FOR IMMEDIATE RELEASE       24 September 2026

CAPRICORN ENERGY PLC (“Capricorn” or “the Company”)

Half-Year Report Announcement

Randy Neely, Chief Executive, Capricorn Energy PLC 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.

The ratification of the consolidated concession agreement in Egypt creates an improved framework for long-term investment, extends the life of key producing assets and supports our resource conversion funnel. Working closely with our partner and operator, Cheiron, we have progressed development plans designed to grow production and unlock value.

Regular collections have allowed continued disciplined reinvestment in the asset base, delivering strong drilling results and boosting monthly production.

Operational execution remains strong, with our teams and partner continuing to deliver safely and efficiently. We have also made progress in evaluating exploration and appraisal opportunities that have the potential to add reserves over time.

Shareholders will also be aware that, after the period end, Genel Energy plc and DNO ASA announced firm offers to acquire the Company, both of which remain ongoing.”

H1 2026 Financial and Operational Highlights

         Revenue in Egypt of $100m with a realised oil price of $89.5/bbl and gas price of $3.4/mscf

         Merged concession agreement became effective following formal parliamentary ratification on 30 March and ministerial signature on 19 May, with a 1 July 2025 operational start date

         Cash collections of $98m in Egypt

         Egypt receivables of $92m at 30 June 2026

         Operating costs of $5.0 per boe on a working interest (WI) basis

         Balance sheet: Group cash of $114m at 30 June 2026, after early repayment of the remaining debt in April

         Development and production capex of $52m; exploration capex of $1m

         18 development wells and two near-field exploration wells were drilled during the period, establishing new areas of thick Abu Roash Gharadig (ARG) reservoir, unlocking significant follow-on drilling opportunities and delivering production above expectations

         WI production averaged 19,337 boepd, tracking slightly above the mid-point of 2026 guidance of 18,000-22,000 boepd comprising 46% liquids

         Final payment of $4m from Waldorf Production UK Plc ("Waldorf"), including costs, received in July.

H2 2026 Outlook  

         Production performance through July and August has remained strong with excellent contributions from new wells. Continued development activity through the remainder of the year will be focused in the liquids rich Abu Roash G reservoir. Consequently, FY26 production is expected to be above the mid-point of the guidance range of 18,000-22,000 boepd

         Full-year forecast net capital expenditure towards the upper end of the range of $85-95m, reflecting an increase in drilling efficiency and the number of wells brought on production in the year to date

         Operating costs remain within guidance forecast of $5-7 per boe

         Drilling activity in the second half of 2026 will continue to target two key development focus areas, guided by the successful results from earlier in the year. Activity will also resume in the Obaiyed field area, for the first time since 2023, with two new wells planned and a re-entry opportunity.

Enquiries to:

Analysts / Investors    

Nathan Piper, Commercial Director                                                            Tel: 0131 475 3000

Media   

Diana Milford, Corporate Affairs                                                                  Tel: 0131 475 3000

Georgia Edmonds / Violet Wilson / Fergus Young, Camarco                 Tel: 020 3757 4980

Corporate overview

The first half of 2026 was marked by continued operational delivery in Egypt, progress in strengthening the commercial foundations of the business during which period the Company remained focused on disciplined capital allocation, operational execution and maximising long-term value from its asset base throughout the period.

The ratification of the merged concession agreement during the period created an improved framework for long-term investment across Capricorn’s core producing assets. The Company worked closely with its partner and operator, Cheiron, to optimise development plans and prioritise high-value liquids opportunities across the consolidated acreage position.

Operational performance remained resilient throughout the period, with production supported by ongoing development activity and a continued focus on costs. The Company maintained progress on regular Egyptian collections, supporting the sustainable reinvestment of cash flows into the business. Capricorn also advanced the evaluation of exploration and appraisal opportunities that have the potential to add reserves.

Egypt operations

Operationally, the Company focused on sustaining production and progressing development activity across its Egyptian asset base. WI production in the Western Desert averaged 19,337 boepd (46% liquids) during the period, tracking above the forecast mid-point of our full-year guidance range. This reflects development success across two parts of the Badr El Din (BED) area. The first is the BED15 East field, which was unlocked by well BED15-31 in 2025. Since then, additional wells have helped define an area of thickened ARG net oil pay, with further potential for Bahariya gas and condensate. Results have been positive, with new well peak rates of up to 1,700 bopd gross. The second focus area is the westward extension of the BED16 C6 field, facilitated by the merged concession agreement and a new development lease area. Drilling has confirmed that the thicker ARG net pay continues to the west, creating a de-risked pipeline of further development opportunities. Alongside this development activity, production operations continue, with five workover rigs currently deployed. Exploration drilling in 2026 successfully extended the BED16 C6 field.

Takeover offers for the Company

On 11 March 2026, the Company entered into an offer period for the purposes of the UK Takeover Code, which has resulted, after the period end, in firm offers being announced by Genel Energy plc and DNO ASA respectively. Both offers remain ongoing and further announcements will be made by the Company if and when appropriate.

Principal risks and uncertainties

Managing the Group’s key risks and associated opportunities is essential to Capricorn’s long-term success and sustainability. The Group endeavours to deploy capital with an appropriate, risk-adjusted level of return.

The Group’s risk management framework provides a systematic process for the identification and management of the key risks and opportunities which may affect the delivery of the Group’s strategic objectives. Key Performance Indicators are set annually to determine the level of risk the Group is willing to accept in the pursuit of these objectives and form a fundamental component of the Group’s risk management framework.

Overall responsibility for the system of risk management and internal control and reviewing the effectiveness of such systems rests with the Board. Principal risks, as well as progress against key risk projects, are reviewed at each Board meeting, and at least once a year the Board undertakes a dedicated risk workshop to review the Group’s principal risks. This integrated approach to risk management has been and continues to be critical to the delivery of our strategic objectives.

Responding to changing risks during 2026

Capricorn has assessed the principal risks and uncertainties at the end of H1 2026. The principal risks are:

• Volatile oil and gas prices

• Increasing EGPC receivables balance

• Adverse outcome of Senegal legacy tax arbitration
• Underperformance of Egypt assets
• Failure to replace long-term reserves and resources

• Future challenges and costs as markets transition to net zero

• Lack of adherence to HSSE policies
• Transaction to sell business falls over

In addition, as part of the embedded risk management process, the Group actively considers emerging risks which could impact the business.

Financial Review

Key production statistics

*Excludes reduction in revenue due to expected credit loss charge

Results for the period

Egypt business operating segment results

In Egypt, total revenue was $100m. $80m was generated on sale of liquids with an average price of $89.5 per bbl on net entitlement sales volumes of 891,500 bbls. Gas revenue was $20m from volumes of 5,979,500 mscf at a contracted rate of $3.4/mscf. Prior to ratification of the merged concession agreement, the previous Sitra and BED-3 licences expired. EGPC has communicated that Capricorn has no title to production from the end of the previous licence period to the date of ratification, despite verbal assurances to the contrary as the Group continued to invest and grow production during negotiations. Capricorn continues to dispute this interpretation, and discussions are ongoing, but revenue and costs of sales relating to this production are excluded from the results for the period and the volumes reported above.

Cost of sales for the six months was $17m, including inventory movements. Production costs decreased slightly to $5.0 per boe on WI production over the six-month period, while depletion charges were $31m, at a weighted average rate of $16.5 per boe across the concessions.

Capricorn records other income on additional production that is notionally allocated to the Group to cover tax due on profits from the concessions. This is offset by an equal and opposite tax charge. In the current period, the value of this income and notional tax gross-up is $19m.

Net finance costs in Egypt of $1m include loan interest and charges. The total tax charge for Egypt operations for the six month period is $32m, being the tax gross-up charge of $19m and a deferred tax charge of $13m, a result of tax cost pools under the revised concession agreement being recovered in the period.

Results from other continuing operations

The loss on other continuing operations of $12m predominantly resulted from administration charges of $14m, including legal costs of $2m relating to the ongoing takeover offers, and net finance income of $2m including $1m of foreign exchange gains.

Discontinued operations

During the six months ended 30 June 2026, the settlement of the earnout agreement was finalised and the final amount recoverable was agreed at $3.6m. As a result, the receivable from Waldorf was reduced by $0.4m from the 2025 year-end and a corresponding loss was recognised in the period. The receivable remained outstanding at 30 June 2026 and was subsequently received on 10 July 2026. Capricorn's legal costs were also met by Waldorf.

Net cash inflow for the period

On 30 April, Capricorn repaid its Junior Debt Facility, of which $30m remained outstanding, two years ahead of schedule. The operator also repaid its share of the facility, at the same time, removing all remaining joint and several liability in connection with the debt agreements. This early repayment removed restrictions on the Group's ability to repatriate cash from the Egypt business.

Balance Sheet

The Group’s net asset position at 30 June 2026 is summarised as follows:

Development assets and goodwill

At the period end, the carrying value of the Group’s producing assets in Egypt was $247m, after additions in the period of $65m. These additions include $20m relating signature bonus obligations under the merged Egypt concession agreement. $10m was settled in the current period, offset against trade receivables, with the remaining $10m due in equal instalments on the first and second anniversaries of signing. Corresponding liabilities of $5m each have been recognised within current and non-current payables.

The Group reviewed its producing assets in Egypt for indicators of impairment, however no indicators were identified, and no impairment tests have therefore been performed at the half-year.

Other assets and liabilities

Other long-term assets represent other property plant and equipment and intangibles. The Group's net deferred tax position at 30 June 2026 fully relates to assets in Egypt.

Statement of Directors' Responsibilities

The directors confirm that these condensed consolidated interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, ‘Interim Financial Reporting’, and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and give a true and fair view of the assets, liabilities, financial position and loss for the period and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

             an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and

             a description of the principal risks and uncertainties for the remaining six months of the financial year.

There were no material related-party transactions in the first six months and no material changes in the related-party transactions described in the last annual report.

The directors of Capricorn Energy PLC are listed in the Capricorn Energy PLC Annual Report for 31 December 2025. A list of current directors is maintained on the Capricorn Energy PLC website: www.capricornenergy.com.

By order of the Board.

Randy Neely

Chief Executive

23 September 2026

About Capricorn Energy PLC

Capricorn is a cash flow-focused energy producer, with an attractive portfolio of onshore development

and production assets in the Western Desert.

For further information, visit www.capricornenergy.com.

Independent review report to Capricorn Energy PLC

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Capricorn Energy PLC’s condensed consolidated interim financial statements (the “interim financial statements”) in the Financial Statements of Capricorn Energy PLC for the 6 month period ended 30 June 2026 (the “period”).

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority.

The interim financial statements comprise:

• the Group Balance Sheet as at 30 June 2026;
• the Group Income Statement and the Group Statement of Comprehensive Income for the period then ended;

• the Group Statement of Cash Flows for the period then ended;
• the Group Statement of Changes in Equity for the period then ended; and
• the explanatory notes to the interim financial statements.

The interim financial statements included in the Financial Statements of Capricorn Energy PLC have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’ issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Financial Statements and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Material uncertainty related to going concern

In forming our conclusion on the interim financial statements, which is not modified, we have considered the adequacy of the disclosure made in note 1.2 to the interim financial statements concerning the group’s ability to continue as a going concern. Capricorn Energy PLC is currently subject to takeover offers from Genel Energy No.9 Limited (a subsidiary of Genel Energy plc) and DNO Bidco AS (a subsidiary of DNO ASA) respectively, and completion of either transaction is expected to occur within the 12 month going concern period. Should one of these transactions complete, the Directors will no longer have control over the group and do not have full knowledge of each bidder's future intentions and funding plans in relation to the group. These conditions, along with the other matters explained in note 1.2 to the interim financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the group’s ability to continue as a going concern. The interim financial statements do not include the adjustments that would result if the group were unable to continue as a going concern.

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately applied the going concern basis of accounting in the preparation of the interim financial statements.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Financial Statements, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Financial Statements in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority. In preparing the Financial Statements, including the interim financial statements, the directors are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Financial Statements based on our review. Our conclusion is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.

Use of this report

This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom’s Financial Conduct Authority and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

Edinburgh

23 September 2026

Capricorn Energy PLC

Financial Statements   

For the six months ended 30 June 2026

Capricorn Energy PLC    

Group Income Statement

For the six months ended 30 June 2026

Capricorn Energy PLC

Group Statement of Comprehensive Income

For the six months ended 30 June 2026

Capricorn Energy PLC    

Group Balance Sheet

As at 30 June 2026

Capricorn Energy PLC    

Group Statement of Cash Flows

For the six months ended 30 June 2026

Capricorn Energy PLC

Group Statement of Changes in Equity

For the six months ended 30 June 2026

For the six months ended 30 June 2025