Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) announced the receipt of $50 million from the Egyptian General Petroleum Corporation, bringing total receipts to $102 million since June 2025.
The company told investors that the remaining accounts receivable now stands at approximately $115 million.
Capricorn and its joint venture partner Cheiron have also now decided to proceed with Phase 2 at South East Horus and apply for a new development lease at North Um Baraka (NUMB), elsehwere, the West El Fayoum block will be relinquished following completion of commitments.
Capricorn today also told investors it remains on track to "exceed the midpoint" of its full-year 2025 production guidance.
Year-to-date production averaged 19,924 barrels of oil equivalent per day to mid-October, with liquids accounting for 41%.
In London, Capricorn shares were up 19p or 10% changing hands at 209.05p.