IN BRIEF: Capricorn gains approval for Egyptian Western Desert deals

Capricorn Energy PLC - Edinburgh-based fuel producer - Announces that Egypt’s Minister of Petroleum & Mineral Resources Karim Badawi has signed the consolidated and amended concession agreement covering eight of Capricorn’s existing Egyptian Western Desert concession agreements, in which it jointly holds a 50% participating interest with operator Cheiron Oil & Gas Ltd. The agreement is now in effect, following Badawi’s signature, with the operational start date set for July 1. Says the agreement extends the concession life by up to 20 years with a 10-year development term and two five-year optional extension terms. Adds that it amends the fiscal terms to promote investment, and merges the existing concessions to increase operational and financial efficiencies.

Chief Executive Randy Neely comments: ‘We are delighted to have received the final signed approval for our consolidation agreement from Minister Badawi. We appreciate EGPC and our operating partner, Cheiron, for their collaboration throughout this process and look forward to working together under the improved terms.’

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