UK independent Capricorn announced on 19 May that Egyptian Minister of Petroleum Karim Badawi had signed the consolidated and amended concession agreement covering eight Western Desert concessions in which Capricorn holds a 50% non-operated stake alongside Egyptian operator Cheiron.

Signature by the minister, state firm EGPC, Cheiron and Capricorn marks the final step in a lengthy process of approval, which started more than one year ago and was ratified by parliament in March (MEES, 3 April). The agreement is effective from 1 July 2025, with Capricorn’s revised work program obligations now formally underway. (CONTINUED - 285 WORDS)

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