the chairman and CEO of SONATRACH, Rachid Hachichi and Ludovina Bernardo, chairwoman of the Board of Directors of ENH, during a ceremony organised at the Ministry of Mines and Energy of the Republic of Mozambique, in the presence of Mourad Adjal, Minister of Energy and Renewable Energies.

The MoU binds the two organisations to extend cooperation within the framework of hydrocarbons exploration and production projects that will also include transportation and downstream activities, while covering the whole value chain.

The partners are also considering a feasibility study on establishing a national gas distribution network for domestic consumption. SONATRACH is willing to provide training courses at ENH through knowledge-sharing in oil geology, engineering and operations.

The Volans-1X exploration well is part of PEL85.

The Volans-1X exploration well in Namibia’s Orange Basin has recorded excellent petrophysical properties and no observed water contact

The well is part of the Petroleum Exploration License 85 (PEL85), which is operated by Rhino Resources with a working interest of 42.5%. Co-venturers are Azule Energy (42.5%), NAMCOR (10%), and Korres Investments (5%).

The Northern Ocean's semi-submersible Deepsea Mira was deployed to drill the well, reaching a total depth of 4,497.5m TVDSS (true vertical depth subsea). It penetrated the Upper Cretaceous target, and encountered 26m of net pay in rich gas condensate-bearing reservoirs. While the results continue to be evaluated, initial laboratory analysis of two samples indicated a high condensate-to-gas ratio (CGR) of >140 bbl/mmscf with liquid density of approximately 40° API gravity. 

The Volans-1X well marks the third significant hydrocarbon discovery in 2025 for Azule Energy partners, following the Capricornus-1X light oil find in Namibia and the Gajajeira-01 gas discovery in Angola.